RESTRICTED
FM PEKING
TO DESKBY 26090OZ FCO
TELNO 433
OF 260752Z MARCH 93
AND TO PRIORITY HONG KONG
INFO IMMEDIATE UKDEL OECD
RESTRICTED
114515
MDHIAN 4960
FCO TELNO 284 TO HONG KONG AND HONG KONG TELNO 477 TO FCO: PROPOSED STUDY ON CHINA'S FUTURE OUTLOOK AND THE HONG KONG DOLLAR
1. WE BELIEVE THE CHINESE MIGHT SHARE THE CONCERNS OUTLINED IN SECOND TUR ABOUT DISCUSSION OF THE LINKED EXCHANGE RATE IN HONG KONG.
2.
ON THE OTHER HAND WE SHARE HONG KONG'S VIEW THAT A BROADER STUDY INVOLVING HONG KONG'S ROLE IN CHINA'S ECONOMIC DEVELOPMENT WOULD BE LESS SENSITIVE. THE ECONOMIC RELATIONSHIP OF HONG KONG AND CHINA IS SOMETHING WHICH THE PRC AUTHORITIES REGARD AS CRUCIAL TO CHINA'S DEVELOPMENT AND THEY DO NOT SEEK TO PLAY IT DOWN. THEY HAVE TO DATE SHOWN THEMSELVES RECEPTIVE TO CONSTRUCTIVE CRITICISM BY MULILATERAL ECONOMIC AGENCIES SUCH AS THE IMF AND WORLD BANK AND COULD BE EXPECTED TO TAKE THIS REPORT IN THE SAME SPIRIT.
MCLAREN
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MAIN
SINGLE COPIES
5
DISTRIBUTION
เค
5
ERD// MR J C MILLETT
+KD
ERD// MS S O'CONNELL
EED//MR H DAVIES
.ODA/MR S CHAKRABARTI
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