G.F. 316
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7.
Page No. 3 of 12 pages
The three local communist insurance companies are
now allowed to invest their surplus assets in both the local stock market and the gold bullion trade. Previously such
assets had to be deposited with the local communist banks which produced a lower return.
8.
A new company, the Hoi An Marine Radio Services, believed to be under communist control, has been established
to carry out radio maintenance and repairs for all CPG vessels in Hong Kong. Another new company, the Wah Tak Marine Engineering Co. Ltd., which is under communist control, is
possibly a subsidiary of the China Merchants Steam Navigation
Company. The five Directors are all closely linked with CPG organisations.
9.
A seminar on "China's New Economic Development Trends" was held in Hong Kong during October. The principal speaker was Frofessor XUE Muqiao, Adviser to China's State Planning Commission and Director of the Economic Research
Institute. He said that China would be more selective in
future in using foreign investment and technology and referred to contracts signed with foreign companies which had proved
beyond China's ability to undertake or utilise fully. He also
forecast a streamlining of the procedures for entering into such contracts and said that the 33% profit tax imposed on joint Ventumaa ght be reduced. It would be necessary, he added, for China to restrict the growth rate of heavy industry and improve both agriculture and light industry.
10.
A Fujian trade office was opened in Hong Kong under the name of Fujian Enterprises. The office is to handle the Province's foreign trade directly with the companies concerned and not, as hitherto, through China Resources. This brings to six the number of Chinese provincial or city trade offices (Fujian, Guangdong, Guangxi, Tianjin, Beijing and Shanghai) operating independently in Hong Kong.
/ para 11.
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