(11) According to Development Bank of Singapore, in 1989, Hong Kong and Singapore respectively had 158 and 134 banks, did US$7.7 billion and 1.2 billion of syndicated loans, and traded an average daily US$61 billion and 43 billion of foreign exchange. See DBS Bank Economic Research Department. "Hongkong and Singapore: Competition or Complementarity," April 1990, p. ii
(12) DBS Bank, op. cit., p. 5
(13) Prime Minister Lee Kwan Yew, op. cit.
(14) See, inter alia, “China Wams Hong Kong Opposition," International Herald Tribune, July 22-23, 1989. Beijing's statement is equally noteworthy for what it did not protest, namely the same groups demonstrations in Hong Kong.
(15) This policy was enunciated by Ji Pengfei in People's Daily, July 22, 1989. New China News Agency in Hong Kong affirmed this policy several times.
(16) Cf. Frank Ching, "Hongkong is the loser in this one-way deal," South China Morning Post, July 28, 1989, for an argument that this asymmetry breaches the one country, two systems model.
(17)See “Goddess of Democracy Ship Banned,” South China Morning
Post, 4 May 1990
(18)Beijing Review, December 25-31, 1989. I am indebted to Alan Romberg of the New York-based Council on Foreign Relations for pointing this out.
(19)Chris Yeung, “Alliance may be banned after 1997, official warns,”
South China Morning Post, 22 February 1990
(20) For instance, on April 5, 1990, there was a substantial demonstration in Hong Kong against the Chinese leadership. On April 4, 1990, the front page of the South China Morning Post celebrated Chai Ling's escape from China and printed her denunciation of China in full. China did not protest either of these.
(21)Unless China underwrites at least 25% of the cost of the new airport and associated infrastructure, banks are unlikely to finance the project.
(22)See William H. Overholt, "China's Reforms: The Next Wave,"
Bankers Trust Securities Research Paper, August 17, 1990, and William H. Overholt, "The Emergence of Chinese Capital Markets," Bankerst Trust Securities Research Paper, August 22, 1990, and
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