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Hong
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LORD TREFGARNE.]
at our commitment *: their future remains shes nudle cular ic control che outflow of talented and enterprising people from the territory; the need to build up a democratic system in Hong Kong in the remaining years of British administration which will develop up to and beyond 1997; and finally, the need to deter a further influx of Vietnamese boat people into Hong Kong this year. Our fundamental objective is to build a secure future for Hong Kong. We continue to believe that the joint declaration provides the best framework to achieve that objective. No one has been able to suggest a better alternative.
Unlike other British colonies, Hong Kong has never had the prospect of independence. Under international agreements whose validity we have never disputed, 92 per cent. of its territory would revert to China on 1st July 1997. The remaining 8 per cent. could never have been viable on its own. Those are the realities of history and geography that cannot simply be ignored. We negotiated long and- hard with China to ensure that Hong Kong reverts to China on the best possible terms.
What Britain achieved in the Sino-British joint declaration was agreement on specific arrangements for Hong Kong's future which would preserve its basic freedoms and way of life for at least 50 years after 1997. Our task now is to ensure that the safeguards in the joint declaration remain real and credible and that the undertakings given in that agreement are honoured. The Chinese leadership has repeatedly confirmed its commitment to the joint declaration and to the concept of one country, two systems. That is something we welcome.
The destiny of Hong Kong is inevitably bound up with the destiny of China. Any viable future for Hong Kong must depend upon successful and secure co-existence with China. That objective is enshrined in the joint declaration.
The firmest guarantee of any agreement is that it is based on common interest. China has a massive interest in Hong Kong's continuing success. Hong Kong provides one-third of its foreign exchange earnings and two-thirds, no less, of its foreign investment. It is China's largest trading partner and its gateway to the whole international system. That huge stake has not been diminished by recent events in China.
Our relations with China are undoubtedly going through a difficult period. It is right that we should seek to rebuild them. There must be a continuous dialogue with the Chinese Government about all aspects of Hong Kong's future.
It is in no one's interests, least of all Hong Kong's, for differences to be aired publicly or, as my noble friend Lord Carrington once said, for our relations to be conducted through megaphone diplomacy. That is why we are keen to return to rational discussion through private exchanges. The fact is that there are many issues related to our joint responsibility for Hong Kong which must be discussed. That is why we have been seeking to maintain a dialogue at various levels through the
work of the Sino-British joint liaison group and through the recent visits to Peking by Sir Percy
vernor of Hong Kong.
As my right honourable friend the Foreign Secretary made clear during his recent visit to the territory, there is no question of the Government simply sitting back and letting the clock tick on towards 1997. As we have already demonstrated by the announcement of our citizenship scheme, we have not flinched from taking difficult decisions when these are necessary.
Over 40,000 people emigrated from Hong Kong last year, many of them key professional and business people. This year the figure is expected to be at least 55,000. Continued emigration on this scale would threaten the competitiveness of Hong Kong's economy and the efficiency of its public service. Without the package of measures which we are offering, more people would make up their minds to emigrate. That is something we must try to prevent, not only because we have a duty to Hong Kong but, also because if confidence in the territory collapsed completely we could then be faced with a much more serious problem.
We hope that other countries will now follow ours lead in offering similar assurances to Hong Kong Of course Hong Kong is a British responsibility. But it is also an international financing and trading centre and its major trading partners have a strong interest in its continuing stability and prosperity Some countries have already found ways to giy Hong Kong people assurances without their having to leave the territory. This is welcome. We have been taking every opportunity to encourage others to tak comparable measures and we shall continue to de
So.
Hong Kong is rightly taking a positive view of own future. An example of this is its plans for a £1 billion airport and port project. This is a majo undertaking by any standards and one of the large projects of its kind in the world. I should like to that Britain supports these projects because of positive contribution which they will make economy and that our companies are engaged in their pursuit. There is an opportun here for Britain to work with Hong Kong to he achieve the prosperous future which its en deserve.
So we and the Hong Kong Government are, all we can to build up confidence in the fut Hong Kong. But we do not pretend that whole answer. China also has an essential play in helping to shape that future. The dr the Basic Law has now reached a crucial pha outcome of that process is a matter of major to the British Government. It will be a Chin But as co-signatories of the joint declarat have a responsibility to ensure as far as the Basic Law fully reflects the joint declar have therefore been following the Basic Li process very closely, including the recent in Canton, and will continue to opportunity to underline to the Chr importance of a Basic Law which widespread support in Hong Kong
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