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Our visitors gave the view that one of their conclusions could be that it must been seen that Hong Kong has to be run after 1997 by Hong Kong people as there is otherwise a danger that PRC will try to instil its own cadre into positions of power here with the result that the infrastructure and business will slowly run down due to their inexperience and knowledge as to frankly how Hong Kong operates.
Mr Mackay summed up the various discussions by commenting that one should always remember that there are two sets of UK people in Hong Kong, namely those who are temporary visitors and those who have lived in Hong Kong for a considerable time who are leaders within the major controlling factions, ie the Jockey Club and Hongkong Bank.
He expressed concern that there could be problems ahead which the committee should be aware of and HM Government should now try to minimize the problems before they actually occur. He suggested that these could be a flight of capital out of the Territory following major political upheavals in China leading to a swing in sentiment in that country. This flight of capital could in any case take place on an on-going basis should the world economies slow down. He agreed that Hong Kong has to be run by the people of Hong Kong who know how the infrastructure operates and it will be very damaging if Beijing try to put their own cadres in positions of power.
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RJL/ac
24th April 1989
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