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absorb more advanced technology and money from capitalist countries, she would have to break through these basic barriers before she could win direct dealings with and investments from capitalist countries. The few special economic zones which China has established to attract foreign investments are but part of her systems and are therefore being looked upon by capitalist countries as of little or no difference from the rest of China insofar as stability is concerned. There appear to have some direct investments from capitalist countries, yet the money may in fact be from Hong Kong as applied by the capitalist countries through their banks or public companies in Hong Kong. Hong Kong is therefore a bridge for commercial dealings and investments from those countries with and in China. Unless and until China can introduce a system which can bring the average living standard of people in at least the provincial capitals or special zones of Mainland China to that of the people of the advanced capitalist countries, including Hong Kong, she may not win confidence from the capitalist countries in dealing with and investing in China direct without going through Hong Kong. That being the case, it will be in the economical interest of China not to discourage the continuous exploitation of Hong Kong as a bridge by the capitalist countries or to alarm the people in Hong Kong unduly prior thereto.
(c) One of the main reasons why the Hong Kong Chinese are so depressed or even frightened at the possibility of the rule of Hong Kong being reverted to their own mother country China prematurely is the inferior living standard of their fellow Chinese in Mainland China as known to them. This fear would be eliminated if China could one day introduce a system which could effectively upgrade the living standard of her people to a reasonably advanced level equivalent to that of Hong Kong. If so, the Hong Kong Chinese would not only be happy but also proud to rejoin their own mother country. Therefore, to adopt the living standards criteria is also reasonable.
(d) The living standards criteria is also fair to China in that the reversion timing would then be controlled almost entirely by China. What she can do for the reversion of rule is to speed up the upgrading process of the living standard of the people under her control. The initiative and control are therefore in China's hand in any event.
(e) The criteria of 30-year notice is desirable for the benefits of all parties concerned, especially China. The reasons are obvious. For the present or future generations living in Hong Kong, when the living standards of the two places shall come closer year by year, the time will come eventually when people in Hong Kong will become less certain as to the number of years ahead of them before the time may be considered ripe for the reversion. We have to bear in mind that most big projects such as mass transit railways, airports, container terminals may take several years just for the planning and survey, seven to ten years for the actual construction,
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another seven to ten years for the return of capital and a further seven to ten profit-taking years as the fruits of their hard work and investments. Therefore, any such potential investors would not consider such projects if they could not be assured that they would have the requisite period of time i.e. more than 30 stable or prosperous years to go through such projects. If it is in the interest of Hong Kong and China to have more such investors in the future, those potential investors should be given the assurance that they would have at least 30 years ahead of them at any time unless and until the Reversion Notice is received. In the circumstances, the provision of 30-year notice is definitely desirable. Furthermore, it is also in the interest of Hong Kong and China to have as many as possible capable intellectuals and professionals as executives for all sectors. Such executives may choose Hong Kong as their career domicile because Hong Kong can furnish them with sufficient attractive benefits such as free enterprise, minimum interference, low taxation, free exchange, industrious and flexible work force, good investment opportunities, a system and Government which have won respect, confidence and friendship from practically all the capitalist countries and the support of China. However, uncertainty of the future will make them hesitate. Any executive will want to know if he can have sufficient time to establish himself in Hong Kong and to enjoy the foundation, goodwill and connections he has established through years of investment and hard work. He will therefore want to have at least 30 years ahead at the time he chooses his career and investment domicile. The 30-year notice provision is therefore desirable.
(f) Although the above proposed formula confirms China's Sovereignty over Hong Kong and provides China with the opportunity of exploiting Hong Kong's prosperity and stability for as long as such exploitation value is still needed by China in support of her modernization development, yet it also allows the status quo for the transitional period to maintain prosperity and stability. The length of the transitional period before the time is ripe for reversion is a matter of individual interpretation, depending on one's confidence in China's speed of modernization. Those who have confidence will consider the transitional period a reasonably short one while those who have less confidence may think otherwise. In any event, it is up to the Chinese in the Mainland and in Hong Kong to help speed up the modernization if they want the transitional period to be short.
(g) Although the proposal suggests continuity of British rule in Hong Kong during the said transitional period, yet it lays down the condition that the interest of the Chinese population in Hong Kong must be adequately and truly represented and protected. This will of course lead to some kind of reform such as allowing the true representatives of the Hong Kong Chinese to be members of the Legislative and Executive Councils by election or otherwise. This will give such representatives due and proper say in the rule of Hong Kong and is therefore in line with what the Chinese leaders have suggested, although not exactly similar.
