昏
Such money that left Hong Kong during the uncertainties of the past two
years is slowly returning and retained imports of industrial machinery
increased 26% in real terms in 1984 over the previous year. The Hong Kong
businessmen sees it in his best commercial and political interests, at least
in the medium term, to foster relations with the PRC and that, for the time
being, is where his investment will go. Nor should it be assumed that the
UK is the natural home for investment which may fall outside this pattern.
The USA and Australia spring much more readily to the Chinese mind when he
casts it overseas. The wealthier have already educated their sons in one
place or the other and, in some cases, have aready invested in businesses
for their sons (now with long-term residential status and thus the ability
to sponsor immigrants) to manage in those countries.
Finally it should be
remembered that some 90% of Hong Kong manufacturing businesses employ less
than 50 people.
2
THE POLITICAL CONSTRAINTS
The hard-won agreement between the UK and the PRC is still a fragile bloom.
The Chinese found it very difficult to believe that Hong Kong did not
represent a source of enormous revenue for the Treasury in Whitehall. They
have now been satisfied on this point but it is great importance that
nothing should be done to revive their suspicions. A smooth transition in
1997 will depend to a great extent on the maintenance of goodwill and trust
in the interviewing period. It follows that any high profile attempts to
suck capital out of the Colony will be frowned on by HMG and actively
discouraged by the Government of Hong Kong. In the wider national
interests, a policy of self-denial is required - a policy perhaps made
easier to bear by the comparatively meagre opportunities which exist to
attract meaningful investment.
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