increased rapidly by thirteen times in value between 1981 and 1988.
China and Hong Kong are now each other's largest trading partners.
4.
Hong Kong is by far the largest source of external investment in
China, accounting for about two-thirds of the total. Investment by
Chinese banks and trading entities in Hong Kong is also large and
growing. It has been estimated that in the province of Guangdong,
adjacent to Hong Kong, there are now at least 1.5 to 2 million
workers employed directly or indirectly by Hong Kong firms, more
than the total number employed in the manufacturing sector in Hong
Kong itself. Some estimates are far higher. Each year Hong Kong people now make more than 12 million visits to China and some
750,000 overseas visitors travel to China through Hong Kong. This
large and growing volume of trade, manufacturing, investment and
tourism is creating strong links between the Hong Kong economy and
that of southern China, for which Hong Kong is now acting as
economic and financial link with the rest of the world.
5. The following points illustrate clearly Hong Kong's current
economic success:
-
GDP grew in real terms by 11.8% in 1986, 13.5% in 1987, 7.5% in
It is expected to grow by 6% in 1989.
1988.
Per capita GDP in 1988 was US$ 9,605: second in Asia only to
Japan and roughly the same as Singapore.
-
Retained imports of industrial machinery for manufacturing
increased by 26% in real terms in 1986, 18% in 1987, 13% in first
nine months of 1988.
Domestic exports grew by 16% in real terms in 1986, 23% in 1987,
8.9% in 1988.
-
Re-exports grew by 14% in real terms in 1986, by 46% in 1987 and
by 46% in 1988.
Unemployment was at a record low of 1.3% in the last quarter of
1988.
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