Annex A
HONG KONG
The Political/Economic Scene
1. The 1984 Sino-British Joint Declaration provides for
Hong Kong to continue to enjoy a high degree of autonomy after 1997, with its existing capitalist system and lifestyle, its laws and basic freedoms intact. After 1997 the Hong Kong Special Administrative Region will therefore
be a distinct economic and financial entity, organisationally separate from China.
2. Confidence in Hong Kong's future as part of China was understandably shaken by the events in Peking in June 1989. But Hong Kong's customary resilience subsequently
re-asserted itself. The mood now is one of realism and
pragnatism. The passage of the British Nationality (Hong Kong) Act in July 1990 has had a steadying effect on confidence. Emigration from the territory is still a matter of serious concern. But we hope that our nationality package, coupled with the measures being taken by other countries, will succeed in anchoring key people.
3. On the economic front, Hong Kong is now the world's eleventh largest trading entity, with the world's busiest container port. It has also developed into an important international financial centre because of its close economic
links with China and other economies in South East Asia as
well as excellent communications with the rest of the
world. After several years of rapid economic growth following the Joint Declaration, GDP growth slowed from 14%
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