TNAG-1237-FCO40-1550-Future-of-Hong-Kong-1983 — Page 100

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THIRTY YEARS AGO, ASIA WAS STILL CHARACTERIZED BY POVERTY AND BACKWARDNESS.

YET,

LET US LOOK AT THE MIRACULOUS NEW FACE OF ASIA TODAY. THE ASIAN REGION NOW ACCOUNTS FOR ONE-SIXTHH OF TOTAL WORLD TRADE.

JAPAN ACHIEVED STEADY GROWTH IN THE 60'S. THEN LATER, HONG KONG, TAIWAN, SINGAPORE, SOUTH KOREA, THE PHILIPPINES, THAILAND, AND INDONESIA FOLLOWED WITH CONSISTENT ANNUAL GROWTH RATES OF 6-10 PER CENT. EVEN THOUGH THESE RATES HAVE DECLINED IN RECENT YEARS DUE TO THE WORLD-WIDE RECESSION, ASIA STILL OUTFACES THE REST OF THE WORLD IN ITS ECONOMIC GROWTH.

HOWEVER, ASIA STILL NEEDS THE CAPITAL AND TECHNOLOGY OF THE WEST, THE UNITED STATES IN PARTICULAR. THE INJECTION OF WESTERN CAPITAL AS WELL AS TECHNOLOGY IS NOT ONLY CRUCIAL TO THE DEVELOPMENT OF THE REGION BUT ALSO BENEFICIAL TO THE ADVANCEMENT OF BILATERAL TRADE IN THE WORLD.

THE ASIAN PEOPLE ARE NOW BETTER EDUCATED, BETTER FED, BETTER CLOTHED AND HAVE MORE RECREATIONAL ACTIVITIES THAN EVER BEFORE. THEY ARE STILL EXTREMELY INDUSTRIOUS AND CONSUMER AS WELL AS SERVICE INDUSTRIES ARE BEING BUILT UP RAPIDLY.

JAPAN NOW RANKS WITH THE UNITED STATES AND EUROPEAN NATIONS IN PROVIDING CAPITAL TECHNOLOGY AND TRADING OPPORTUNITIES FOR THE CONTINUED ECONOMIC GROWTH OF THE REGION. WE ALL, OF COURSE, CALL ON JAPAN TO FURTHER OPEN UP HER MARKETS. NOTHING WILL DEFUSE THE UNPOPULAR BUT GROWING SPECTER OF PROTECTIONISM MORE THAN IF JAPAN WERE TO TAKE STEPS TO FOSTER FREE TRADE.

CHINA'S IMMENSE UNEXPLORED RESOURCES AND VAST WEALTH OF MANPOWER ARE PROMISING FACTORS IN THE ECONOMIC DEVELOPMENT OF THE REGION. THE WORLD FINDS GREAT DELIGHT AND ENCOURAGEMENT IN CHINA'S ACTIVE PURSUIT OF THE FOUR MODERNIZATIONS PROGRAM, ITS RECENT OPEN TRADE POLICIES AS WELL AS NEW DIRECTIONS OF ITS CENTRALLY MANAGED ECONOMIC PLANS THAT ALLOW MARKET FORCES TO OPERATE. IN ADDITION, CHINA HAS SUBSTANTIALLY RAISED THE STANDARD OF LIVING OF ITS PEOPLE BY SUCCESSFULLY IMPROVING ITS AGRICULTURAL PRODUCTION.

MEANWHILE, THE OTHER ASIAN NATIONS ARE CONTINUING WITH THEIR OWN OPEN TRADE AND FINANCIAL POLICIES OF DEVELOPMENT.

ALL THESE ARE IMPORTANT FACTORS THAT CONTRIBUTE TO ASIA'S PROMISING FUTURE.

NOW, LET ME TURN YOUR ATTENTION TO MY HOMETOWN

HONG KONG.

HONG KONG BRIDGES THE WEST AND ASIA. SHE IS WHERE WESTERN TECHNOLOGY AND CAPITAL MEET WITH ASIA'S VAST HUMAN RESOURCES. TODAY, HONG KONG HAS DEVELOPED INTO ONE OF THE WORLD'S THREE MAJOR FINANCIAL CENTRES, SHARING THIS VERY IMPORTANT STATUS ONLY WITH NEW YORK AND LONDON. ITS PROSPERITY WILL CONTINUE TO BE A SIGNIFICANT CONTRIBUTING FACTOR IN WORLD ECONOMIC DEVELOPMENT, IN EAST-WEST CO-OPERATION, AND IN CHINA'S FOUR MODERNIZATIONS.