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Recent 17 the Shenzhen Municipal Government introduced å
new regulation which prevents the sale of certain
Shenzhen-produced items in the local market. Consequently, some foreign investors have cut their
production and reduced their workforce. As regards the fourteen "open cities", apart from balian, Tianjin,
Shanghai and Guangzhou, infrastructural development
projects are to be scaled down and certain financial
controls re-imposed in order to prevent undue outflows of foreign exchange.
11.
Despite some setbacks in the development of the
"open cities" and the SEZS, Chinese leaders have reiterated in the Seventh Five Year Plan that the open door policy is China's basic national policy. To introduce advanced technology, the leaders stress that
more foreign exchange earnings must be generated through exports. Market-oriented reforms are also emphasised in the plan. It is stipulated that economic measures through monitoring and regulating the macro-economic aggregates
will be substituted for direct bureaucratic controls. Apart from laying out strategies for economic development, the plan includes an array of planning targets. growth rate of gross national product is targeted at
78 p.a., that of industries also at 7% p.a. and that of: agriculture at 6% p.a.
The
Visible trade between Hong Kong and China
12.
China remained Hong Kong's largest trading
partner in the third quarter of 1985. Total visible trade between Hong Kong and China, at HK$29,635 million,
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