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WEDNESDAY, OCTOBER 14, 1987
IN
"THE TOTAL VALUE OF RE-EXPORTS IN 1986 WAS US$15.7 BILLION. THIS CONTEXT, CHINA IS INVOLVED IN NEARLY 80 PER CENT OF OUR RE-EXPORTS, EITHER AS A MARKET OR AS A SOURCE OF SUPPLY," MR TSAO SAID.
HE POINTED OUT THAT THE ENTREPOT TRADE TOGETHER WITH THE FACT THAT CHINA, AFTER THE UNITED STATES, WAS THE SECOND LARGEST MARKET FOR HONG KONG'S DOMESTIC EXPORTS AND THE LARGEST SUPPLIER OF HONG KONG'S IMPORTS, HAD RESULTED IN CHINA BECOMING HONG KONG'S LARGEST TRADING PARTNER.
ON THE INDUSTRIAL SCENE, MR TSAO TOLD THE SYMPOSIUM THAT HONG KONG HAD BEEN ACTIVELY PARTICIPATING IN CHINA'S INDUSTRIAL DEVELOPMENT IN RECENT YEARS THROUGH JOINT VENTURES CO-OPERATIVE PRODUCTION AND PROCESSING AND ASSEMBLING AGREEMENTS.
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"SINCE CHINA ADOPTED ITS OPEN DOOR POLICY IN 1979, IT IS ESTIMATED THAT DIRECT INVESTMENT IN CHINA BY HONG KONG COMPANIES HAS AMOUNTED TO US$6 BILLION, REPRESENTING 60 PER CENT OF THE TOTAL FOREIGN INVESTMENT IN CHINA. A SIGNIFICANT AMOUNT OF THIS INVESTMENT HAS BEEN CHANNELLED INTO CHINA'S MANUFACTURING INDUSTRY.
"HONG KONG INDUSTRIALISTS, CURRENTLY UNDERTAKING MANUFACTURING PROCESSES IN CHINA, ARE DIRECTLY OR INDIRECTLY PROVIDING EMPLOYMENT FOR UP TO ONE MILLION CHINESE WORKERS,
MR TSAO NOTED.
OUTLINING VARIOUS FACTORS WHICH CONTRIBUTE ΤΟ HONG KONG'S CONTINUED PROSPERITY AND STABILITY UNDER THE JOINT DECLARATION, MR TSAO SAID HE WAS ENCOURAGED BY THE CURRENT BURGEONING FOREIGN CAPITAL INVESTMENT IN HONG KONG, PARTICULARLY FROM CHINA, WHICH WAS ESTIMATED TO HAVE INVESTED ON HONG KONG OVER US$5 BILLION DURING THE LAST FEW YEARS.
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"JAPAN, AUSTRALIA AND NEW ZEALAND HAVE ALSO JOINED BRITAIN, THE NETHERLANDS AND AMERICA AND OTHER INVESTORS OF LONG-STANDING, AS SHAREHOLDERS IN OUR EXPANDING ECONOMY.
"I BELIEVE THAT ALL THE INGREDIENTS EXIST DEVELOPMENT OF HONG KONG'S ENTREPOT STATUS IN THE BUSINESS WITH CHINA, MR TSAO SAID.
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FOR THE FURTHER CONTEXT OF DOING
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