CONFIDENTIAL
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A letter from Eric Tang in the SCMP on 7 February talked of the embarrassment resulting from the undefined nationality of HK people. The 1997 issue had made things worse and people had begun to leave "this troubled land": they would rather be green card holders in North America than black card holders in the third largest financial centre in the world. However, we should be trying to do something more positive; we should decide immediately that HK was home forever and attempt to strengthen our society by making more progress. The more prosperous the economy the more stable our future would be.
Residence in Portugal: The SCMP carried an item from the Ta Kung Pao criticising advertisements in local newspapers which said any HK resident investing $600,000 in a house in Macau would be able to emigrate to Portugal. Portugal was now in a state of flux; the political crisis following the resignation of the Prime Minister remained unresolved and was not likely to be settled until the summer. The Macau Governor had expressed concern over Portugal's stagnant economy. Still, HK was better than other places, the paper said, repeating a statement by the party first secretary of Guangdong, Mr. Ren Zhongyi, that of all the possible moves fleeing from HK would be the worst.
9.
BUSINESS ITEMS:
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The Asian Wall Street Journal on 31 January reported that dwindling imports in 1982 had helped China post a $4.6 billion surplus, its biggest ever. Exports increased 3.5 per cent to $21.6 billion; imports fell 13 per cent to $17 billion. On 2 February the Journal reported that a sharp drop in US exports and a big increase in Chinese exports slashed America's 1982 surplus in trade with China to $628.4 million from $1.7 billion in 1981.
Even the Target Financial Service broadsheet outlined, on 7 February, a ten-point compromise plan for the future of the territory.
International Media: The Financial Times editorial which sparked Reuters and AFP reports was the only item of substance. Both the London Standard and BBC Radio's
Financial World Tonight carried pieces on the economy including references to the 1997 question.
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CONFIDENTIAL