CONFIDENTIAL
037447 MDADAN 6421
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MORE CONSTRUCTIVE ATTITUDE, AT LEAST ON PURELY ECONOMIC HONG KONG ISSUES SUCH AS THE AIRPORT. THAT WOULD PROVIDE A NEW BOOST FOR INVESTOR CONFIDENCE HERE, AND THE HANG SENG INDEX. BUT IF CHINESE LEADERS FAIL TO REGAIN THE ECONOMIC INITIATIVE, PESSIMISM COULD SET IN QUICKLY IN HONG KONG. CHINA'S (MEDIA INFLATED) INTERNATIONAL
IMAGE AS THE NEXT ECONOMIC SUPERPOWER WOULD SUFFER. THE CUT WHICH
HONG KONG TAKES ON SO MANY INTERNATIONAL BUSINESS DEALINGS WITH CHINA WOULD DIMINISH ACCORDINGLY. EVEN SO, HONG KONG HAS ALWAYS RECOVERED REMARKABLY QUICKLY FROM CHINA-INDUCED ECONOMIC SHOCKS, FROM THE FIFTIES ONWARDS. EVEN ON THE MOST GLOOMY PROJECTIONS (AND
POLITICAL CALAMITIES ASIDE) NO-ONE HERE BELIEVES THAT LONGER TERM
CONSEQUENCES WILL BE ANY MORE SERIOUS THIS TIME.
PATTEN
YYYY
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