11
interest in Hong Kong is to extract large sums
of money. Sir
Percy Cradock, who until his retirement in June 1992 was
Britain's most senior negotiator with the Chinese, claimed that
on more than one occasion the Chinese side had
had assured him
privately that if only he would let them know what the British
side wanted that would then be arranged and everything could then
run smoothly.5 Meanwhile Deng had instructed his negotiators,
"Watch those British lest they grab Hong Kong's capital." The
fact that the British conceded in 1983 rather than risk economic
collapse in Hong Kong doubtless reinforced his conviction that
British economic stake in the territory must be much greater than
they claimed or than was immediately apparent.
Every turn in the negotiations has been dogged by Chinese
suspicion of possible British schemes to secrete vast sums from
Hong Kong. The provisions of Annex III of the Joint Declaration
on Land Leases, including the establishment of the Land
Commission may be seen as illustrative of the Chinese concern
that the British may sell off Government real estate in the
territory so as to take away capital at the
at the expense of the
incoming administration of 1997. Similarly, the Chinese
questioning of the major new airport project may be seen
demonstrating their
their fears that Britain may offer
as
lucrative
"Deng's claim has been independently confirmed to me by more than one British official who was present on the occasion.
5Author's interview with Sir Percy at 10 Downing Street, 29 May, 1992.
"According to personal communication by a senior official in the New China News Agency, Hong Kong August 1992.