CONFIDENTIAL
XCC(92)26
4
The Annual Meetings are normally attended by delegations from about 150 member countries headed by the Governors (usually the Finance Ministers) or the Alternate Governors (usually the governors of the central banks). The attendance is normally around 10 000 participants comprising about 3 000 official delegates, 1 000 special guests and observers, 3 000 visitors (mainly bankers), 2 000 media representatives and 1 000 staff from the Bank/Fund. The Annual Meetings and the ancillary meetings together will cover a period of about one week.
5
Hong Kong is not a member of the Bank or the Fund, and the Articles of Agreement of the two organizations apply to Hong Kong as a dependent territory of the United Kingdom. Hong Kong Government officials have attended the Annual Meetings as part of the UK delegation. The PRC is a member of the Bank and the Fund. Agreement has been reached with the Chinese side, through the JLG, that Hong Kong may continue to participate after 1997 in the Bank/Fund in line with the present practice, using when required the name "Hong Kong, China”.
6
The idea of holding the 1997 Annual Meetings here was first floated by the UK Executive Director at the Bank/Fund in December 1990. The FCO was consulted and saw merit in holding this event in Hong Kong shortly after the transfer of sovereignty on 1 July 1997. As the Meetings would be held after 1997, Ministers were consulted and agreed that China should be sounded out informally on the proposal.
7
The Chinese Executive Directors at the Bank and the Fund were approached by the UK Executive Director in July 1991. Parallel action was taken by UK Rep JLG in Hong Kong. The Chinese responded in August by indicating that they were fully supportive of the idea because they too agreed that the 1997 Annual Meetings, if held in Hong Kong, should help to strengthen the status of Hong Kong as an international financial centre and boost confidence in the territory. It was also noted that when a formal application to host the Meetings was made, it would be filed by China, and that the UK would file a memorandum expressing their support for China's application and their willingness to cooperate.
Executive Council