small margin, and has become the fourth largest market for Hong Kong's domestic
domestic exporto.
the largest China has always been source of re-exporta through Hong Kong, now it is the largest markot for such re-exports.
26.
ܐ _ zone Shanzhananü ado
On
Outside the trade field, Our economic relationship with China extends over a wide range of activities. You aro all aware of the agreements we have reached with the Guangdong authorities for an increased long-term supply of water to Hong Kong which is perhaps the best known example of cooperation between Hong Kong and Guangdong. These agreementa · have required major works on both sides of the border, with china- based construction companies winning significant public worke contracta in Hong Kong. I have seen at first hand some of the investments by our manufacturers and entrepreneurs in the Special Economic Zone in Shenzhen and also in Guangzhou. the other side of the coin is the steadily growing investment by China-based companies in Hong Kong, In particular, I welcome the participation of the China Resources Company in the Tin Shui Wai development and the decision of the Bank of China to make a major investment in building new Head Office in Central. This strengthening of our economic ties with China has been matched by a rapid expansion in the network of air and links with Chinese cities. The agreement aigned with the Shenzhen authorities in April should lead to a parallel improvement in communications across the land border.
27.
In this connection, I should also comment on the
proposed Nuclear Power Plant to be established in Guangdong. Discussions between the People's Republic of China and other governments and companies with an interest in the plant are still continuing. The Government has agreed in principie to Hong Kong taking power from China provided that the cost la no greater than it would be if we provided the necessary fossil fuel based generating plant in Hong Kong. Should the Chinese
Authorities decide to build the plant near to Hong Kong we
should have an interest in it, not only as a source of power,
10
/but
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