Letter: Hong Kong autonomy

Friday 04 September 1998 23:02 BST

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Sir: Your headline "China reveals 8.9 per cent stake in HSBC" (2 September) suggests that the shares acquired recently by the government of Hong Kong are the property of the central government of China.

Hong Kong is a Special Administrative Region of China. As such it has full autonomy in the management of its finances and the actions taken to intervene in the equity market were decided by the government of Hong Kong entirely on its own. The funds used and the assets gained belong to the people of Hong Kong. Blurring the distinction between Hong Kong and the mainland belies the special, separate status that the former enjoys, legally and in real terms.

RACHEL CHAN

Director-General (Acting)

Hong Kong Economic and Trade Office

London W1

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