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given full British citizenship without having to leave Hong Kong. The Act has undoubtedly helped to provide
reassurance at a time when confidence in the territory was at a low ebb and has demonstrated in a tangible way our
strong and continuing commitment to Hong Kong. Some 65, J00
people have applied for the 43,800 places available in the
first tranche of the scheme an overscription of some 50%.
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Another important event in 1990 was the promulgation by China of the Basic Law, which gives legal effect to the provisions of the Joint Declaration. Although the drafting of the Basic Law was a matter for China, the Government
sought through various channels, to influence the outcome. I believe that the Basic Law is a satisfactory document and
an acceptable reflection of the Joint Declaration.
The Basic Law establishes a framework for the further
development of democracy in Hong Kong after 1997. That
process is already well underway, and this year's elections
will mark a major step forward. Our goal is to see the steady evolution of responsible, constructive and participatory democracy, which will serve Hong Kong well, both in the remaining years of the British administration
and beyond. It is an objective which the Government are
confident can be achieved.
Hong Kong's future success also depends on the development
of its own assets. Its superb natural harbour, its well educated and highly motivated labour force, and its advanced infrastructure place Hong Kong in a unique position to serve both as the engine of economic growth in South China and as
an important international and regional financial centre.
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