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Indirect trade between China and South Korea via Hong
Kong (Paper No. CRC 10/89)
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Govt Econ (Ag) said the South Koreans appeared to be more receptive than the Taiwanese on direct trade. had, for example, opened a trade office in Shandong Province. He noted that since the majority of trade comprised conventional entrepot trade, not much benefit was brought to the Hong Kong economy. CS said that some benefit would be gained through the supporting services such as shipping and insurance and, of course, the profits to the traders. He said it would be useful to have an idea of the breakdown of value added in Hong Kong when looking at infrastructure planning. There had been criticism that Hong Kong's facilities were being used by entrepot trade which contributed little to Hong Kong's economy. STI added that re-export trade also had its costs in terms of demands made on Hong Kong's infrastructure. SLW pointed out that such trade brought the ships to Hong Kong and this enabled business with Hong Kong to take place.
PA informed members that the South Korean Consulate was of the view that direct trade with China would come although some political obstacles remained at present. South Korea appeared to be tackling trade with Sov Bloc countries actively, e.g. with Hungary and Russia, where trade offices had been set up. Air services between Korea and China were unlikely to be agreed in the near future. In any event, they would probably begin with charter flights.
Situation in China (Paper No. CRC 11/89)
PA said that since the paper had been prepared, there had been an article in the SCMP on the possibility of Zhao Ziyang being replaced by Yao Yilin. He had sought the views of the British Embassy in Peking on the
story. They believed Zhao was likely to survive.
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