Mr Ricketts
Hong Kong Department
ECONOMIC ADVICE
1.
MAY 040/1
n
8
Reded
FROM: S H Broadbent
DATE: 10 February 1992
cc: Mr Burns
in
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We discussed your requirements for economic advice in coming months. You said that it was essential to have well informed analysis of economic developments in Hong Kong and comment on the Hong Kong Government's economic policies, especially those likely to be the subject of discussion or difficulty with the Chinese. You mentioned, in particular, the question of contingent liabilities, which was attracting interest both from the National Audit Office and the treasury; the Exchange Fund; the Airport; and the current concern over inflation. Ministers wanted to avoid surprises, anticipate problems, and take action without undermining the Hong Kong Government's responsibility for administering Hong Kong.
•
I explained that, following the arrival of a new desk officer, Chris Lane, last year, we had stepped up work on Hong Kong affairs. I hope you will regard him as a member of your team, allowing for the fact that he also covers the rest of the Far East, South East Asia, Australasia and a few other matters. He made a very brief familiarisation visit when he passed through Hong Kong recently. He will aim to attend your weekly meeting (normally Mondays at 9.45) as often as possible.
3.
I have also, of course, been taking a closer interest in Hong Kong matters in recent months, including closer contact, as frequently as possible, with HKG officials, as well as those interested in the Bank of England and HMT. Like our own Ministers, the latter want to be reassured that there will not be unpleasant financial surprises.
4.
I am sorry that it has not always been possible to respond as quickly as desirable to specific requests for advice, in part because we had not seen some of the previous papers. I think that there is no longer much of a problem, but you were going to check that we were on all the relevant telegram etc distributions.
201
(ie to have thei colce & eat it)
(He came
yesterday).
S H Broadbent
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