Bulletin Number Three

construction and proposals are under examination for the establishment of a new faculty of engineering studies. These additions, when they materialize, will further broaden the basis of the University. Private donations have always played an important and indispensible role in the provision of university education opportunities. You do not have to walk far in Oxford, Cambridge, Harvard, or any world famous university to see the results, or to hear the names, of benefactions made over hundreds of years. This process continues; and I am pleased to see how notably it continues in Hong Kong. In this University alone, private donations received in the last triennium amounted to some $60 million. This is no small amount by any standard. On this occasion, I wish to pay special tribute to Dr. Ho whose generous support for education developments in Hong Kong, and in this University in particular, has been so notable. The British Prime Minister Disraeli once said in a speech: ‘Upon the education of the people of this country the fate of this country depends.' The comment can be transferred to Hong Kong. We have no material resources. But we do have talented people. Upon the education of the people of this territory the fate of this territory depends. Providing education opportunities at the tertiary level is inevitably expensive. Government expenditure on education alone in the past five years has increased substantially. It has risen from just over $5 billion in 1982-83 to nearly $10 billion this year. Given the constraints on the Government's overall budget, it is important to ensure that public funds are spent in areas where the need is the greatest. With education already accounting for the largest share of the Government's budget, contributions from members of the community to improve our educational services are more than welcome. I am glad to see for myself today the successful completion of a ‘joint venture project' funded by both the Government and private donors. I look forward with great pleasure to opening the Ho Tim Building in a few minutes' time. The Third Conference on United States-Asia Economics Relations An international conference entitled ‘The Third Conference on United States — Asia Economics Relations' was held at the University from 22nd to 25th June, 1987. The Conference was jointly organized by the University's Faculty of Business Administration and the American Committee on Asian Economic Studies (ACAES). ACAES is an interuniversity programme in the United States founded in 1982. It is administered by an Executive Board of thirty-three economists from many universities and research institutions in the United States. The Director of ACAES is Professor M. Jan Dutta of Rutgers University. The theme of the Conference was ‘Asia Pacific Economics: Promises and Challenges'. Over seventy economists, scholars in management, economics and other related fields and bankers from the United States, Canada, Europe, China, India, Japan, Korea and other Southeast Asia countries participated in the Conference. About fifty papers were presented, focusing on foreign capital flows, tradeflows,productivities studies, role of government sector, tourism, long-run industrialization of Asia—Pacific economics and its impact on United States-Asia economic relations, etc. Dr. Ma L i n, Vice-Chancellor of the University, officiated at the opening ceremony and addressed the gathering. In his speech, Dr. Ma commented on the importance of meeting the challenges of an increasingly interdependent world. Dr. Leonard Silk, a renowned economics columnist of the New York Times, delivered a keynote speech at the dinner gathering. Opening Address by the Vice-Chancellor Ladies and Gentlemen, Distinguished Guests, On behalf of The Chinese University of Hong Kong, let me extend a warm welcome to each of you, especially to those of you who have travelled to Hong Kong from overseas. In addition, I would like to extend my sincere thanks to those organizations which have contributed funds in order for this Conference to be held in Hong Kong. These organizations include Arthur Andersen and Company, Hang Seng Bank limited, and the Winner Company. For those of you who are first-time visitors to Hong Kong, we do hope that you have an enjoyable experience in our exciting city. For those of you who have been here before ， we think that you'll find the changes that have occurred during the past few years quite exciting. And this is perhaps what the thrust of your Conference is all about, ‘change' ， be it economic, political or social. 11