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18
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of all foreign investors, yours is the largest
stake. Some 12% of our industrial workforce are
employed in the 600 or so factories wholly or partly owned by foreign interests. You account for over one third of the whole with US$6 billion in investment in 160 factories. 22 of our foreign banks are American. Yours is now the largest foreign community in Hong
Kong.
The growth in American interest in Hong Kong
dates from the normalisation of relations with China.
Your businessmen were quick to see the opportunities this presented. Even so, few could have foreseen a
decade ago just how fast Guangdong would develop.
Hong Kong has been the catalyst. According to Chinese
estimates, about 70% of all investment in the
province comes from Hong Kong, and between 1.5 and 2
million of the workforce are employed in Hong Kong owned enterprises.
The economic development of southern China has
taken off. Thankfully, all the signs since June 4 are that it is continuing unabated. It is important that
we do not allow the events of that date to distract
us from seeing the importance of economic reforms and
the benefits they bring to the people of China.