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SECRETARY OF STATE'S BILATERAL WITH SECRETARY BAKER, 14 JULY
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MFN AND POLICY TOWARDS CHINA
(MEMORY JOGGER)
MFN
Current Position
House floor debate expected on 10 July: Senate debate
shortly thereafter. Final vote in Senate is likely to be before 24 July. Depending on outcome, final resolution could be deferred until September.
Prime Minister's Statement
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Prime Minister answered a written PQ (attached) in the
House of Commons on 9 July, intended primarily for
consumption by key Senators.
to them by HMA Washington.
Text of statement being passed
Effects on Hong Kong of non-renewal
Damage to economy: loss of 43,000 Hong Kong jobs, halving
of current GDP growth, loss of US$9-12 billion trade.
Two thirds of China's exports through Hong Kong are to the
US.
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Damage to US interests in Hong Kong: US one of Hong Kong largest investors US$6 billion, 900 US companies
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(including 140 factories).
KGBABD/1
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