UK EYES A
Year
1952-68
TABLE VIII
NEW BRANCHES OF COMMUNIST BANKS
New Branches Opened
1969
2
1970
11
1971
4
1972
4
1973
10
1974
18
1975
10
1976
11
Total
?0
THIS IS A COPY
THE ORIGINAL HAS BEEN RETAINED IN THE DEPARTMENT UNDER
SECTION 3 (4) OF THE PUBLIC RECORDS ACT 1958
Total branches at end 1976: 127.
15. Shipping. China controls two major shipping companies in Hong Kong which in
turn control a number of subsidiary companies both in Hong Kong and Panama (China
makes extensive use of the Panamanian flag of convenience). Between them they
operate 120 ocean-going vessels, out of China's total international merchant fleet
of approximately 1060 vessels, and numerous coastal and local vessels. In addition
to normal trading activities these front companies perform a dual function in
purchasing second-hand vessels on behalf of the China Ocean and Shipping Co (Cosco)
ie China's international fleet. Another Chinese shipping company is very important
in facilitating Hong Kong's entrepot role since it acts as the agent for the
maritime transport administrations of Fukien, Kwangsi, and Kwangtung provinces
which are responsible for planning and licensing all coastal trade in south China.
China also operates ship repairing facilities and a major expansion in this sector
is planned including the provision of a 30,000 ton floating dock.
16. China Resources Company. At the centre of China's commercial involvement in
Hong Kong is the China Resources Company (CRC), the leading export/import agency
for Chinese goods, exercising control, direct or indirect, over virtually all of
11
UK EYES A