UNCLASSIFIED
042661
MDHIA 265
CHINA WILL PROBABLY BE A SLIGHT CHECK TO THE RATE OF OUR ECONOMIC EXPANSION. THE FINANCIAL SECRETARY'S EARLIER ESTIMATE WAS THAT OUR GDP WOULD GROW BY 6 PER CENT THIS YEAR, COMPARED TO 7 PER CENT IN 1988. THIS FORECAST HAS NOW BEEN ADJUSTED SLIGHTLY DOWNWARDS. BUT, EVEN WITH THIS SLIGHTLY LOWER FORECAST, HONG KONG SHOULD STILL ENJOY A HEALTHY LEVEL OF GROWTH BY
WORLD STANDARDS.
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ON 1 JULY 1997, HONG KONG WILL BECOME A SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA. THAT IS A FACT THAT WE MUST FACE, AND FACE IN A CLEAR-HEADED WAY. HONG KONG IS LINKED TO CHINA BUT, IN ANOTHER IMPORTANT SENSE, SEPARATE FROM IT. THAT WILL CONTINUE TO BE THE CASE IN THE FUTURE, UNDER THE CONCEPT OF QUOTE ONE COUNTRY, TWO SYSTEMS UNQUOTE. WE HAVE OUR OWN LAWS AND FREEDOMS WHICH WE CHERISH. THEY MUST NOT BE ERODED. EQUALLY WE SHOULD USE THEM WITH A SENSE OF RESPONSIBILITY AND SELF- RESTRAINT. FOR MANY YEARS OUR COMMUNITY HAS RECOGNISED THE IMPORTANCE OF NOT BECOMING DIRECTLY INVOLVED IN CHINA'S OFTEN COMPLICATED DOMESTIC POLITICS. AT THE SAME TIME, GIVEN BOTH THE ECONOMIC AND POLITICAL REALITIES, THERE IS EVERY REASON TO EXPAND OUR ALREADY CLOSE ECONOMIC LINKS WITH THE MAINLAND. WE CAN STRENGTHEN THE BASIS OF OUR SPECIAL FUTURE POLITICAL STATUS BY THE CONTRIBUTION THAT WE MAKE TO THE MODERNISATION OF THE CHINESE ECONOMY AND BY THE ACCESS TO WORLD MARKETS, ADVANCED TECHNOLOGY AND EXPERTISE THAT WE CAN PROVIDE FOR CHINA.
8. THE CHINESE GOVERNMENT HAS GIVEN REPEATED ASSURANCES THAT ITS POLICY TOWARDS HONG KONG HAS NOT CHANGED. IT HAS ALSO STRESSED THAT ECONOMIC REFORM AND OPENNESS TO THE OUTSIDE WORLD REMAIN FUNDAMENTAL PRIORITIES. BOTH OF THESE ARE IMPORTANT AND WELCOME MESSAGES FOR HONG KONG. WE FOR OUR PART HAVE MADE IT CLEAR TO THE CHINESE GOVERNMENT THAT ACTION IS NEEDED TO RESTORE CONFIDENCE IN THE ARRANGEMENTS FOR HONG KONG'S FUTURE. WE NEED TO RESTORE MUTUAL TRUST AS THE NECESSARY CORNERSTONE FOR THE UNPRECEDENTED POLITICAL EXPERIMENT THAT WILL BEGIN IN 1997, THE FOUNDATIONS FOR WHICH MUST BE LAID SECURELY IN THE NEXT EIGHT
YEARS
WILSON
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