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機密
Mr
No breakdown between exports and imports was given. Yang claimed that the sharp increase in 1984 was mainly due to an upsurge in imports. The increase in more recent years was related more to industrial development in Shenzhen which contributed to more exports of industrial
merchandise.
15.
Not all exports from Shenzhen are made locally; the others are purchased by Shenzhen enterprises from the rest of China and "re-exported" overseas. Entrepôt trade between the rest of China and Hong Kong is probably still the mainstay of the SSEZ's economy. Notwithstanding the claim by Shenzhen officials that the SSEZ was rapidly building up its industrial base, only about 50% of
Shenzhen's exports in the first nine months of 1988 were made locally, significantly less than the corresponding
(5) proportions in previous years
The explanation given
•
by Mr Yang was that the growth rate of Shenzhen's total
exports was even faster than the growth rate of its domestic exports (i.e. export products made locally).
16.
partner.
Hong Kong is Shenzhen's principal trading
In 1987, Hong Kong absorbed 96% of its total
(5)
The following information is supplied by Mr Yang of the Import and Export Department :
Value of locally made products in Shenzhen's exports
(US$ Mn)
As a proportion of Shenzhen's exports
( * )
1984
234
88
1985
327
58
1986
508
70
1987
820
58
CONFIDENTIAL
機密