CONFIDENTIAL 機密
28
that CITIC's total investment in Hong Kong now amounts to
about HK$5-6 billion
39.
(14)
Regarding infrastructural development, following
CITIC, the China Resources (Holdings) Ltd. has also showed
interest in the financing, construction and operation of
the Tate's Cairn Tunnel. The latter has announced its
intention to collaborate with the New World Development
Co. Ltd., Aoki Construction and Leighton Construction in
bidding for the tunnel.
Concluding remarks: Implications for the Hong Kong economy
40.
External trade was a bright spot in the Chinese
economy in the first half of 1987. However, the problems
associated with textiles and clothing exports have given
rise to some uncertainties about China's export prospects
in the second half of this year. There were reports that
the US embargo on Chinese textiles and clothing items has
resulted in some shift of orders to Hong Kong.
Notwithstanding a possible short-term gain, this could
have unfavourable implications for Hong Kong's trade with
China, if China proceeds to tighten up further its
controls on imports when its export performance worsens.
41.
In the first half of 1987, Hong Kong overtook
Japan to become China's largest trading partner. This
illustrates the growing economic ties between the two
places. As China's Customs statistics indicate, China
maintained a favourable trade balance with Hong Kong (and
Macau) in the first half of 1987, with its exports to Hong
€
(14)
This figure was disclosed by Rong Zhijian, managing director of CITIC, on 9 September 1987. It probably includes certain investment projects located outside Hong Kong, such as in China.
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