HK can pull Asia out of trouble: Clinton

Ending his trip on the themes that opened it, Clinton said, 8220;Political freedom, respect for human rights and support for representative government are both morally right and ultimately the best guarantor of the stability in the world of the 21st century.8221;

Clinton8217;s address carried a political and economic message of cooperation and trust. 8220;Americans can remember three wars we have fought in Asia,8221; he said adding, 8220;We must make itour mission to avoid another.8221; Scolding India and Pakistan for their nuclear tests, he said 8220;the two south Asian nations bucked the tide of history.8221;

With Asia8217;s economy in a tailspin, Clinton said that too many booming economies, too many new skyscrapers now vacant and in default were built on shaky foundations of cronyism, corruption and overextended credit, undermining the confidence of investors with suddenn swift and severe consequences.

He said that Hong Kong, grappling with its own economic woes, can help Asia out of turbulent times as it contributes to China8217;s astonishing transformation, by providing investment capital and expertise and privatising state enterprises and sharing legal and regulatory experiences.

Clinton said the future of Hong Kong under China should be one of more democracy, not less, with no intrusions on freedom here. 8220;All this must continue,8221; he said. 8220;I look forward to the day when all of the people of Hong Kong realise the rights and responsibilities of fulldemocracy,8221; he added.

He said some leaders worry that loud voices of dissent can pull a nation apart, but said he fundamentally disagrees. He said no set of leaders has the wisdom to make all the decisions without hearing opposing views. 8220;Ideas are creating wealth in this economy,8221; the President said.

With the United States nudging Hong Kong toward a more democratic system, Clinton pointedly called Hong Kong a world symbol of trade, enterprise, freedom and global interdependence.

In a show of support for Hong Kong8217;s pro-democracy politicians, Clinton meets today with Opposition leader Martin Lee and others among the 20 legislators who won recent elections. The President, though, had no plans to meet an additional 40 legislators who were not selected by a direct vote of the people. Clinton met over dinner yesterday night with Tung Chee-Hwa, Hong Kong8217;s chief executive who was installed by the Beijing regime. In a dinner toast, Clinton looked back over his trip and said he was 8220;profoundly appreciativeto Chinese President Jiang Zemin for helping make his trip to China a remarkably successful attempt to continue to build our partnership for the future.8221;

In a message sure to resound in Hong Kong, Clinton said he was encouraged by signs that 8220;We can build together a future that is more stable, more prosperous and free8221;.

Tung, in turn, assured Clinton that Jiang had reaffirmed his commitment to maintain autonomy for Hong Kong, one year after the former British colony returned to Chinese rule after 156 years.

8220;The central government leaders are determined to ensure the implementation of the basic law,8221; Tung said, referring to the rules under which Hong Kong is administered.

Fears that Beijing would crack down on demonstrators and push political opponents to the margin after the July 1, 1997, transition have so far proved unfounded. Instead, Asia8217;s sagging economy has eclipsed political concerns. Tourism is down 20 per cent while unemployment is at a 15-year high. Sharing the woes felt across Asia,Hong Kong8217;s housing values and stock market have declined.

Clinton said that this present financial crisis, too, will pass, 8220;if we work together with discipline and vision to lift the fortunes of our neighbours.8221; He is the first US President to visit Hong Kong.