TNAG-1237-FCO40-1550-Future-of-Hong-Kong-1983 — Page 194

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We are

Our perspective on China has been unusual. a commercial enterprise and, of course, have had commercial dealings with China, first with the People's Daily and the China Daily, and now with Market Publishing Company.

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But

in some matters, we have had direct dealings with senior members of your government. Further, where our activities in China touch those of our own government, we work together with its agencies. Our interest in publishing and the media has led to contact in the fields of propaganda

and culture and education.

Our activities have ranged from commercial contracts

to the transfer of technology and knowhow, technical training and exchanges of senior editorial staff, in some cases for periods of several months. We have learnt much from this exchange because it has been first-hand experience.

However, we have also learnt at one step removed. Through our other interests in publishing and the media in Australia, Hong Kong and Southeast Asia, we talk to many people who are discussing cooperation with China in a variety of fields. This has provided the opportunity to see how others view their relationship with the People's Republic of China.

Thus, after five years of the Open Door policy, I have an observation to make on foreigners' experience in China, based on our own, and others', findings.

I am aware that an enormous number of foreign companies have visited China. Discussions have been held, agreements

But in principle reached and letters of intent signed. the time taken to complete any one of these procedures, let alone along to bring a project to fruition, is inordinately long. In the case of investment by joint equity venture, the number actually approved relative to the number discussed is tiny.

The object of/...