HONG KONG

Hong Kong Stocks Fall Amid More Barbs from China: China last week stepped up its campaign against Hong Kong Gov. Chris Patten’s proposals for greater democracy in Hong Kong with a fierce attack on Jardine Matheson, one of the colony’s oldest trading companies, for the firm’s support of Patten’s political reform program. The denunciation, which appeared to be intended to hit Jardine’s share price, led to a steep fall in Hong Kong shares overall. The New China News Agency, seen as China’s de facto embassy in Hong Kong, fingered Jardine as the black sheep of the business community. The statement never named Jardine directly but it was widely believed that Jardine was targeted, brokers said. The attack heightened anxiety among the colony’s business leaders about the rapid deterioration in British-Chinese relations and the consequences for Hong Kong’s long-term future.