WHY CITIC HONG KONG DESERVES SUPPORT (int'l edition) I would like to make two clarifications regarding ''The perils of red capitalism,'' (Asian Cover Story, Oct. 26). The question you ask is: What about the need to prop up CITIC Pacific? Is that important, too? Your answer is: Yes, if it were to go bankrupt, it would have a major impact on the entire Hong Kong stock market. So it is exactly for that reason that we decided to give them financial support. This year, that amount will total $300 million in subordinated loans. ''We'' refers to the management team of CITIC Pacific represented by Larry Yung, and the $300 million in subordinated loans is provided to CITIC Hong Kong, not CITIC Pacific. Su Guoxin Assistant to the Chairman China International Trust & Investment Corp. Beijing

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