CONFIDENTIAL
Lord Caithness' lunch with the Horong Association: 1245, 10 March
Background/key facts
New Airport
- The projects are proceeding rapidly: the main bridge and airport platform contracts are due to be awarded in April and May respectively. The airport terminal design contract (about £40 m) was awarded last week to a largely British consortium lead by MOTT Connell Limited, and including the British Airport Authority, and Sir Norman Foster.
The Hong Kong press were not impressed: it was the highest bid in the short list. Talks with the Chinese over the airport railway have still not begun in earnest: will start on 10 March. The Land Commission will meet again in mid March to discuss the grants for the Airport Authority or the MTRC.
China's MFN
President Bush needs to decide on renewal of China's MFN
status for 1992/93 before early June. President has vetoed the congressional vote on 25 February to attach conditions to renewal beyond 2 July. Vote (59-39) failed to get two thirds majority required to over-ride presidential veto. Prospects for unconditional renewal look reasonable but in an election year and with a continuing US recession, the picture could change.
Budget
- A prudent budget. A huge surplus predicted for 1991-92 (HK$14 bn). By end 1992/93, reserves estimated to be
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CONFIDENTIAL
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