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DSR 11C (Revised 5/87)
The question now raised in all our minds by the
events in China is: does the Joint Declaration still hold
good? Can Hong Kong still look forward to a prosperous,
stable and secure future? Some people have been quick to
dismiss the Joint Declaration as a worthless piece of
paper. They have concluded that all our efforts to
secure Hong Kong's future have been in vain. Some would
like to tear up the Joint Declaration and start again. I
cannot see any sense in that. Now of all times is when
we must keep our nerve and hang on to what has been
achieved. This was the unanimous conclusion of the
House of Commons Select Committee on Foreign Affairs in
their recent report, and the conclusion of almost all
informed opinion in Hong Kong.
agreement.
The Joint Declaration is an internationally binding
The events of recent weeks do not make the
treaty any less binding. But they do make its strict
observance all the more necessary.
Nor have recent events changed the underlying
reality that the Joint Declaration is a good agreement
for China as well as Hong Kong. The firmest guarantee of
any agreement is that it is based on common interest.
China has a massive stake in Hong Kong's continuing
success. Hong Kong provides one third of its foreign
exchange earnings and two thirds of its foreign
investment. It is China's largest trading partner and
its gateway to the whole international trading system.
That huge stake has not been diminished by recent
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