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20.
According to a report compiled by the Immigration bepartient, a total of 4, 360 seperate PC official delegations, comprising 12,245 people, visited Hong Kong in the third quarter of 1985. At the end of
September 1985, there were 3,894 PPC officials working in Hong Kong, compared with only 2,522 at the end of 1984.
Investment
21.
(a) llong Kong's investment in China
Some expansion of Hong Kong's investment in China was evidenced in recent months. In August, the Hong Kong and Shanghai Banking Corporation became the first foreign bank to obtain a branch licence in the Shenzhen Special Economic Zone. Major categories of business undertaken by the branch include lending in foreign currencies, discounting bills in foreign currency, inward remittance from foreign countries, Hong Kong and Macau as well as outward remittance by enterprises of overseas Chinese and foreign interests, joint ventures and co-operative ventures in China. Although Renminbi transactions and extension of loans to Chinese enterprises are not allowed by the Chinese government, the establishment of this branch has to some extent
facilitated the movement of capital in and out of the
SSEZ.
Apart from engaging in investment projects launched in nearby special economic zones, Hong Kong businessmen are also playing an important role in the development of "open cities" further away from Hong Kong. One notable example is that, in July, Sun Hung Kai Company Limited joined with China Wave Investment Company, the Macau Regional Office of the Bank of China, Asia Travel Service
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CONFIDENTIAL # 3