UNCLASSIFIED
FM HONG KONG
TO DESKBY 1409OOZ FCO
TELNO 876
OF 140745Z MARCH 89
163
UNCLASSIFIED_
HKB 011/3
165)
032071
MDHIAN 6611
?
YOUR TELNO 644: FAC: HONG KONG'S ECONOMIC AND SOCIAL DEVELOPMENT
1. WE ARE SENDING COPIES OF PAGES 6, 8, 11 AND 18 BY FAX TO FOOTMAN HKD. THE PAPER IS UNCLASSIFIED.
2. IN CASE THEY EMERGE ONCE MORE UNCLEAR, THE RELEVANT PASSAGES ARE AS FOLLOWS:
(A) PARA 12. THIRD SENTENCE. QUOTE THE SERVICES SECTOR ALSO BECAME MORE SIGNIFICANT, PARTICULARLY TOURISM, SHIPPING, AVAIATION AND TELECOMMUNICATIONS. DURING THIS PERIOD, TOO, HONG KONG EMERGED AS A MAJOR INTERNATIONAL FINANCIAL CENTRE. THERE WAS A SURGE IN BUILDING AND
1
.UNQUOTE.
(B) PARA 16. QUOTE IN ADDITION, THERE IS NOW A LARGE AND GROWING INVESTMENT BY HONG KONG COMPANIES IN CHINA. HONG KONG IS BY FAR THE LARGEST SOURCE OF EXTERNAL INVESTMENT IN CHINA, ACCOUNTING FOR ABOUT TWO-THIRDS OF THE TOTAL. INVESTMENT BY CHINESE BANKS AND TRADING ENTITIES IN HONG KONG IS ALSO LARGE AND GROWING. IT HAS BEEN ESTIMATED THAT IN THE PROVINCE OF GUANGDONG, ADJACENT TO HONG KONG THERE ARE NOW AT LEAST 1.5 TO 2 MILLION WORKERS EMPLOYED DIRECTLY OR INDIRECTLY BY HONG KONG FIRMS, MORE THAN THE TOTAL
NUMBER
·
UNQUOTE.
(C) PARA 21. FINAL SENTENCE. QUOTE THE RESULT HAS BEEN THE ACCUMULATION OF LARGE FISCAL RESERVES AND VIRTUALLY NO PUBLIC DEBT. UNQUOTE.
(D) PARA 37. SECOND SENTENCE. QUOTE NEW RECLAMATIONS WILL ALSO BE NEEDED WITHIN THE HARBOUR AREA TO ENABLE URBAN RENEWAL PROJECTS TO BE CARRIED OUT AND FOR NEW COMMERCIAL DEVELOPMENTS AND TRANSPORT CORRIDORS WITHIN THE CENTRAL AREAS. UNQUOTE.
WILSON
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