CONFIDENTIAL
102670
MDHIAN 5188
INCLUDES PROVISION FOR LEGISLATURE ELECTED IN 1995 TO SPAN TRANSFER OF SOVEREIGNTY AND REMAIN INEXISTENCE UNTIL 1999: THIS WILL CONTRIBUTE GREATLY TO CONTINUITY.
PAGE TWO. INSERT NEW SECOND TIRET: ''IN ADDITION, CHINESE OFFICIALS HAVE REPEATEDLY CONFIRMED THAT THERE WILL BE AUTHENTIC ENGLISH VERSION OF BASIC LAW: THIS WILL GREATLY ASSIST SAR COURTS IN INTERPRETING BASIC LAW PROVISIONS IN FUTURE.'
PAGE TWO, SECOND (NOW THIRD) TIRET: AMEND FIRST SENTENCE TO READ: ''THERE STILL REMAIN SOME AREAS IN WHICH FURTHER IMPROVEMENT DESIRABLE. SECTIONS DEALING WITH POLITICAL SYSTEM PROVING PARTICULARLY CONTROVERSIAL BUT SENIOR CHINESE OFFICIALS HAVE INDICATED (AS PER ORIGINAL SECOND SENTENCE).''
ADD NEW THIRD SENTENCE:''HOPEFUL THAT CONSENSUS CAN BE ACHIEVED''
PAGE TWO. ADD NEW FOURTH TIRET: ''CONSULTATION PERIOD ON SECOND DRAFT ENDS IN JUNE 1989 FOLLOWING WHICH SPECIAL PANELS OF BLDC WILL CONSIDER CHANGES TO BE MADE. BLDC PLENUM EXPECTED IN JANUARY 1990, FOLLOWED BY PROMULGATION OF BASIC LAW BY NATIONAL PEOPLE'S CONGRESS IN MARCH/APRIL 1990'
SECTION IV
REPLACE WITH SEPARATE TEXT IN MIFT.
SECTION V
YOU WILL NO DOUBT WISH TO TAKE ACCOUNT OF BTC'S VIEWS ON THIS SECTION. BUT WE HAVE THE FOLLOWING SUGGESTIONS AND COMMENTS.
PAGE ONE. INSERT NEW FIRST TIRET TO READ: ''UK'S ECONOMIC INTEREST IN HONG KONG SIMILAR TO THAT OF OTHER MAJOR TRADING NATIONS. HISTORY HAS GIVEN THE RELATIONSHIP A SPECIAL CHARACTER. BUT BRITAIN OBTAINS NO COLONIAL'' ADVANTAGES.
PAGE ONE, FIFTH (NOW SIXTH) TIRET. OUR RECORDS SHOW 21, NOT 22 BRITISH BANKS AND DTCS. AS REGARDS INSURERS, WE CAN TRACE THOSE INCORPORATED IN UK (40) BUT CANNOT CONFIRM THE TOTAL OF 50 INCORPORATED THERE OR WITH UK CONTROLLING INTEREST.
PAGE ONE, SEVENTH (NOW EIGHTH) TIRET. SUGGEST RECAST AS: ''OF TOP FOUR COMPANIES BY MARKET CAPITALISATION LISTED ON EXCHANGE, THREE HAVE STRONG LINKS WITH BRITAIN. THEY ARE : HONG KONG TELECOMMUNICATIONS, WHICH IS 80 PER CENT OWNED BY CABLE AND WIRELESS,
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