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COLONIAL
OFFICE
countries of Asia and number twenty-five in the list of the world's
trading countries.
650 Without a substantial home market, Hong Kong's basically industrial economy rests upon the opportunity to trade. It is and always will be very vulnerable in the event of any general downward turn in world trade or the adoption of more protectionist policies by countries constituting its major markets. Although its growth is in part self-generated it continues to be heavily dependent on outside capital. The Colony is today entirely self-supporting; but it could become a major liability in the event of a world trade recession or of a crisis of confidence involving the cessation or withdrawal of external investment. It would seem that such a liability must inevitably arise as its economy begins to run down
towards the end of the lease in 1997.
8 6.
Constitution. Hong Kong is a Crown Colony administered by a Governor who is assistod by entirely nominated Executive and Legislative Councils over which the Governor presides.
7. The Governor is required to consult with the Excoutive Council, save where matters are unimportant or too urgent. Ho may act contrary to the advice given by the Council but, in such cases, must report fully to the Secretary of State.
8. The power to logislate rosts with the Governor "by and with the advice and consent of the Legislative Council". There are the usual reservations to the Crown of the power of disallowance and the power to logislate, with the advice of the Privy Council, "for the peace, order and good government of tho Colony".
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