TNAG-1247-FCO40-1561-Press-reports-on-the-future-of-Hong-Kong-1983 — Page 16

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TELELETTER

FROM:

DATED:

6 JUNE 1983

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PI WEBB, ASSISTANT POLITICAL ADVISER, HONG KONG

FOLLOWING FOR: W MORRIS ESQ, HKGD, FCO

MKK04012

RECEIVED IN FEGISTY NO, 51

17 JUN 1983)

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COPIED TO:

RN PEIRCE ESQ., PEKING

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MY TELELETTER OF 3 JUNE: FUTURE OF HONG KONG: PRESS COVERAGE

ALL NEWSPAPERS TODAY AGAIN CARRIED REPORTS FROM THE HONG KONG JOURNALISTS IN SHANGHAI, REPORTING FURTHER ON THE CITY'S PROPOSED INVESTMENTS IN HONG KONG. THE VISITORS WERE TOLD THAT THE PRIVATELY -OWNED SHANGHAI PATRIOTIC CONSTRUCTION COMPANY AND THE STATE-OWNED SHANGHAI INVESTMENT AND TRUST CORPORATION WISHED TO SET UP BRANCH OFFICES IN HONG KONG TO PROMOTE BUSINESS BETWEEN THE TWO CITIES.

2. A SPOKESMAN FOR THE SHANGHAI FEDERATION OF INDUSTRY AND COMMERCE TOLD THE JOURNALISTS THAT HONG KONG'S SPECIAL ROLE WOULD NOT BE UNDERMINED BY SHANGHAI'S PRESENT ECONOMIC BOOM. IN ITS REPORT, THE ORIENTAL DAILY NEWS SAID THAT SHANGHAI'S MUNICIPAL GOVERNMENT WOULD ESTABLISH A RESEARCH OFFICE TO STUDY THE ECONOMICS OF HONG KONG AND MACAU.

3. IN AN EDITORIAL, THE FINANCIAL DAILY INTERPRETED DEVELOPMENTS AS PART OF CHINA'S EFFORT TO MAINTAIN HONG KONG'S PROSPERITY. WAH KIU YAT PO, ON THE OTHER HAND SAID THAT STABILITY AND PROSPERITY COULD NOT BE PROMOTED BY INVESTMENT ALONE. IT HELD THAT CHINA MUST GUARANTEE THAT HONG KONG'S SYSTEMS WOULD REMAIN UNCHANGED FOR A VERY LONG TIME.

SIGNED: P I WEBB

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