THE WHITE HOUSE
Office of the Press Secretary
(Shanghai, People's Republic of China)
|
For Immediate Release
|
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July 1, 1998
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REMARKS BY THE PRESIDENT
TO NEW HOME OWNERS, BUILDERS, AND BANKING OFFICIALS
Jin Hui Gardens
Shanghai, People's Republic of China
3:47 P.M. (L)
PRESIDENT CLINTON: Thank you very much. Vice Mayor Zhou,
Deputy Magistrate Wang, to developer Gu Cai Xin, to the Tang family, whose
home the members of Congress visited, and to Ms. Yu and her family, who
were
very kind to take me into their home, and to all of you. It's a pleasure
to
be here today.
I would like to begin by thanking the Folk Music Band for
the
wonderful music. Thank you very much. (Applause.) And I would like to
say
to all of you who are moving into new homes, Gong xi, Gong xi --
congratulations. (Applause.)
More than 20 years ago, I bought my first home. I actually
bought it because my girlfriend liked the house. We were driving by the
house
one day -- it was a very small house -- and she said, I like that house
very
much. So I found out the house did not cost too much money and I bought
it.
And then I said to my girlfriend, I bought that house you like, now you'll
have to marry me. (Laughter.) And she did. So I hope that your homes
bring
you as much joy as mine did 23 years ago. (Applause.)
I came here with your local officials and Ambassador Sasser
and Ambassador Lee and the members of Congress to emphasize the importance
of
home ownership to the future of the people of China and to the prosperity
of
your country. As you could see from what Ms. Yu said, owning a home is a
source of pride to a family and a tribute to its industry and hard work.
But
all China benefits from more home owners because that means more jobs, a
stronger economy, stronger families. And, of course, when people own their
own homes, they are free to take new jobs without worrying about losing
housing benefits. We also
see around the world that home owners take more responsibility
for the communities in which they live.
In America, we have worked hard to expand the dream
of home ownership and today, 65 percent of all Americans -- an
all-time record -- live in homes that they own. This has made
our country stronger, and I know greater home ownership will also
strengthen China. Because we want to support greater home
ownership, I am proud to announce today that we are creating a
U.S.-China residential building council to promote new
technologies and energy-efficient materials to build sturdy homes
that are affordable to live in. (Applause.)
Our Department of Commerce will also bring
Americans to China to discuss how to build a stronger system of
financing homes -- from strengthening property rights to
developing stronger mortgage markets. This will help to make
more homes available to more Chinese families.
I am determined to build a strong partnership and a
good friendship between the United States and China that will
actually make a positive difference in people's lives.
(Applause.)
Congratulations to all of you on your new home and
on the bright futures you are building for your families. Thank
you very much. (Applause.) And we thank the weather for holding
off until after the event is over. (Applause.)
