Bulletin Special Supplement Nov 1972

english version of dr . the hon . lee quo - wefs address I am most grateful fo r having been conferred the Honorary Degree o f Doctor o f Laws by The Chinese University o f Hong Kong. And to be given the opportunity o f speaking to you on behalf o f Dr. T. Y. Lin, the world renowned scholar, is indeed a great honour to me. The Congregation today is an important occasion. Being a conferee I find it not easy to choose an appropriate subject to talk about. However, at this time each year, The Chinese University turns out hundreds o f graduates most o f whom are going to start their careers in serving the society. This being the case, I would like to discuss w ith you Hong Kong's prosperity and the duties o f university graduates. This is a topic which, I believe, w ill be o f interest to the graduates and members o f the community. Hong Kong has transformed from an entrepot to an industrial city since the twenty odd post-war years during which the economy has witnessed steady growth. Today, Hong Kong ranks twenty-third among the world's trading nations. When per capita export value is taken into consideration, Hong Kong is one o f the top ten in the world. Hong Kong's per capita income, w ith estimates varying between US$820 and US$900, may be regarded as the third highest in Asia, only after Japan and Singapore. Needless to say, the miracle o f Hong Kong's economic growth owes much to changes in the international political and economic environments which are favourable to Hong Kong. On the other hand, the liberal economic policy all along pursued by Government and the diligence o f the people also form a contributory factor. As there is no foreign exchange control, funds can flow freely in and out o f Hong Kong. This w ill expedite the development o f our external trade. The fact that our legislature is designed to give commerce and industry maximum convenience and minimum interference is the reason why local as well as foreign businessmen are so willing to invest in Hong Kong. Now let us say something about the people o f Hong Kong. Our population has grown rapidly (luring the past two decades. Besides possessing the virtues o f diligence and frugality the local people are also noted fo r their resourcefulness and ability to adapt themselves to changing conditions. Thus, despite outbreaks o f unfortunate events over the years, Hong Kong has not only been able to tide over its difficulties but also managed to attain continued industrial growth. These fine qualities o f the people have an important effect on the development o f our economy. Apart from pursuing a liberal economic policy as aforesaid, Government is also striving to administer its affairs in the interests o f the people, whether in economic matters, trade, education, culture or social welfare. Two days ago, at the opening o f the Legislative Council, His Excellency our Chancellor, Sir Murray MacLehose made his first major policy speech as Governor o f Hong Kong. His speech, which was warmly welcomed by the community, laid special emphasis on housing, education, social welfare and public safety, so that people in Hong Kong w ill have a better life. No doubt, this w ill bring about a better future fo r Hong Kong's economy. In the course o f its economic growth Hong Kong is facing two big problems. The first is an external one. I t is international trade protectionism which can at any time deal a telling blow on our export oriented industry. For years we have been perturbed 一 7 —