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Korea to woo HK funds: Wah Kiu Man Po said South Korea had designated Cheju Do, an island 100 km from the southern tip of Korea, as a free port to woo investment from HK. It planned to develop the island as a holiday resort. A 225-room hotel with HK and South Korean interests was now under construction and would be ready in June next year.
Marshal Ye resigns: The Standing Committee of the National People's Congress formally approved the resignation of Marshal Ye Jianying as chairman of the NPC. This was reported by Xinhua and given prominence by the left-wing press here.
Physicist_comments on HK: World-acclaimed physicist, Prof. Yang Chengliang, told a luncheon meeting here that the Chinese leadership would have a better understanding of HK in handling the 1997 question. Most of his friends in HK felt that in the long term, HK should eventually become part of China, according to the two principal left-wing papers, Wen Wei Po and Ta Kung Pao and several independent papers. But the right-wing papers generally played up his remark that the Chinese leadership agreed that HK people should be proud of their success.
Beijing Economic Daily: The Beijing Economic Daily started a special column to carry economic news about HK. In an article entitled, "The growth of sea trade between HK and mainland China will continue" the Beijing paper noted that the expansion of HK's container terminal and the improvement of its road network were urgently needed in view of the bright prospects for the re-export of Chinese goods through the territory.
INTERNATIONAL MEDIA
An article by David Bonavia in HK appeared in the Times on 4 March headlined "China puts profits first in HK". Referring to the visit of the Governor and Sir Percy Cradock to London, it said the Chinese authorities were making a big effort to convince HK businessmen that they could go on making profits until 1997 and probably beyond. Both the Sunday Telegraph and the Sunday Times had inside page pieces on HK's future, referring to the Governor's visit to London. (Neither is yet to hand). There was a miscellany of other stories which included mention of HK but none of direct relevance save a report by Richard Hughes in the Times of 7 March on the HK Government's airport decision.
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CONFIDENTIAL
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