TNAG-2910-FCO40-4185-International-support-from-Asia-regarding-the-future-of-Hong-1993 — Page 29

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MR NEEDHAM'S VISIT TO TOKYO FOR MEETING OF UK/JAPAN 2000 GROUP,

5-8 MARCH

HONG KONG IN THE ASIA-PACIFIC

Points To Make

world's tenth

Hong Kong enviable economic performance

largest trader, with only one thousandth of world population;

international financial centre, with more banks and brokers than

anywhere else in Asia; international communications centre, with one of the world's busiest container ports. GDP growth 5% in 1992 and per capita income poised to overtake that of UK.

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Hong Kong's prosperity underpinned by Government policy of

providing favourable business environment by maintaining free, but well regulated international trade and finance regime and

low taxation.

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Hong Kong participates actively in regional (and international) fora; is exemplary member of GATT (contracting

party in its own right since 1986), participates in MFA, full member of Asia Development Bank, Customs Cooperation Council,

Pacific Economic Cooperation Council (PECC) and Asia Pacific Economic Cooperation (APEC).

Also playing increasingly important role in China's development. Approximately one third of China's exports pass

through Hong Kong. Hong Kong and China are each other's largest

trading partners. Increasing investment in each other's manufacturing and service activities. Over 60% of the capital

invested in South China comes from Hong Kong.

Sino-British Joint Declaration provides best possible basis

for secure future for Hong Kong; eg it guarantees Hong Kong its

own Government comprised of Hong Kong people (not people brought

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18 FEB 1993

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