XN000022-1992-12-14 — Page 2

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MONDAY, DECEMBER 14, 1992

ECONOMIC FUNDAMENTALS SECURE HK'S SUCCESS

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ECONOMIC FUNDAMENTALS WILL ENSURE THAT HONG KONG REMAINS ONE OF THE GREAT SUCCESS STORIES AT THE HEART OF ASIA'S OWN SUCCESS STORY, THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, SAID TODAY (MONDAY).

NOTING THAT EXPORTS FROM HONG KONG IN THE FIRST NINE MONTHS OF THE YEAR HAD INCREASED BY 21 PER CENT, THE GOVERNOR SAID THE SUCCESS WAS A REMINDER OF THE ENORMOUS UNDERLYING STRENGTH OF THE ECONOMY.

HE

SPEAKING AT A LUNCH OF THE HONG KONG EXPORTERS' ASSOCIATION, ATTRIBUTED THE TERRITORY'S ECONOMIC SUCCESS TO A NUMBER OF REASONS, INCLUDING ITS COMMITMENT TO MARKET ECONOMICS.

"IT'S A COMMITMENT ON THE PART OF GOVERNMENT TO YOU IN BUSINESS THAT WE THINK THAT YOU CAN DO YOUR JOB BETTER THAN WE COULD DO IT FOR YOU.

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ANOTHER REASON IS HONG KONG'S POSITION AT THE GATEWAY OF THE ENORMOUSLY SUCCESSFUL TRANSFORMATION WHICH IS TAKING PLACE WITH CHINA'S ECONOMY.

"ONE WHICH WE CAN HELP, AND ONE FROM WHICH WE CAN BENEFIT AND ARE CONSIDERABLY BENEFITING," HE SAID.

CONSIDERABLY

HONG KONG HAD DONE WELL AND WOULD CONTINUE TO DO WELL BECAUSE IT WAS THE BEST POSSIBLE LIVING ECONOMIC EXAMPLE OF FREE TRADE AND ITS BENEFITS, MR PATTEN SAID.

NOTING THAT HE WOULD HAVE TO SPEND A GOOD DEAL OF TIME NEXT YEAR ARGUING UNEQUIVOCALLY THE CASE FOR RENEWAL OF MOST FAVOURED NATION (MFN) STATUS FOR CHINA, MR PATTEN SAID: "I WILL DO THAT BOTH AS AN ISSUE OF PRINCIPLE AND AS AN ISSUE OF COMMERCIAL AND ECONOMIC EXPEDIENCY FOR US IN HONG KONG,

KONG

"I HOPE THAT REPRESENTATIVES OF THE BUSINESS COMMUNITY IN HONG WILL BE JOINING US IN THAT ENDEAVOUR, JOINING US IN ARGUING IN WASHINGTON AND ELSEWHERE, THE CASE FOR MFN RENEWAL.'

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MR PATTEN ALSO CITED THE COMBINATION OF THE NATURAL ENTREPRENEURIALISM OF THE PEOPLE OF HONG KONG WITH THE RULE OF LAW WHICH HAD GIVEN HONG KONG ITS SYSTEM AND ITS WAY OF LIFE.

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