state of a cosy semi-corrupt market run by small-scale Chinese practitioners in their own interests. Whereas Hong Kong would remain static, Shanghai would grow (from a much smaller base) as a significant regional market. Hong Kong was losing out because it had no "real" economy. Most "Hong Kong manufacturing" already took place in China.
Comment
7.
Lord Caithness was impressed by Mr Hay Davison. He found his views refreshing. Mr Hay Davison clearly felt that we were in danger of exaggerating the importance of both Hong Kong as a financial market and of Jardines to it. He thought that our aim of handing over a well-functioning efficient Hong Kong Administration in 1997 was admirable but in the financial field perhaps unrealisable. Drawing a parallel with India, he suggested that realistically we should expect post-1997 that basically British structures would remain but be increasingly coloured by "corrupt" local practice and personalities. Nor, he remarked referring to the scandals in the Attorney-General's Department, should we be too quick to point the finger at Chinese practice.
9 January 1991
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Peter Tibber PS/Lord Caithness
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