XCC(93)57
7
(f)
the cost of hosting the event would be very substantial and China would need to acknowledge that the bulk of the expenditure would be incurred after 30 June 1997.
This memorandum reports on the outcome of discussion with the Chinese side on the points at paragraphs 6(e) and (f) above concerning the role of Hong Kong and the funding of the Meetings.
ROLE OF HONG KONG AT THE 1997 ANNUAL MEETINGS
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China is agreeable that Hong Kong as the host city should play a visible and meaningful role at the Meetings. In late January 1993 the Chinese agreed to our suggestion that -
(a)
(b)
the Chief Executive of the Hong Kong Special Administrative Region Government (HKSARG) would make welcoming remarks at the opening ceremony of the Meetings; and
the HKSARG would host a reception for the official delegations and other participants, which should take place following and without any overlap with the reception to be hosted by the Governor for China on the World Bank's Board of Governors.
9
This means that Hong Kong would have a role similar to that played by Berlin when it hosted the 1988 Annual Meetings of the Bank/ Fund. This has therefore addressed a primary concern of Hong Kong in hosting the Meetings - that Hong Kong should be given proper recognition and credit as the host city.
FUNDING AND COST OF THE 1997 MEETINGS
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It is too early to prepare any meaningful estimate of the cost of holding the 1997 Meetings in Hong Kong. China has taken note that the hosting of the Meetings would involve substantial outlay and that the bulk of the expenditure would be incurred after 30 June 1997, i.e. to be borne by the HKSARG.