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China after US technology: The Asian Wall Street Journal reported on 8 March that China was trying to buy advanced US electronics manufacturing equipment. The sale required US Government approval and could demonstrate the level of technology Washington would allow to be exported to China. National Semi-conductor Corporation of California said it had agreed to sell one of its production lines to Shanghai Semi-conductor.
US Company to mine Chinese coal: The International Herald-Tribune on 9 March reported that Occidental Petroleum had signed an agreement to develop and jointly operate an open-pit mine in central China with proven reserves of 1.4 billion tons, which would yield at least $600 million a year in revenue.
China easing interest tax: The Asian Wall Street Journal of 8 March said China would begin easing the 20 pc tax it charges on interest paid to foreign banks; this could encourage Chinese corporations to increase borrowing from abroad because the lower tax might result in foreign banks lowering their interest rates.
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OTHER ITEMS:
New Job for Mr. Wang Kuang: The Kung Sheung Daily News said the first director of HK Branch of Xinhua, Mr. Wang Kuang, would be given an important job in the Overseas Chinese Affairs Office to assist the director, Mr. Liao Chengzhi, who had been 'talking too much' about HK's future when he met visitors from Macau and HK. Mr. Wang's new posting would also strengthen China's team in the diplomatic talks.
Article 30 to be revised: The HK Daily News quoted Beijing sources saying Article 30 of the new Constitution would be further revised during the sixth NPC in mid-1983 to enable SARS to draw up their own legislation. It was China's intention to turn HK, Macau and Taiwan into SARs with laws for the future HK based on existing legislation.
New firm in HK: The Zhong Xing Offshore Marine Services Co. Ltd. was set up recently in HK by local and overseas interests in a joint venture with China. The new firm will have a fleet of 10 logistics vessels to serve South China Sea oil exploration. Meanwhile, the general manager of China Nanhia Oil Joint Service Corporation, Mr. Chen Lizhong, said oil exploration in the South China Sea would begin in June or July this year.
Foreign investment: Hong Kong will continue to attract foreign investment after sovereignty reverts to China, Ta Kung Pao reported, quoting a director of a US electronics company here. He said his company would consider expanding its operation in Hong Kong despite the 1997 issue. It was not worried about the territory's future even after the Chinese takeover because the Beijing Government welcomed foreign investment.
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