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independent Express quoted unnamed political observers saying investors could put their hearts at ease because China had now realised that HK's prosperity hinged on a stable political system.
Commenting later on the articles, a Wen Wei Po columnist said the Chinese Government had done its best to maintain political stability in HK, even during the Cultural Revolution. Beijing considered the free trade policy of the HK Government very successful. Britain had made a contribution to HK in this aspect, though the same policy could be adopted after self-rule was introduced. Chinese leaders knew very well what made HK tick. They would maintain HK-style prosperity, not that of Guangzhou or Shanghai.
On 17 February an article in Ta Kung Pao discussed HK residents' fear of loss of freedom, pointing to assurances given by Chinese leaders. It said people outside HK might be surprised to find that fewer HK residents were planning to run away than they expected. However, the Ming Pao said there were more factors responsible for HK's success than those outlined in the Economic Daily. They included the free trade policy, a stable legal system, free movement of individuals, no discrimination against foreign interests and freedom to employ and be employed.
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PRESS LINES:
A new tactic of the left-wing press became apparent after the New Year when the two principal left-wing papers shifted their emphasis to reporting signs of economic recovery in HK. On 17 February, Ta Kung Pao in its financial page lead said foreign investors had expressed confidence in HK's future and were considering increasing investment here. This point was borne out in interviews with the Deputy Director of Industry, Mr. Paul Wong; the Deputy British Trade Commissioner, Mr. James Smith-Laittan; the Chief of the Commercial Services Section in the US Consulate, Mr. William Jackson; and the managing directors of a Japanese firm and a metal processing company.
The following day, Wen Wei Po splashed on its front page a Government release which showed there was an increase in the number of orders in hand in the manufacturing sector last December; the headline of the front page lead said HK was heading for economic recovery. It was quite unusual for the paper, which normally devotes its front page to mainland China news, to accord such prominence to this story which was given routine coverage in other papers. The article was the subject of a leader in the paper which said there were other signs to show that the economy was staging a recovery such as the bullish stock market, strengthened HK dollar, lower land prices, lower interest and inflation rates. Besides, China's steady economic growth and South Sea oil exploration would provide a firm base for HK's prosperity. These all pointed to a good economic outlook for HK.
On 20 February, the paper played up the latest quarterly report by Citibank which predicted the GDP growth for HK would rise from 2.5 per cent in 1982 to 3 - 5 per cent in 1983. The banking industry would have significant growth because its position as a financial centre for off-shore lending would be consolidated as a result of growing demand in China for foreign exchange and funds.
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