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industrialised nations, setting out anchors for post-1997. This was understandable, but they needed to strike a balance and ensure that they did not tilt the playing field against UK companies. Hong Kong Telecommunications contributed some £250 million a year to the UK balance of payments, which would be rising in the coming years to some £400 million per annum. would be important not to jeopardise that.
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There was a brief discussion of the position in Hong Kong following the LegCo elections. Lord Young thought it would make the Governor's job more difficult. The Prime Minister commented that if the LegCo elections came up during Lord Young's visit to China, he would need to emphasise to the Chinese that this was now a fact of life: they were elected representatives with whom they would have to deal.
Lord Young commented that any attempt to reopen the question of the number of directly elected seats would in his view be counter productive. It was now part of the Basic Law which could not be altered, save by two-thirds majority of the national People's Congress. If that aspect were re-opened, the Chinese would no doubt expect to re-open many other aspects of the Basic Law, to the detriment of the interests of Hong Kong.
The Prime Minister thanked Lord Young for coming in and said he would be interested to have a report in due course of his discussions in China and Hong Kong.
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DOMINIC MORRIS
RH T Gozney Esq
Foreign and Commonwealth Office
CONFIDENTIAL
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