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REPORTS OF POLITICAL CHANGES IN CHINA
AND THEIR EFFECTS ON HONG KONG
The non-Communist papers on October 13 gave massive coverage to agency reports of the alleged arrests of Chairman Mao's widow, Chiang Ching, and three other radical leaders - Chang Chun-chiao, Wang Hung-wen and Yao Wen-yuan, and to reports that Prime Minister Hua Kuo-feng had been appointed Chairman of the Chinese Communist Party.
Four"
Subsequent reports quoted sources as saying that the four people arrested the "Shanghai
had been executed.
The Communist papers, however, did not carry any of the reports, and the New China News Agency also remained silent on the matter.
There were more than 60 editorials in the papers during the week on changes on the China scene, but only 15 of them in the non-Communist Press discussed them in relation to Hong Kong.
The papers in general believed that if the moderates led by Hua Kuo-feng had in fact seized power, Hong Kong would stand to benefit in the long run.
SING PAO (October 13), SING TAO WAN PAO (October 13) and WAH KIU MAN PO (October 14) felt that since the moderates supported the lines laid down by Chou En-lai which emphasised economic development, Hong Kong would benefit from
the recent events.
SING PAO said: "Since the moderates are in favour of economic development, they will strive to maintain the status quo of Hong Kong."
SING TAO said: "If the moderates gain power, China will turn her attention to economic development and production and increase external trade. Under normal circumstances, Hong Kong as China's export outlet in the South will probably derive benefit from this development."
The papers also commented on the drop in the stock prices last week following reports of political changes in China.
SING TAO WAN PAO said it differed with the opinion of stock holders who sold off their stocks, and said that the changes in China would benefit Hong Kong.
SING PAO described the reaction to the news from China as "psychological," and pointed out the fact that the index rose again swiftly after the sudden drop served
to reflect public confidence in Hong Kong's future.
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