TNAG-1873-FCO40-2661-Relations-between-Hong-Kong-and-China-1989 — Page 264

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34.

(c) Bank of China Group (BOC Group)

Accounts published by the four locally

incorporated banks in the BOC group reveal that they recorded remarkable profit growth in 1987.

Growth in after-tax profit in 1987*

Unconsolidated

Consolidated basis

(i.e. including the

bank and all its

subsidiaries)

(*)

basis

(8)

Chiyu Banking

127

Corporation Ltd.

Hua Chiao Commercial

Bank Ltd.

Nanyang Commercial

Bank Ltd.

Po Sang Bank Ltd.

145.7

40.4

41

82.2

84.4

56.1

35.3

* These growth rates should be interpreted with care as they were affected by transfers to and from inner reserves.

(IV)

Investment

35.

(a) Hong Kong's investment in China

Hong Kong remained the most important source of direct foreign investment in China. From 1979 up to the end of May 1988, China has approved a total of 11,500 foreign investment projects (mostly equity and cooperative joint ventures), involving a total realised direct foreign. investment of US$9.5 billion. Of this total, companies

G.F. 326

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