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Hong Kong helps maintain regional stability

Hong Kong plays a vital part in keeping the Asia-Pacific region stable by helping to generate prosperity, and it will continue in the 21st century to do what it does now.

The Chief Secretary, Mrs Anson Chan, said this in Japan today (Tuesday) when talking on "Hong Kong and Japan partnership into the Pacific century" during the Hong Kong-Japan Partnership Promotion. Hong Kong has contributed significantly in the modernisation of China with its huge investment and is helping the country to bring its systems and its standards up to international standard.

It has also provided a conduit for investment, trade and travel between Taiwan and the mainland.

On top of that, Hong Kong's businessmen have been investing actively in Vietnam and in the Philippines.

Mrs Chan cited the countries emerged from the former Soviet bloc as examples, the governments of which found it hard to meet the new economic ambitions of the people. This has led to political turbulence.

"That has not happened in this region largely, I believe, because emerging countries in this region have had access to the financial resources and the entrepreneurial talent necessary to get things moving. "But will Hong Kong be able to continue in the 21st century to do what it does today? My answer is an unequivocal

yes.

She said investment and services in China would not only continue but would grow. Five years ago Hong Kong's Gross Domestic Product was the equivalent of 20 per cent of China's GDP.

"Today our GDP is equivalent of 26 per cent of China's," she said.

"Hong Kong is the hub, and its position is strengthening not diminishing."

The Chief Secretary noted that soon after the transfer of sovereignty, Hong Kong would open Asia's largest convention centre and welcome 3,000 delegates to the World Bank/IMF 1997 Annual Meeting.

And a new airport will open with a capacity of 35 million passengers a year rising to 87 million when the second runway is completed at the turn of the century.