CONFIDENTIAL & A
14
17.
(e) Summary
In summary, the amount of China's net foreign exchange earnings (excluding loans and capital flows) obtained from Hong Kong in 1982 is estimated to have been HK$32.3 billion (US$5.3
billion). In terms of Hong Kong dollars, this is
120% higher than in 1977, thus representing a growth rate of 17% p.a. during the five years prior to 1982
(Table 5).
Table 5 : China's net foreign exchange earnings (excluding loans
and capital flows) from Hong Kong
1977 1978 1979
1980 1981
(US$Mn)
1982
Visible trade surplus
1689
2189 2640
3155
3315
3481
Invisible trade surplus
78
115
239
359
410
413
(80% of expenditure by Hong Kong residents in China)
Remittance and other
384
445
537
681
737
777
unrequited transfers
Investment earnings
263
323
413
569
615
649
2414
3072 3829
4764
5077
5320
G.E. 326
CONFIDENTIAL # 2
Page 45Page 46