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7.
According to a very rough estimate put forward by
the Hong Kong General Chamber of Commerce in February 1984,
China's total investment in Hong Kong was in the range of
HK$156 to HK$195 billion (US$20 to 25 billion). This
estimate should have a more comprehensive coverage than
Wang Guangying's figure, but again it was derived from
rather than from any hard data. It might
substantially the actual amount of
investment made and, if anything, probably referred to the
then current value rather than the original cost of China's
investment. The absence of reliable data notwithstanding,
China's investment in Hong Kong had undoubtedly been
growing rapidly since the late 1970s.
crude guesswork
have over-stated
8.
A more recent estimate was provided by "The
Economist" in 1988, which suggested that the cumulative
total of
China's investment in Hong Kong was in the region of US$6-10 billion (HK$46.8-78 billion). The latest widely
reported estimate
was provided by the "Beijing Economic
which suggested that the cumulative total of
investment in Hong Kong was up to US$10 billion
billion) by end-1989.
Daily",
China's
(HK$78
can be
taken as broadly
Granting that these estimates
correct, they show that China,
with the United States and Japan, are the three
sources of foreign investment in Hong Kong, each of roughly equal importance.
together
largest
Sectoral distribution of China's investment in Hong Kong
9.
Apart from its rapid growth, there had also been
a marked shift in emphasis of China's investment in Hong Kong. Before 1978, China's principal interest in Hong Kong
was confined to bilateral trade activities.
activities were controlled to a large extent by the various
These
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