the last 20 years, as the relations between Japan and China have developed or rather despite of that. Over the last 20 years, the total amount of trade both ways between Japan and Hong Kong has expanded 31 times from 0.8 billion US dollars in 1972 to 25.2 billion US dollars in 1991, while the amount of trade between Japan and China has expanded 21 times from 1.1 billion US dollars in 1972 to 22.8 billion US dollars in 1991. As for investment, Japan's direct investment to Hong Kong has significantly increased over the same period from 29 million US dollars in 1972 to 10.8 billion US dollars as of the end of March of this year, both on a cumulative basis;, while Japan's direct investment to China has expanded from virtually nil as of 1972 to 3.4 billion US dollars as of the end of March of this year. For Japan, Hong Kong has become the second largest recipient in Asia, after Indonesia, of Japan,s overseas direct investment. For Hong Kong, Japan has become the biggest investor in the manufacturing sector, with the share of Japan over 30%.
There are other figures which testify the increased and increasing
The number of importance of Hong Kong to Japan and vice versa. Japanese people resident in Hong Kong has increased around 5 thousand in 1970 to 17 thousand now. The number of Japanese people visiting Hong Kong has increased around 0.3 million in 1970 to around 1.26 million in 1991. Now regular direct air services between cities in Japan and Hong Kong number as many as more than 150 per week one way.
relation to China, Hong kong constitutes
In
a significantly
important base or center for Japanese companies doing business with China. More than one third of Japan's export to China and about one
5