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HKC 031/9
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FM UKDEL IMF/IBRD WASHINGTON
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TELNO 164
OF 27230OZ APRIL 92
AND TO PRIORITY PEKING, HONG KONG, UKREP JLG
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MDLIAN 1468
1997 ANNUAL MEETINGS
1.
IN THE MARGINS OF THE IMF/WORLD BANK SPRING MEETINGS, SIR NIGEL WICKS MET WITH XIANG HUICHENG, CHINESE VICE FINANCE MINISTER. A FULL REPORT OF THE MEETING WILL FOLLOW BY BAG. THIS TELEGRAM REPORTS THAT PART OF THE DISCUSSION RELATING TO
THE 1997 ANNUAL MEETINGS.
2.
XIANG SAID THAT HE WELCOMED THE PROSPECT OF THE ANNUAL
MEETINGS BEING HELD IN HONG KONG IN 1997. THIS WOULD BE GOOD FOR THE CONTINUED STABILITY AND PROSPERITY OF HONG KONG AFTER 1997. THE ANNUAL MEETINGS WOULD DEMONSTRATE STRONG CO- OPERATION BETWEEN THE GOVERNMENTS OF CHINA AND THE UK IN
SEEKING TO ENSURE A SMOOTH TRANSITION. HE WOULD DO ALL HE COULD TO ENSURE SUCCESS. HE RECOGNISED THAT THERE WERE SOME SPECIFIC PROCEDURAL ISSUES TO BE DECIDED, BUT FELT THAT THESE WERE PRACTICAL MATTERS THAT COULD BE RESOLVED BY DISCUSSIONS BETWEEN THE INTERESTED PARTIES.
3.
WICKS WELCOMED XIANG'S POSITIVE STATEMENT, AND SAID THAT HE SHARED THE THINKING BEHIND IT. THERE WERE INDEED
PRACTICAL MATTERS THAT NEEDED TO BE DISCUSSED. THE HONG KONG
AUTHORITIES HAD BEEN LOOKING AT SOME OF THESE DETAILS. IT WAS
INEVITABLE THAT THE MEETINGS WOULD REQUIRE SUBSTANTIAL
FINANCIAL AND MANPOWER RESOURCES. THE HONG KONG AUTHORITIES THEREFORE WANTED TO BE SURE OF THE OCCASION MEETING THE AGREED OBJECTIVES OF DEMONSTRATING A SMOOTH TRANSITION IN 1997, AND PROMOTING HONG KONG'S IMAGE AS AN INTERNATIONAL FINANCIAL CENTRE. FURTHER THEY WANTED THE OCCASION TO
REFLECT THE DEGREE OF AUTONOMY IN FINANCIAL AND MONETARY
AFFAIRS FOR HONG KONG THAT WAS AGREED IN THE JOINT
DECLARATION. IT WAS THEREFORE IMPORTANT TO THE HONG KONG AUTHORITIES THAT THEY PLAYED A MEANINGFUL AND VISIBLE ROLE AT
THE MEETINGS.
4.
WICKS WENT ON TO MAKE THREE SPECIFIC POINTS. FIRST,
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