TNAG-0380-FCO40-426-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 132

BRITISH TRADE COMMISSION IN HONG KONG

7th Floor, Shell House, Queen's Road, Central, HONG KONG Mail Address: P.O. Box No. 528, Hong Kong Cable Address: "Uktrade Hongkong”

Telephone-230176

119

R&R

De

Our reference: 5/20

Your reference:

A Stuart Esq

HKI OD

Foreign & Commonwealth Office

London S W 1

WKK.5),

3 September 1973

Discussed with de trward. A

Dear Andrew,

not available

I sent to you last week under a compliment slip a copy of a report in the South China 3.17

Morning Post of 24 August of a statement issued by the Executive Committee of the Hong Kong Economic Association calling for the British Government to "take the shackles off Hong Kong's economy" by giving Hong Kong inter alia full control over its Sterling

reserves,

I thought that you might be interested to know the origins of this statement and the composition of the Committee that issued it unfortunately it has taken me slightly longer than I expected to get the latter.

The statement was prepared by Professor Ronald Hsia of the Economic Department of the Hong Kong University who is also the President of the Executive Committee of the Association. He was assisted in it by Dr C H Chai who is a lecturer in the Economic Department of the University and is also the Secretary of the Association. Apparently the draft was read to all Committee Members over the telephone and agreed by them. The Committee Members (in addition to Professor Hsia and Dr Chai) are:-

Vice-President: Dr C T Chen Lecturer in Economics

Assistant Hon. Secretary:

Mr Willian Kung - Director of Studies, Management Association Mr Kayser Sung - Editor in Chief, Business Press Ltd; contributor to Far Eastern Economic Review.

Mr J P Lee

Hon. Treasurer: Dr Y C Jao

Secretary General, Chinese Manufacturers Association

University Lecturer

Dr L C Chan - University Lecturer

Mr Henry Ho - University Lecturer Mr C K Law - (not known)

Mr S Y Tung

-

Statistician, Cenous and Statistics Department

I understand that the membership of the Association although not large includes a good cross section of intelligent and informed Chinese opinion on economic matters. Both the members of the Committee and the members of the Association, by dint of their positions and their reputations, are among the opinion formers. From what I have heard said at dinner parties etc I have no doubt that their views as expressed in the news- paper report reflect the attitude of the majority of Chinese (indeed I have heard them expressed in much less restrained terms).

This is

Every effort is made to ensure that the information given herein is accurate, but no legal responsibility is accepted for any errors or omis- sions in that information and no responsibility is accepted in regard to the standing of any firms, companies, or individuals mentioned.