SUNDAY, DECEMBER 13, 1987
AND GROWING. THEY SECTOR, AND CHINESE IN HONG
A
CHINESE INVESTMENTS IN HONG KONG ARE LARGE HAVE OVER-TAKEN BRITISH INVESTMENTS IN THE MANUFACTURING
JAPANESE INVESTMENTS. ARE NOW EXCEEDED ONLY BY AMERICAN AND INTERESTS CONTROL FIFTEEN BANKS AND NUMEROUS OTHER COMPANIES KONG. A CHINESE COMPANY BOUGHT A SIGNIFICANT MINORITY SHAREHOLDING IN CATHAY PACIFIC AIRWAYS EARLIER THIS YEAR AND IS PARTICIPATING IN
IS CONSORTIUM THAT
BUILDING A HK$3 BILLION SECOND CROSS-HARBOUR RANGE FROM 30 TUNNEL. ESTIMATES OF WHAT CHINA EARNS FROM HONG KONG
TOTAL TO 40 PER CENT OF CHINA'S
FOREIGN EXCHANGE RECEIPTS, CONSIDERATIONS HAVE BEEN IMPORTANT TO CHINA FOR MANY YEARS AND CONTINUE TO BE IMPORTANT AS CHINA CONTINUES ITS AMBITIOUS PROGRAMME OF
THEY DEVELOPING ITS POTENTIALLY VAST ECONOMY.
DEPEND NOW, AS HONG KONG RETAINING A WILL AFTER 1997, ON
SEPARATE
AND ECONOMIC HONG KONG'S ECONOMY IN FINANCIAL SYSTEM, NOT ON THE ABSORPTION OF
"ONE CHINA'S AS A WHOLE. THEY ARE THUS PART OF THE FOUNDATION OF THE COUNTRY, TWO SYSTEMS" CONCEPT AND PART OF ITS GUARANTEE.
ECONOMIES OF
THESE WILL
THEY
THE MAJOR FREE-MARKET
THE WORLD ALL HAVE AN OF INTEREST IN SEEING THAT HONG KONG'S FUTURE IS SECURE. AS A CENTRE
THE ASIA-PACIFIC REGION TRADING AND COMMUNICATIONS, AN ENTREPOT FOR
PART AND AN INTERNATIONAL FINANCIAL CENTRE, HONG KONG IS AN IMPORTANT
COMPANIES AND BANKS OF THE CAPITALIST COMMUNITY AND A BASE FOR MANY DOING BUSINESS IN THE REGION. THESE ARE NOT MERELY BRITISH INTERESTS, EXAMPLE, BUT WESTERN INTERESTS. THE AMERICAN STAKE IN HONG KONG, FOR
LARGE. ABOUT
14,000
AMERICANS
IN
IN
THE LIVE IN HONG KONG.
YEAR FEBRUARY THIS
THAT HONG KONG WITH A TOTAL CONSUL-GENERAL IN HONG KONG
UNITED TO THE
STATES AS ALSO SHARED VALUES". FROM HONG KONG'S) TO INDIVIDUAL VERY MUCH IN THE
IS VERY AMERICAN CHAMBER OF COMMERCE ESTIMATED FIRMS OVER 900 AMERICAN THERE WERE INVESTMENT OF OVER US$6 BILLION. THE U.9. RECENTLY DESCRIBED HONG KONG'S IMPORTANCE
TIES BUT BASED "NOT ONLY ON COMMERCIAL FREE TRADE (AND NO MARKET IS FREER THAN RIGHTS AND FREEDOMS, THESE ARE VALUES WHICH IT IS WESTERN INTEREST TO PRESERVE.
OVER
HONG
KONO
ITS
THE
SECOND ONLY TO THE AMERICAN BUSINESS PRESENCE IN COMES THE JAPANESE, WITH
800 COMPANIES REPRESENTED. JAPANESE BUSINESS IS SHOWING GREAT CONFIDENCE IN HONG KONG: IT HAS TRIPLED
SINCE DIRECT INVESTMENT
1981. HONG KONG IS NOW JAPAN'S SEVENTH LARGEST INVESTMENT MARKET IN THE WORLD. THE JAPANESE PRESENCE IN KONG JAPAN'S VIEW OF HONG
WAS FINANCIAL SECTOR HAS ALSO GROWN FAST.
MOST NEATLY PERHAPS
SUMMED UP IN A SPEECH BY THE JAPANESE CONSUL-GENERAL IN SEPTEMBER LAST YEAR WHEN HE REFERRED TO THE CITY
METROPOLIS IN "THE MOST IMPORTANT INTERNATIONAL
MANY ASIA". WESTERN COUNTRIES HAVE SIGNIFICANT INTERESTS IN HONG KONG; THE OF WESTERN EUROPEAN COMPANIES HERE IS LARGE AND GROWING RAPIDLY.
AS OTHER. NUMBER
/FOR WESTERN