XN000022-1993-09-29 — Page 2

WEDNESDAY, SEPTEMBER 29, 1993

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GOVERNOR ATTENDS CHINESE NATIONAL DAY RECEPTION

DIRECTOR, LADIES AND GENTLEMEN,

| AM VERY PLEASED TO BE HERE THIS EVENING FOR THE 44TH ANNIVERSARY OF THE FOUNDING OF THE PEOPLE'S REPUBLIC OF CHINA.

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THE PAST YEAR HAS BEEN ANOTHER ONE OF SPECTACULAR ECONOMIC GROWTH IN CHINA. CHINA'S GROWTH IS IMPORTANT NOT ONLY OF COURSE FOR CHINA ITSELF BUT ALSO FOR HONG KONG AND FOR THE WHOLE WORLD. THAT VIEW IS WIDELY SHARED BY BUSINESSMEN EVERYWHERE HERE IN HONG KONG, WE WERE PERHAPS THE FIRST TO RECOGNISE THE SIGNIFICANCE OF THE OPENING UP OF CHINA'S ECONOMY. WE HAVE DEMONSTRATED OUR COMMITMENT TO CHINA'S SUCCESS [N CHARACTERISTICALLY SPECTACULAR HONG KONG FASHION. HONG KONG'S

DIRECT INVESTMENT IN CHINA COMES TO ABOUT TWO THIRDS OF TOTAL EXTERNAL INVESTMENT IN CHINA. AND HONG RONG INTERESTS ARE NOW INVOLVED IN 68,000 ENTERPRISES IN CHINA.

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WE KNOW FROM THE WORDS AND DEEDS OF YOUR LEADERS, DIRECTOR, THAT CHINA HAS ENCOUNTERED PROBLEMS SERIOUS PROBLEMS

WITH ITS ECONOMIC DEVELOPMENT. BUT WE APPLAUD THE FACT THAT CHINA'S LEADERS ARE FACING UP TO THESE PROBLEMS AND TAKING STEPS TO TACKLE THEM. THEY ARE CLEARLY THE PROBLEMS OF TRANSITION, WHICH WE ARE CONFIDENT WILL BE OVERCOME. THE LONG TERM PICTURE IS ONE OF GREAT PROMISE.

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WITH OVER

SO I'T IS

I AM SURE, WITH HONG KONG'S OWN +

RELATIONSHIP CHINA. THERE HAS PERHAPS INEVITABLY BEEN TOO MUCH CONCENTRATION THE PAST YEAR ON OUR OWN PROBLEMS OF TRANSITION. THE EIGHTH CENTURY POET, WANG ZHIHUAN, WAS PROBABLY NOT THINKING ABOUT HONG KONG WHEN HE WROTE AND I PARAPHRASE THAT IN ORDER TO GET THE LONG RANGE PICTURE YOU HAVE TO CLIMB HIGHER. BUT HIS WORDS HOLD EXTREMELY GOOD ADVICE. WE MUST CLIMB HIGH, LIFT OUR EYES ABOVE THE PROBLEMS NOW UNDER DISCUSSION BETWEEN BRITAIN AND CHINA IN THE JOINT LIAISON GROUP AND IN OTHER TALKS AND REMIND OURSELVES WHAT WE ARE WORKING FOR. WE ARE WORKING FOR THE RIGOROUS IMPLEMENTATION OF THAT VISIONARY CONCEPT IN THE JOINT DECLARATION "ONE COUNTRY, TWO SYSTEMS" IT IS A HISTORIC CHALLENGE, A UNIQUE CHALLENGE, NEVER REALLY TRIED OR ACCOMPLISHED BEFORE. SUCCESS WILL BE GOOD FOR CHINA AND THE WHOLE REGION AND OF COURSE GOOD FOR HONG KONG WHOSE VALUES AND WAY OF LIFE ARE SO PRECIOUS TO US ALL.

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ROTH SIDES MUST CLIMB HIGHER, WORK HARDER. I AM SURE THAT IN WHAT OUR FOREIGN MINISTERS WILL BE DOING AND TRYING TO DO LATER THIS WEEK. THERE IS A GREAT DEAL TO DO IN THE REMAINING 45 MONTHS OF TRANSITION. MANY SEPARATE ISSUES

SOLVE

LEGAL, TECHNICAL, ECONOMIC AS WELL AS POLITICAL. ALL OF THRM CAN BE SOLVED IF BOTH SIDES SINCERELY WISH TO OVERCOME THEM. ALL OF THEM MUST BE SOLVED IF THE UNPARALLELED PROMISE OF THIS REGION IS TO BE TURNED INTO REALITY.

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1 NOW LIKE TO PROPOSE TO TOAST TO THE HEALTH OF THE PRESIDENT OF THE PEOPLE'S REPUBLIC OF CHINA.

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