Page 113 of 142
Page 113 of 142
182
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absorb more advanced technology and money from capitalist countries, she would have to break through these basic barriers before she could win direct dealings with and investments from capitalist countries. The few special economic zones which China has established to attract foreign investments are but part of her systems and are therefore being looked upon by capitalist countries as of little or no difference from the rest of China insofar as stability is concerned. There appear to have some direct investments from capitalist countries, yet the money may in fact be from Hong Kong as applied by the capitalist countries through their banks or public companies in Hong Kong. Hong Kong is therefore a bridge for commercial dealings and investments from those countries with and in China. Unless and until China can introduce a system which can bring the average living standard of people in at least the provincial capitals or special zones of Mainland China to that of the people of the advanced capitalist countries, including Hong Kong, she may not win confidence from the capitalist countries in dealing with and investing in China direct without going through Hong Kong. That being the case, it will be in the economical interest of China not to discourage the continuous exploitation of Hong Kong as a bridge by the capitalist countries or to alarm the people in Hong Kong unduly prior thereto.
(c) One of the main reasons why the Hong Kong Chinese are so depressed or even frightened at the possibility of the rule of Hong Kong being reverted to their own mother country China prematurely is the inferior living standard of their fellow Chinese in Mainland China as known to them. This fear would be eliminated if China could one day introduce a system which could effectively upgrade the living standard of her people to a reasonably advanced level equivalent to that of Hong Kong. If so, the Hong Kong Chinese would not only be happy but also proud to rejoin their own mother country. Therefore, to adopt the living standards criteria is also reasonable.
(d) The living standards criteria is also fair to China in that the reversion timing would then be controlled almost entirely by China. What she can do for the reversion of rule is to speed up the upgrading process of the living standard of the people under her control. The initiative and control are therefore in China's hand in any event.
(e) The criteria of 30-year notice is desirable for the benefits of all parties concerned, especially China. The reasons are obvious. For the present or future generations living in Hong Kong, when the living standards of the two places shall come closer year by year, the time will come eventually when people in Hong Kong will become less certain as to the number of years ahead of them before the time may be considered ripe for the reversion. We have to bear in mind that most big projects such as mass transit railways, airports, container terminals may take several years just for the planning and survey, seven to ten years for the actual construction,
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another seven to ten years for the return of capital and a further seven to ten profit-taking years as the fruits of their hard work and investments. Therefore, any such potential investors would not consider such projects if they could not be assured that they would have the requisite period of time i.e. more than 30 stable or prosperous years to go through such projects. If it is in the interest of Hong Kong and China to have more such investors in the future, those potential investors should be given the assurance that they would have at least 30 years ahead of them at any time unless and until the Reversion Notice is received. In the circumstances, the provision of 30-year notice is definitely desirable. Furthermore, it is also in the interest of Hong Kong and China to have as many as possible capable intellectuals and professionals as executives for all sectors. Such executives may choose Hong Kong as their career domicile because Hong Kong can furnish them with sufficient attractive benefits such as free enterprise, minimum interference, low taxation, free exchange, industrious and flexible work force, good investment opportunities, a system and Government which have won respect, confidence and friendship from practically all the capitalist countries and the support of China. However, uncertainty of the future will make them hesitate. Any executive will want to know if he can have sufficient time to establish himself in Hong Kong and to enjoy the foundation, goodwill and connections he has established through years of investment and hard work. He will therefore want to have at least 30 years ahead at the time he chooses his career and investment domicile. The 30- year notice provision is therefore desirable.
(f) Although the above proposed formula confirms China's Sovereignty over Hong Kong and provides China with the opportunity of exploiting Hong Kong's prosperity and stability for as long as such exploitation valuc is still needed by China in support of her modernization development, yet it also allows the status quo for the transitional period to maintain prosperity and stability. The length of the transitional period before the time is ripe for reversion is a matter of individual interpretation, depending on one's confidence in China's speed of modernization. Those who have confidence will consider the transitional period a reasonably short one while those who have less confidence may think otherwise. In any event, it is up to the Chinese in the Mainland and in Hong Kong to help speed up the modernization if they want the transitional period to be short.
(g) Although the proposal suggests continuity of British rule in Hong Kong during the said transitional period, yet it lays down the condition that the interest of the Chinese population in Hong Kong must be adequately and truly represented and protected. This will of course lead to some kind of reform such as allowing the true representatives of the Hong Kong Chinese to be members of the Legislative and Executive Councils by election or otherwise. This will give such representatives due and proper say in the rule of Hong Kong and is therefore in line with what the Chinese leaders have suggested, although not exactly similar.
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