China also has a major economic stake in preserving the phenomenon of Hong Kong. It is a vital source of hard currency and economic
energy for the mainland. Much of the industry in Guangdong province
-
is the result of Hong Kong investment. Real growth over the last
ten years,
even in the
in the shadow of political uncertainty, has averaged over 7%. Per capita GNP about £7,200 per year is among the highest in the region. This tiny place is the eleventh largest trading entity in the world. The richer and more confident we leave it, the more valuable it will be to China and the better the prospect for its economic and political freedoms.
In
The Sino-British Joint Declaration of 1984 established a sound basis for Hong Kong's future. It is a binding international agreement which specifies that Hong Kong will have its own government; preserve its capitalist system; retain its human rights, laws, legal system, convertible currency, financial markets and free port. the last year the Chinese have frequently reaffirmed their commitment to "one country, two systems". China's recently promulgated Basic Law states that socialism will not be extended to Hong Kong for at least half a century. On recent evidence you would get shorter odds on Hong Kong lasting fifty years than on socialism doing so.
to build on the the In the past year, we have introduced initiatives to build on Joint Declaration, and to make Hong Kong stable and prosperous in the approach to 1997. The Hong Kong Government is pressing on with the programme of democratisation and the Bill of Rights and has embarked on a £10 billion infrastructure project to build a new
The British Nationality airport and to expand the port facilities.
(Hong Kong) Act, has also just completed its passage through
Parliament.
Not all these initiatives have been welcomed by the Chinese Government. We cannot entirely discount China's views, because for the vast majority of Hong Kong's population the future can only lie in Hong Kong itself, and in collaboration with the mainland. believe these steps are in Hong Kong's interests and we will pursue
But we
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