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7.
Democracy is, of course, more than just a philosophical ideal. It is, for instance, an essential
element in the pursuit of economic progress.
Let me give
Without the Rule of Law
an example of what I mean. buttressed by democratic institutions, investors are left unprotected. Without an independent Judiciary enforcing laws democratically enacted, businesses will be
vulnerable to arbirary political decisions taken on a whim a sure recipe for a collapse in confidence and a powerful deterrent to investors from overseas.
8.
So democracy brings benefits as well as
representing values. It helps to create the sort of society, as well as the business opportunities that first attract talent and capital to Hong Kong and then retain
them here.
9.
Other
In tackling constitutional development, there are some things we can change immediately in order to strengthen our representative institutions. improvements are longer-term and relate principally to the 1995 elections. These will require consultations
with the Chinese Government.
They will also need to
reflect the views of the community and to win the support
of this Council.
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