TNAG-1457-FCO40-1981-Relations-between-Hong-Kong-and-China-1986 — Page 182

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13.

However, the amount of foreign (largely long

Kong) investment that has been attracted to the SSEZ is small when compared with the very substantial domestic

investment that has been undertaken. Up to the end of

1984, about Rmb 3 billion (roughly equal to US$1.5 billion

at official exchange rates) has been invested in the

infrastructure of the SSEZ, which includes investments in

site formation, road construction, the building of

residential and industrial flats, electricity and water

supplies, drainage, and port and harbour facilities. In

short, like many new town developments in Hong Kong and elsewhere, the development of the SSEZ is heavily front

end loaded.

14.

In his paper published in April 1985 entitled

"Financing Shenzhen's Economic Development" (*), Dr Thomas Chan of the University of Hong Kong pointed out that

foreign investment constituted less than half of

investment in the SSEZ and the exceedingly high growth rates of investment in industry and construction were made

possible by domestic investment. Domestic investment is

defined to include investment financed by bank loans,

local accumulation (city finance department allocations

and local collective investment), investment by the

Guangdong provincial government, and Chinese enterprises

(*) Financing Shenzhen's Economic Development: A

Preliminary Analysis of Sources of Capital Construction Investments in Shenzhen 1979-84

By Dr Thomas M H Chan,

Centre of Asian Studies, University of Hong Kong

G.F. 316

CONFIDENTIAL # 3

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