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(111) PARAGRAPH 5. IS IT TRUE TO SAY THAT THE BANKING SECTOR IN HONG KONG IS INVALUABLE IN QUOTE FACILITATING UNQUOTE UK TRADE WITH CHINA AND OTHER COUNTRIES IN THE REGION? CHINA'S EARNINGS OF FOREIGN EXCHANGE THROUGH HONG KONG ARE VERY SIGNIFICANT AS IS THE PURCHASE OF STERLING AND, INSOFAR AS WE HAVE A FAVOURABLE BALANCE OF TRADE WITH CHINA, CHINA'S FOREIGN EXCHANGE EARNINGS HERE HELP TO MEET THE DEFICIT. BANKS AND FINANCIAL INSTITUTIONS ALSO USE HONG KONG AS A BASE FOR FINANCIAL OPERATIONS IN THE REGION, BUT I AM NOT SURE THAT THIS NECESSARILY FACILITATES TRADE.
THE REFERENCE TO THE UK RECEIVING LANDING FEES MUST BE INCORRECT,
IV) PARA 6. THERE HAS PROBABLY BEEN NO INCREASE IN GPD THIS YEAR. IT IS WORTH MAKING THE POINT, HOWEVER, THAT HONG KONG'S IMPORTS HAVE QUADRUPLED IN VALUE IN THE LAST TEN YEARS AND IT IS NOT ONLY ITS PRESENT DAY VALUE AS A MARKET, BUT ITS POTENTIAL IN THE FUTURE THAT
MUST BE BORNE IN MIND,
IT WOULD BE WRONG TO PLACE TOO MUCH EMPHASIS ON THE OPENINGS FOR CIVIL CONTRACTORS, IT IS TRUE THAT BRITISH COMPANIES BUILT THE CROSS HARBOUR TUNNEL AND THE OCEAN TERMINAL, BUT THEY HAVE SHOWN LITTLE OR NO INTEREST IN PUBLIC SECTOR CAPITAL WORKS PROGRAMMES IN RECENT YEARS, NOR IN THE MASS TRANSIT PROJECT.
KINNEAR
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