Hong Kong is not high, though considerably better than in late-
1989 and 1990. Economic growth is occurring very rapidly; each
passing day links the Chinese and Hong Kong economies more
closely together. And, limited progress toward nore
participatory governance has been made. When all is said and
done, however, there are many (though an indeterminant number) in
Hong Kong who would like to see more rapid progress toward
meaningful political participation, there is a great uncertainty
about how much authority Hong Kong people really will have to
manage their own affairs after July 1, 1997, and Hong Kongers
would welcome international support and involvement that would
increase their certainty about the future. This brings us to
American policy.
What Policy Approsch Best Promotas American Interests and Valuer
and the Welfare of Hong Kong?
Ironically, three things that are extremely important to
maintaining an environment of progress, stability, and freedom in
Hong Kong are not among the items that can be mandated through
the proposed legislation. 1) Because Hong Kong is first, and
foremost, a trading city, and because both the PRC and Hong Kong
account for one-third of each other's trade, there is no
conceivable way to inspire full confidence in Hong Kong and its
future as long as there is an ongoing debate over whether or not
to extend most-favored-nation treatment to Beijing.
2) One of those most important stabilising elements in Hong
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