CONFIDENTIAL
HAB (21
76)
JAP Sp
120310
MDHOAN 0677
TOP COPY Q DIST?
CONFIDENTIAL
FM FCO
TO IMMEDIATE TOKYO
TELNO 591
OF 13170OZ SEPTEMBER 91
INFO PRIORITY PEKING, UKREP JLG HONG KONG, BTC HONG KONG
HONG KONG TELNO 2342 (NOT TO ALL): HONG KONG: POSSIBLE CONFERENCE ON INVESTMENT
1. AT YOUR MEETING WITH SIR J COLES ON 23 AUGUST, YOU DISCUSSED THE IDEA OF THE JAPANESE MINISTER OF FINANCE FOR AN
INTERNATIONAL INVESTMENT CONFERENCE IN HONG KONG. YOU ASKED FOR AN INDICATION OF OUR POSITION ON THIS IDEA FOR YOUR NEXT MEETING WITH MR HASHIMOTO.
2.
BOTH WE AND THE GOVERNOR OF HONG KONG BELIEVE THAT SUCH A CONFERENCE COULD HAVE A USEFUL EFFECT. BUT BEFORE TAKING THINGS FURTHER HERE IT WOULD BE HELPFUL TO KNOW MORE PRECISELY WHAT THE JAPANESE HAVE IN MIND (IF THEY HAVE DETAILED IDEAS ON THE SUBJECT): HOW THIS SHOULD BE ORGANISED, WHO SHOULD TAKE THE LEAD, WHAT SORT OF HOOK WE MIGHT HANG IT ON. IN DISCUSSING THIS WITH MR HASHIMOTO YOU WILL WISH TO LET HIM KNOW WHICH WAY OUR MINDS HAVE BEEN TURNING SO FAR.
·
3. THE FIRST PRIORITY, IN ORDER TO ENSURE THAT THE CONFERENCE IS NOT SELF-DEFEATING, IS TO AVOID AROUSING CHINESE SUSPICIONS OF ''THE INTERNATIONALISATION OF HONG KONG'' THE CHINESE HAVE BEEN WARY (PARTICULARLY SINCE JUNE 1989) OF ANY APPEARANCE OF A THREAT THAT THEIR SOVEREIGNTY AFTER 1997 MIGHT BE AT RISK FROM A (UK-LED) CONSORTIUM OF MAJOR INVESTOR COUNTRIES. FOR THIS REASON WE DOUBT THAT HMG SHOULD TAKE THE LEAD IN MOUNTING SUCH A CONFERENCE.
4. IT MIGHT BE POSSIBLE, (PARTICULARLY IF JAPAN LED THE INITIATIVE) TO INTEREST CHINA IN A JOINT PROMOTION INVOLVING OTHER LEADING INVESTOR GOVERNMENTS, EG UK, JAPAN, CHINA, USA, CANADA, GERMANY ETC, BUT ASIDE FROM THE INTERNATIONALISATION RISK, SUCH AN APPROACH WOULD, BY DEFINITION, BE VERY HIGH PROFILE. AT A TIME WHEN THE AIRPORT SCHEME IS ALREADY PROVIDING A HIGHLY VISIBLE SHOP WINDOW ENCOURAGING INVESTMENT IN HONG KONG THIS WOULD RISK THE CHARGE OF OVERKILL. (THIS IN ITSELF MIGHT HAVE A NEGATIVE EFFECT ON CONFIDENCE). CLOSER TO 1997 THERE MAY
PAGE
1
CONFIDENTIAL
No comments yet.
Private notes are available after approval.