XN000022-1996-09-24 — Page 5

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She assured the audience that Hong Kong would continue with its capitalist way of life, without interference from the Chinese government, which would be responsible for foreign affairs and defence only. And running through both the Joint Declaration and the Basic law is the overriding principle of the rule of law.

Mrs Chan said Hong Kong had more than its fair share of sceptics, and Hong Kong had been written off by a number of newspapers and other commentators over the years.

"We were written off by some people in 1984, when the Joint Declaration was signed. But in the 12 years since then our GDP has grown in real terms by some 107 per cent and our fiscal reserves by almost 600 per cent.

"We were written off in 1989, after the tragedy in

Beijing. In the seven years since we have had a 38 per cent increase in GDP and our fiscal reserves have risen by over 140 per cent," Mrs Chan added.

The Chief Secretary is currently on a week-long visit to three cities in Australia

- Sydney, Canberra and Melbourne.

The highlight of her programme in Sydney yesterday was the launching of the first ever Hong Kong promotion in the country with the opening of the Hong Kong House and a gala dinner for 450 guests at the Regent Hotel.

End

Chief Secretary addresses business community

The opportunities for investment and trade are going to continue in what is still the fastest growing economic region in the world - Asia, despite the changes that are taking place in the area, the Chief Secretary, Mrs Anson Chan, told the business community in Sydney today (Tuesday).

Speaking at a business luncheon concluding a half-day business conference entitled 'Hong Kong/Australia - Building A New Pacific Partnership', Mrs Chan noted that Australians had come to recognise the opportunities that were available in the Asian region in the past decade.