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13.
However, the amount of foreign (largely long
Kong) investment that has been attracted to the SSEZ is small when compared with the very substantial domestic
investment that has been undertaken. Up to the end of
1984, about Rmb 3 billion (roughly equal to US$1.5 billion
at official exchange rates) has been invested in the
infrastructure of the SSEZ, which includes investments in
site formation, road construction, the building of
residential and industrial flats, electricity and water
supplies, drainage, and port and harbour facilities. In
short, like many new town developments in Hong Kong and elsewhere, the development of the SSEZ is heavily front
end loaded.
14.
In his paper published in April 1985 entitled
"Financing Shenzhen's Economic Development" (*), Dr Thomas Chan of the University of Hong Kong pointed out that
foreign investment constituted less than half of
investment in the SSEZ and the exceedingly high growth rates of investment in industry and construction were made
possible by domestic investment. Domestic investment is
defined to include investment financed by bank loans,
local accumulation (city finance department allocations
and local collective investment), investment by the
Guangdong provincial government, and Chinese enterprises
(*) Financing Shenzhen's Economic Development: A
Preliminary Analysis of Sources of Capital Construction Investments in Shenzhen 1979-84
By Dr Thomas M H Chan,
Centre of Asian Studies, University of Hong Kong
G.F. 316
CONFIDENTIAL # 3
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