XN000022-1987-12-13 — Page 17

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