XN000022-1994-10-14 — Page 6

FRIDAY, OCTOBER 14, 1994

THE

GOT WE'VE

INFLATION THIS IS A COSTLY PLACE TO DO BUSINESS. DOWN FROM 13 PER CENT AT ITS WORST. BUT IT'S STILL FAR TOO HIGH, UNCOMFORTABLE CONSEQUENCE OF OUR UNIQUE POSITION, AS WELL AS A RESULT OF SUSTAINED GROWTH AND FULL EMPLOYMENT.

THE 1960s

THE

CAN

WE'VE SUFFERED FROM CHRONIC LABOUR SHORTAGES SINCE AND WE'VE RESPONDED WITH THE MOST LIBERAL IMMIGRATION POLICIES IN REGION. IN ALMOST EVERY CASE WHERE FIRMS CAN POINT TO NEED, YOU

THE COMMUNITY UNDERSTANDABLY IMPORT PROFESSIONALS OR QUALIFIED STAFF.

IT IS WORRIED OPPOSES THE UNRESTRICTED IMPORTATION OF CHEAP LABOUR.

AND FOR PUBLIC ABOUT THE SOCIAL COSTS, FOR EXAMPLE FOR EDUCATION

THE WORLD HOUSING. AND IT DOESN'T WANT TO RETURN TO THE DAYS WHEN

NEVERTHELESS, ALLEGED THAT HONG KONG WAS JUST A SWEAT SHOP ECONOMY. WE WILL CONTINUE TO SUPPORT VIGOROUSLY THE EMPLOYERS' CASE TO LABOUR UNDER CAREFULLY CONTROLLED CONDITIONS - CONDITIONS WHICH DISRUPT THE ORDERLY WORKING OF HONG KONG'S LABOUR MARKET.

INEXCUSABLE

IMPORT DON'T

TO

OF THE

BELIEVE

WALKING

-

NEVER A SUBJECT WE'VE ACTED THIS YEAR ON PROPERTY PRICES. BRAG ABOUT. BUT BY CONCENTRATING MAINLY ON THE SUPPLY SIDE

– I EQUATION AND ON

SPECULATION, WE HAVE DAMPENED THE MARKET SUCCESSFULLY. TO MIX MY METAPHORS, WE'RE A TIGHT-ROPE. THE LAST THING ANY OF US SHOULD WANT TO DO IS TO TURN A IF YOU THINK PEOPLE GET CROSS WHEN SLACKENING OF PRICES INTO A SLUMP.

REACT

PRICES SHOULD SEE HOW THEY

PROPERTY

YOU

WHEN

PRICES SOAR, PLUMMET.

SO

NO

ON COMPLACENCY

COMPETITIVENESS,

NO

COMPLACENCY ON

INFLATION.

BUT NO EASY, OPEN AND SHUT SOLUTIONS EITHER.

SO MUCH FOR THE PAST.

WHAT OF THE FUTURE?

I.

TODAY,

HAVE FOUR PRIORITIES. AND I WON'T BE BUDGED FROM THEM TOMORROW OR THE DAY AFTER, THE DAY AFTER THAT.

I'LL EXPRESS

THEM

TELEGRAMMATICALLY

OR

THE

BUT

FIRST, I AM OBLIGED BY TREATY, BY HONOUR, BY THE POLICY OF BRITISH GOVERNMENT,

WESTMINSTER, BY THE WILL OF ALL PARTIES AT FIRST AND FOREMOST BY OUR RESPONSIBILITIES TO THE PEOPLE OF HONG KONG, 1997 TO WORK RIGHT DOWN TO THE STROKE OF MIDNIGHT AT THE END OF JUNE

HONG KONG'S FOR THE FULL IMPLEMENTATION OF THE JOINT DECLARATION GUARANTEE OF STABILITY AND PROSPERITY.

THE JOINT DECLARATION MEANS WHAT IT SAYS.

-

-

YOU

IT HAS TO MEAN WHAT "WELL, I'LL TAKE IT SAYS.

YOU CAN'T SAY YOU CAN'T PICK AND CHOOSE.

KONG'S SUCCESS IS THE ECONOMIC BITS AND TRADE IN THE REST". HONG

ON BASED NOT JUST ON THE CAPITALIST ALLOCATION OF RESOURCES, BUT ALSO

ON THE FREE THE RULE OF LAW, ON CLEAN, ACCOUNTABLE GOVERNMENT AND INSTITUTIONS OF CIVIL SOCIETY. START TO UNPICK ANY OF THAT, AND RISK WRECKING THE WHOLE OF OUR SYSTEM. FOR MOST OF OUR THEIR ONLY COMMUNAL INSURANCE IS THE FAITHFUL IMPLEMENTATION

PASSPORT IN THE JOINT DECLARATION. FOR MOST, THERE IS NO FOREIGN

FOR A BOTTOM DRAWER. SO IF I'M EVER ASKED FOR A JOB DESCRIPTION OR VISION STATEMENT

TURN TO THE JOINT DECLARATION I 1 HOMELY ADVICE OF MARK TWAIN, OFTEN QUOTED BY HARRY TRUMAN DOUBT, HE

THIS "ALWAYS TRY TO DO RIGHT! SAID:

PEOPLE AND ASTONISH THE REST."

POPULATION, OF THE

AND RECALL THE WHEN IN WILL GRATIFY SOME

/SECOND, I

1