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Secretary State
Disc
FROM: CO Hum
Hong Kong Department
DATE: 12 January 1989
cc: PS/Lord Glenarthur
Mr Gillmore
Mr McLaren
1. Lord Young may be under the misapprehension that British
investment in Hong Kong compares unfavourably with that of countries
such as Germany and Italy. In any event, what more can be done to
promote the right attitude in British industry?
Recommendation
A
2.
I recommend that the Secretary of State consider a letter to
Lord Young on the lines of the attached draft.
Background
3. Mr Wall's minute of 16 December recorded that Lord Young had
expressed the view to the Secretary of State that countries such as
Germany and Italy were investing heavily in Hong Kong because they
saw it as the "jewel in the crown of Chinese enterprise post 1997",
whereas British investment in the territory was flagging because
British businessmen "looked to the setting sun of British
imperialism rather than the rising sun of Chinese enterprise".
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