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4
marginally
behind
Japan. (Note: In 1992, Hong Kong
re-classification
was China's largest trading partner. The change in
position in the first half of 1993 is due to a
technical
in China's customs
statistics, and not because of any setback in the
relevant trade flows of Hong Kong.) Hong Kong's
visible trade with China grew by 19% in value terms to
HK$341
billion
in
1993 (paragraph 19).
the
first
half
of
(11) The strong surge in Hong Kong's industrial investment
and outward processing activities across the border,
coupled with the buoyant domestic demand in China,
contributed to a further increase in Hong Kong's
domestic exports and re-exports to China, by 8% and
in the
of 1993
Hong Kong's re-exports of China
36% respectively
(paragraph 20).
first
half
origin also grew strongly by 18%. In stark contrast,
retained imports
decrease of 24%,
Chinese goods in
and 24).
from China registered a marked
mainly due to reduced popularity of
the Hong Kong market (paragraphs 23
(12)
On
continued
to
two-way investment, Hong Kong's investment in China
grow in the first half of 1993, as did
investment by China-interest companies in Hong Kong.
But more recently, because of concern over China's
overheating and the consequential restraint
measures, Hong Kong investors were generally more
cautious in initiating new
economic
projects across the
(13)
border (paragraphs 28 to 32).
The precise impact of China's "16-point plan" on the
Hong Kong economy depends on the form, duration and
intensity of the respective restraint measures.
Nevertheless,
as the measures adopted so far are less
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