TNAG-2248-FCO40-3231-Trade-investment-conferences-concerning-Hong-Kong-1991 — Page 65

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INFO PRIORITY PEKING, UKREP JLG HONG KONG, BTC HONG KONG

SMITH NEW COURT CONFERENCE ON INVESTMENT IN HONG KONG: SPEECH BY

LU PING

1. LU PING, DIRECTOR OF THE HKMAO, STATE COUNCIL, SPOKE AT THE SMITH NEW COURT CONFERENCE ON 16 SEPTEMBER. COPIES ARE BEING FAXED TO YOU AND COPY ADDRESSEES.

2. KEY POINTS OF INTEREST FROM THE SPEECH WERE:

AN ASSURANCE TO INVESTORS THAT HONG KONG COULD CONTINUE TO PRACTISE CAPITALISM WHILE CHINA PRACTISED SOCIALISM AFTER 1997:

EMPHASIS ON THE GUARANTEES IN BASIC LAW FOR HONG KONG TO REMAIN AN INTERNATIONAL, TRADE, FINANCIAL, SHIPPING, AVAIATION AND TOURISM CENTRE.

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ASSURANCE THAT FOREIGN INVESTORS WOULD BE FREE TO WITHDRAW CAPITAL FROM HONG KONG AFTER 1997, NO MATTER HOW LARGE THE SUM. QUOTE OF COURSE WE HOPE YOU WILL BE KIND ENOUGH NOT TO DO IT ALL AT THE SAME TIME UNQUOTE. BASIC LAW AND DOMESTIC LAW PROVISIONS PROTECTING FOREIGN INVESTMENT (BUT NO MENTION OF IPPAS). CHINESE AWARENESS THAT 'INTERNATIONALISATION OF CAPITAL IS ONE OF THE BASIC CONDITIONS FOR THE DEVELOPMENT OF HONG KONG':

- CONTINUATION OF HONG KONG'S STATUS AS A FREE PORT. A STRONG PITCH THAT HONG KONG'S COMMODITIES SHOULD HAVE ACCESS TO ALL COUNTRIES ON PREFERENTIAL TERMS:

AN ANNOUNCEMENT THAT JLG DISCUSSIONS ON THE ESTABLISHMENT OF THE COURT OF FINAL APPEAL ARE EXPECTED SOON TO REACH A SATISFACTORY RESOLUTION. REFERENCE TO THE PROVISION FOR OVERSEAS JUDGES TO SIT ON THE COURT:

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REFERENCE TO JLG WORK ON IROS AND AN ACKNOWLEDGEMENT THAT MORE NEEDS TO BE DONE:

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