CONFIDENTIAL
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OTHER ITEMS
* The Chairman of the Productivity Centre, Mr. Allen Lee, called for an early
settlement of the 1997 question in order to restore investors' confidence. He also called on China to waive import duties on HK products since Beijing had been treating local Chinese residents as compatriots.
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Wen Wei Po said editorially that development of Hainan Island would be beneficial to HK. Local banks would play an important role in raising international loans to finance development. The island would also make use of HK's developed entrepot facilities to conduct external trade. Besides, it would bring orders and new investment opportunities to local industrialists and
businessmen.
The SCMP Business News on 4 February reported that HK investors were being
openly courted by the Beijing municipal government, the emphasis being on joint venture or compensation trade with no project too small for consideration. The article mentioned recent projects including compensation trade deals with the Beijing Cashmere Sweater Factory; the Far East Marble Company; and negotiations over reconstruction of a Cantonese restaurant in the Beijing Overseas Chinese Hotel. The municipality's senior official representative in HK, Mr. Yuan Yonghou, said he was ready to talk with anyone about any form of co- operation concerning projects in Beijing.
The 'Concerning HK's Future Action Group' has sent a telegram to the US Secretary of State, Mr. George Shultz, seeking his support in maintaining the territory's status quo. The group, whose committee members are Mr. Chow Hing- chuen, Mr. Cheung Miu-cheung and Mr. Wong Wing-hei, handed a copy of the telegram to the US Consulate. The Kung Sheung reported they are to organise a signature campaign after Lunar New Year to rally support for their cause.
Letters: In the SCMP on 5 February Y.B. Low-Ito attacked the Ta Kung Pao for an article "denouncing categorically" the British stand on sovereignty. He said according to the TKP only the sovereignty issue held; once Britain yielded on that point it was all over bar the shouting. China had conveniently forgotten that all sovereignty, or claims of sovereignty, rested with the will of the people concerned. China had always advanced the principle of self-determination for every race and every people on earth, but it would seem this did not apply to China's own case. All this talk of self-determination was apparently just shabby lip service. The HK people had made it abundantly clear that they opted for the status quo, i.e. the continuance of British administration. They did not want to be subject to political chincanery.
CONFIDENTIAL
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