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SATURDAY, MARCH 18, 1989
THE 45 INSPECTORS AND 86 CUSTOMS OFFICERS ON PARADE. HAVING COMPLETED THEIR INDUCTION TRAINING COURSE, WILL IMMEDIATELY JOIN THE DEPARTMENT'S WORK.
na CHAN BECOMES SECRETARY FOR TRADE AND INDUSTRY ON MONDAY (MARCH 20).
ECONOMIC RELATIONS GROWING BETWEEN CHINA AND HK
THE STRONG AND GROWING ECONOMIC RELATIONSHIP BETWEEN CHINA AND HONG KONG REFLECTS THE GROWING INTERDEPENDENCE BETWEEN THE TWO ECONOMIES AS WELL AS THE SIGNIFICANT ROLE THAT HONG KONG IS PLAYING IN THE MODERNISATION OF THE CHINESE ECONOMY IN A BROADER SENSE.
THE DEPUTY DIRECTOR OF THE HONG KONG ECONOMIC AND TRADE OFFICE RESPONSIBLE FOR THE WESTERN UNITED STATES, MR JACK CHAN, SAID THIS IN AN ADDRESS TO THE INTERNATIONAL BUSINESS LAW CONFERENCE AT THE LOYOLA LAW SCHOOL IN LOS ANGELES YESTERDAY.
MR CHAN POINTED OUT THAT AS CHINA'S ECONOMY CONTINUED TO DEVELOP, HONG KONG'S POSITION AS HER GATEWAY TO THE WORLD WOULD BE FURTHER ENHANCED.
...
'FURTHERMORE, HONG KONG HAS ALSO EMERGED AS THE PRINCIPAL INTERMEDIARY FOR TRADE BETWEEN CHINA AND TAIWAN AND KOREA.
"FOR EXAMPLE, LAST YEAR HONG KONG IS ESTIMATED TO HAVE HANDLED UP TO 80 PER CENT OF CHINA-TAIWAN TRADE, VALUED AT ABOUT US$1.5 BILLION, MR CHAN NOTED.
HE POINTED OUT THAT ONE OF THE MAIN REASONS FOR SUCH A REMARKABLE GROWTH IN HONG KONG'S EXPORTS AND RE-EXPORTS TO CHINA UP 36.5 PER CENT AND 57.7 PER CENT RESPECTIVELY OVER 1987 WAS DUE TO HONG KONG'S SIGNIFICANT INCREASE IN OUTWARD PROCESSING TRADE WITH CHINA.
"MUCH OF HONG KONG'S
INDUSTRIAL PROCESSING [S BEING SUB-CONTRACTED BY HONG KONG BUSINESSES TO CHINA. AT THE MOMENT, SOME TWO MILLION WORKERS IN THE PEARL RIVER DELTA REGION ARE DIRECTLY OR INDIRECTLY EMPLOYED BY HONG KONG COMPANIES."
NOW THE LARGEST FOR SOME 60 PER WHILE HONG KONG
MR CHAN TOLD HIS AUDIENCE THAT HONG KONG WAS SOURCE OF OUTSIDE INVESTMENT IN CHINA. ACCOUNTING CENT OF UTILISED FOREIGN INVESTMENT IN THE COUNTRY, ALSO PROVIDED ONE THIRD OF CHINA'S TOTAL FOREIGN EXCHANGE EARNINGS.
CHINA HAD ALSO INCREASED HER STAKE IN I
LARGEST SOURCE OF FOREIGN INVESTMENT IN
HONG
ON THE OTHER HAND KONG AND WAS NOW THE THIRD HONG KONG,
/TURNING TO