Guangdong and beyond in the future. This obviously is also an excellent advice for all of us in Hong Kong. In order to retain our advantage permanently over other localities, such as Shanghai, we must devote all our resources to constantly upgrading our financial infrastructure and industrial technology. There is, at this moment, unfortunately, a great deal of speculation in property, common stocks and commodities in Hong Kong. Such business activities, which may enrich a few individuals, bring no real wealth into the community } i and provide little employment to the local population! Activities of /
a high speculative nature cannot be of benefit in a new "Hong Kong? Order".
If Hong Kong's future is as I perceive it, the event will signal a new approach to international relationship. The foundation of this relation- ship will be based on the mutual respect of the two Governments with the interest of all parties, including that of the local population in
mind. China has already stated her case in general and if Britain agrees in principle, details will have to be worked out. This will take several years. Many people want to know the form of Government as well as the legal and monetary systems of Hong Kong after 1997. I have no crystal ball but am willing to suggest some possibilities
in order to stimulate discussion.
I venture to suggest that the Government of Hong Kong could perhaps [be a modified form of the present system with a Governing Committee. * Hong Kong would be an "Independent Special Zone" within China under the Chinese flag: The Headship of the Governing Committee to be taken in turn by a Chinese and a Briton, say, every three or four years The modification should be introduced gradually before 1997" to prevent any shocks due to abrupt changes. The early introduction. of the modification would also give time to test the system and make any changes that might be necessary. The Legislative Council would" continue with some appointed members as an interim measure for a few years, after which the entire Council could perhaps be elected. Hong Kong has already started the election of District Committees from the beginning of this year. It looks likely that the election of Legislative Council members could be evolved from this system. The Civil Service
could, with careful planning, remain much the same as at present,
Vi
Le us assume that the present laws of Hong Kong, which have worldwide récognition, will continue to be enforced after 1997 with the consent of
China. Where then is the final appeal for court cases to be taken? Since China claims sovereignty over the whole territory, the final appeal
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