TNAG-1379-FCO40-1827-Future-of-Hong-Kong-legislation-Hong-Kong-Bill-1985 — Page 110

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as Mr. Y.K. Pao, those meetings took place in relation to things which

were different. Lord Kadoorie thanked Chairman Deng and expressed

appreciation on behalf of

of his wife and the delegation for the

reception. Chairman Deng replied that the person really to be thanked

was Lord Kadoorie himself. At a time when others were afraid to take risks, he had the courage to expose himself, taking a lead which would

contribute to attracting Hong Kong and foreign investment into China.

Chairman Deng said that the Open Door Policy was a long term policy of

the country. Some people were concerned that China will one day

change course. Chairman Deng said he would emphasise that there will

be no change in this policy. There will be no change before 1997 and

it will continue to remain so for another 50 years following 1997.

Some Japanese friends had asked him about this matter. He had replied that the time period of 50 years was no flippant decision. It had. been arrived at after considering China's future development and her

current status.

China has charted for itself a development plan to quadruple its GNP

by the end of this century. This plan was formulated in 1980 when the average per capita income in the country was US$250 per year; a very poor country indeed. When this figure is quadruple by the end of this

century, the average per capita income would be US$1,000 per year; a

very small figure for the friends from Hong Kong, but represented

great aspirations for China. At that time, China would have become

rather well off and life in the country would be quite comfortable but

still not rich. By the end of this first great aspirations, the

productive capability of the country would

would have been relatively

developed and the GNP would amount to US$1,000 billion; not a big

figure compared to some developed countries.

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It would not be the most backward but would still remain a backward

economy. What is therefore needed is a real development plan which will take another 50 years in the next century to realise, enabling

China to get close to the living standards of the developed

countries. In order to quadruple the GNP what is needed is to inject

vigour into the economy inside the country and to open the door even