ROZACJ
Background
General
CONFIDENTIAL
1. Malaysia and Brunei have a general interest in developments in
Hong Kong given its relatively close geographical proximity. But
Singapore's interest goes further than that: Singapore and Hong Kong
have a number of features in common and are natural competitors.
Prime Minister Lee Kuan Yew has made it clear that he believes
Singapore stands to gain more from successful implementation of the Joint Declaration and the maintenance of Hong Kong's economic
success than from the decline or collapse of confidence in
Hong Kong. This view is no doubt genuinely held, although others in Singapore make no secret of the belief that Singapore could pick up
much valuable business in the banking sector and in commercial
dealings with the PRC following a collapse in Hong Kong's economy.
CONFIDENTIAL
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