CODE 18-77
Pa IMF.
Mr Kalen
IF1
HMT
Reference.
MKC 031/10
AUG 1993
1993 IMF/WORLD BANK ANNUAL MEETINGS BRIEFING: 1997 ANNUAL MEETINGS
Thank you for showing us your draft brief on the Hong Kong 1997 Meetings proposal. We have the following comments:
1.
- Line to take: (third tiret) "Holding Annual Meetings in Hong Kong shortly after reversion of sovereignty to China should help reinforce the confidence in Hong Kong's position as an international financial centre." The wording in your draft seemed too defensive.
- Background: para 3 to be redrafted as follows: "Some politically difficult details remain to be settled. Firstly, the issue of invitations. In addition to the formal invitations from the Chinese, we attach importance to issuing supporting letters from Hong Kong and the UK. Since Hong Kong will be paying for the event, they should be associated with the invitation. We are resisting Chinese attempts to go back on our earlier understanding on this. Secondly, the World Bank and IMF suggest that UK and China, as members of the institution, should give financial guarantees. We are seeking to persuade the institutions that this is not necessary, given the financial strength of Hong Kong and Hong Kong's autonomy from HMG in the financial field. Thirdly, there is a debate over who should issue the necessary visas and immunities. These questions are being discussed at official level between the UK, China and the institutions. Our objective is to defer further detailed consideration of them until after the annual meetings."
Caninaithall
Caroline H Hall
Economic Relations Department
WH423
270-2675
23 August 1993
c. its fans ith?
l'ans.
1
40