U.S. and Hong Kong (1985-1997)

RUBIN, TARULLO ON DENVER SUMMIT TALKS

Hail agreements promoting global growth, reforms

Denver -- U.S. Secretary of the Treasury Robert Rubin says leaders of the seven leading industrial nations have reached agreement on a series of proposals to promote growth in their countries, enhance global financial stability and encourage economic reform in developing and transitional nations.

Briefing reporters June 21 following release of a statement by the leaders on their economic discussions, Rubin said the summit countries agreed to promote global growth through strong macroeconomic policies, increased trade liberalization and structural reform to increase jobs. They also called for completion of a financial services agreement under the World Trade Organization by the end of 1997.

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Following is the text of the transcript:

THE WHITE HOUSE

Office of the Press Secretary
(Denver, Colorado)

For Immediate Release
June 21, 1997

PRESS BRIEFING BY SECRETARY OF THE TREASURY ROBERT RUBIN

The Convention Center
Denver, Colorado

 

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Q: Mr. Secretary, we understand the leaders will issue a statement on Hong Kong tomorrow. And I wonder whether the finance ministers discussed this issue with an economic approach? In other words, do you believe the transition of Hong Kong will affect the future trade relations between China and G-7 countries?

SECRETARY RUBIN: The finance ministers did discuss China and Hong Kong. Actually, it was quite an interesting discussion. I'd say that the gist of it was that Hong Kong is very important to China; it's very important to all of us because of its economic role in Asia; and that the Chinese -- at least it was the view of those there that the Chinese were extremely cognizant of the importance of Hong Kong and also the importance of maintaining the kinds of liberties and rule of law in Hong Kong that all of us believe are necessary if Hong Kong is going to remain an effective market center.

And there was also a feeling that Hong Kong as an open economy and also as an open society, it will be a two-way street -- that that will also affect in positive ways, China. And then, of course, as you say, the leaders will be speaking to this tomorrow.

Q: In other words, the success of Hong Kong transition will not affect the future trade relations between the G-7 countries and China?

SECRETARY RUBIN: Well, you're saying if the transition doesn't go well? We did not discuss that. But, as you know, the United States has always taken the position that it's very important for China and very important for the rest of the world the transition does go well; and that if Hong Kong is going to remain the kind of economic and market center that it has been, it's requisite that the law remain that a free exchange of information remain because that's integrally related to effectiveness as a market center.

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