– 6 –
HONG KONG ECONOMIC JOURNAL (October 19) said editorially today that
in the foreseeable future, the changes in China would benefit HK in economic terms, but added that "it will not necessarily benefit Hong Kong in the long run," and cited examples to support the statement.
It said since China was now apparently aiming to develop her economy, she would in future become Hong Kong's competitor in light industries.
The swift and unpredictible changes in China would speed up the outflow of
Hong Kong's capital, the paper said.
It is highly possible that China would establish diplomatic relations with the United States after the US Presidential election next month if the moderates were firmly in power. "If this comes true, the Taiwan question will become a time bomb in the eyes of the people of Hong Kong," ECONOMIC JOURNAL said.
market
-
THE EXPRESS (October 17) said that, speaking in economic terms, the stock
commonly referred to as the thermometer of Hong Kong's economic situation. should not have suffered a drop, and attributed the fall to political factors.
But the paper noted that the situation in China appeared to remain normal after the alleged take-over by the moderates, and predicted that there would be no
further upheavals in China.
"If upheavals such as the 'Cultural Revolution' do not occur in China, why should Hong Kong experience a period of instability?" it asked.
THE STOCK MARKET
The HONG KONG DAILY NEWS (October 14 & 18) felt that the stock market
would improve once the air was cleared on what had happened in China.
The paper called on stockholders to get a better understanding of developments in China so as not to be caught unaware by sudden changes and suffer at the hands of speculators.
It speculated that if the radicals had gained power in China, it would have meant that "they could take back Hong Kong with just a telephone call," and many wealthy people would have slipped out of Hong Kong with their money.
MING PAO EVENING NEWS (October 13), NAM WAH MAN PAO (October 13 & 14) and HONG KONG ECONOMIC JOURNAL (October 18) urged stockholders to remain calm in view of the spate of unconfirmed reports on changes in China.