significance of these assurances has not been lost upon
those who live and work in Hong Kong, thus boosting
confidence in Hong Kong's stability. This is demonstrated
by the territory's continued prosperity and the very high
levels of long-term investment in industry and other forms
of development.
[Some noble Lords have referred to the 'uncertainty' about
Hong Kong's future. Of course, Her Majesty's Government
recognise that there are legal problems connected with
the end of the New Territories Lease in 1997. But these
are points which can best be met by reliance on the
helpful attitude of the Government of the People's Republic
of China to which I have already referred.
We have a
interest with China in the stability and prosperity of
Hong Kong and it is on this that we must build.]
One aspect of Hong Kong's success is the continued and growing
strength of its economy. Hong Kong industry although hit
by the last recession in world trade adapted to it with
great resourcefulness and emerged into a period of
remarkable growth in the later 70s (average 12.4 per cent
per annum).
The world, including Hong Kong, is now facing
another recession, but again Hong Kong is setting an
example of adaptability and enterprise.
I am therefore
confident that, as world trade picks up, Hong Kong will
again be ready to meet new challenges as they emerge.
/We
Page 15Page 16
No comments yet.
Private notes are available after approval.