17
Britain's most senior negotiator with the Chinese, has said that
the Chinese side believed that the British had such an economic
interest in the territory that if only he would let them know
what the British side wanted that would then be arranged and
everything could then run smoothly. Meanwhile Deng had
instructed his negotiators, "Watch those British lest they grab
Hong Kong's capital." The fact that the British conceded in
1983 rather than risk economic collapse in Hong Kong doubtless
reinforced his conviction that the British economic stake in the
territory must be much greater than they claimed or than was
immediately apparent.
Every turn in the negotiations has been dogged by Chinese
suspicion of possible British schemes to secrete vast sums from
Hong Kong. The provisions of Annex III of the Joint Declaration
on Land Leases, including the establishment of the Land
seen
as
Commission may be seen as illustrative of the Chinese concern
that the British may sell off Government real estate in the
territory so as to take away capital at the expense of the
incoming administration of 1997. Similarly, the Chinese
questioning of the major new airport project may be
demonstrating their fears that Britain may offer lucrative
contracts to British firms or to firms with significant British
interests that would in effect
in effect drain off Hong Kong's spare
capital and its reserves thereby leaving the post
post British
administration with vast debts. Hence the
Memorandum
of
6
According to personal communication by a senior official in the New China News Agency, Hong Kong August 1992.
No comments yet.
Private notes are available after approval.