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2
carried out in а rather conservative and covert manner,
they enjoyed steady growth through the years capitalising
on their respective monopolistic positions.
3.
towards
After 1978, when China adopted a policy attitude
foreign economic relations which was more liberal
by its past standard, trade and other economic links
between Hong Kong and China assumed new vigour and became
increasingly varied and intimate. In line with this
development, Hong Kong recouped its historical role as an
important entrepôt for China's foreign trade. PRC-interest
companies in Hong Kong had also undergone important
changes. Besides stepping
activities in those areas
where they traditionally had vested interest, these
PRC-interest companies also moved into areas like property
investment which, for one reason or another, were
previously kept away. As they faced keener competition in those new areas, their business attitude became more open, outward-looking and market-oriented.
4.
up
Another important change came in 1979. In line with the open door policy, the Chinese government granted the three municipalities (Beijing, Shanghai and Tianjin),
some provincial authorities and some central government ministries the right to engage directly in foreign trade. Furthermore, four coastal cities
Shenzhen, Zhuhai and
-
were designated
Shantou in Guangdong and Xiamen in Fujian
as Special Economic Zones (SEZS), being endowed with
greater autonomy in handling foreign trade and investment.
These new policy measures had in effect diluted the
monopoly positions traditionally enjoyed by companies like China Resources, as more and more PRC-interest companies
came to Hong Kong to do business. Fujian Enterprises (Holdings) Co. Ltd. (Hua Min) and Guangdong Enterprises
Hai)
(Holdings) Ltd.
(Yue
are notable examples of
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