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The United States has significant interests of its own in Hong Kong which warrant our concern for the success of the 1997 transition to Chinese rule. Our economic stake in Hong
Hong Kong's future is substantial. The U.S. has more than $7 billion in investments in the territory, and more than $17 billion in annual bilateral trade. Over 900 U.S. firms have offices in the territory, and over 2,100
21,000, rather, Americans reside there.
The U.S. also has a deep interest in
a deep interest in protecting human rights in Hong Kong as we do throughout the world. Because Hong Kong residents have long enjoyed respect for their basic human rights, this aspect of the transition merits the special attention of the United States and the world.
We're not here today to discuss MNF for China, but I should point out that this is the single most important U.S. trade policy that affects Hong Kong's future and its current economic standing. In view of the increasingly close economic integration of Hong Kong and south China, the U.S. cannot impose prohibitive tariffs on Chinese goods and imagine that Hong Kong would escape the inevitable serious economic consequences. Tens of thousands of Hong Kong workers would lose their jobs and business confidence. would sustain tremendous damage. Such a step would be inconsistent with congressional concern for Hong Kong's future.
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The U.S. government has taken several concrete measures contribute to Hong Kong's continuing confidence and prosperity and to maintain Our close ties. These steps include
include immigration measures adopted in 1990 which are specifically directed at Hong Kong. These measures have started to have some positive effect, we believe. The U.S. is helping to establish a center for Hong Kong-US educational exchanges and is working to establish a Fulbright program for Hong Kong residents. We hope to announce soon new regulations which will facilitate the exports to Hong Kong of U.S. high technology goods. And we also have begun the process of negotiating agreements with the Hong Kong government which will give practical effect to the joint declaration's goal of preserving Hong Kong's position after 1997 as а leading center of international commerce and finance. It's in this context, Senator, that we support your goal in your legislation of revising U.S. law to ensure that U.S. legal requirements enable the U.S. to continue interact with Hong Kong after it becomes a special administrative region of the PRC in 1997.
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In the Sino-British joint declaration and in its own basic law for Hong Kong, China has enunciated a policy of one country, two systems that it will follow with respect to Hong Kong. However, if left unchanged, our own laws might force us to operate on a one country, one system basis to the disadvantage of Hong Kong after 1997. We would welcome a bill that clearly establishes the authority of the United States government to treat Hong Kong, where appropriate, as a non-sovereign entity which is distinct from the PRC for purposes of U.S. domestic law.
The extensive commercial, cultural, transportation, communication,
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