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173570 MDHIAN 7991
9.
THERE ARE COUNTLESS OTHER MAJOR PROJECTS IN THE OFFING WHICH PROVIDE OPPORTUNITIES FOR BRITISH COMPANIES. THE TERRITORY'S SEWAGE SYSTEM IS BEING COMPLETELY REVAMPED AT A COST OF SEVERAL BILLION POUNDS. OTHER POLLUTION CONTROL MEASURES TO BE INTRODUCED ARE WORTH A FURTHER HKD 6 BILLION. A MAJOR NEW POWER STATION WILL BE BEGUN IN THE NEXT YEAR OR TWO, AND THE ROYAL HONG KONG POLICE FORCE HAVE A REQUIREMENT FOR 6 NEW PATROL CRAFT WORTH POUNDS STR 16 MILLION (THOSE ASKED TO TENDER INCLUDE BRITISH
COMPANIES).
10.
HONG KONG AND CHINA
WITH MORE STABLE CONDITIONS IN CHINA, SOME EASING OF THE CHINESE GOVERNMENT'S AUSTERITY PROGRAMME AND TIGHT MONETARY POLICY, PROSPECTS MAY BE IMPROVING. HONG KONG'S ECONOMY IS INEXTRICABLY LINKED WITH THAT OF SOUTHERN CHINA: ITS MANUFACTURERS CONTINUE TO COMPETE SUCCESSFULLY IN THE INTERNATIONAL MARKET DESPITE HIGH LABOUR COSTS AND HIGH LIVING STANDARDS BECAUSE THEY TAKE ADVANTAGE OF THE LOW LABOUR COSTS ACROSS THE BORDER. THESE ARE ABOUT ONE-FIFTH OF THOSE IN HONG KONG AND EXPLAIN WHY OVER 2 MILLION WORKERS ACROSS THE BORDER ARE EMPLOYED BY HONG KONG MANUFACTURING COMPANIES.
11.
CONCLUSION
HONG KONG IS AN IMPORTANT MARKET FOR BRITISH COMPANIES. IT WILL CERTAINLY REMAIN SO IN THE SHORT TERM. THERE IS EVERY PROSPECT THAT IT WILL REMAIN SO IN THE LONG TERM AS WELL. IT IS IMPORTANT THAT BRITISH COMPANIES SEE 1997 NOT AS THE END OF THE ERA FOR THEM, BUT, AS DO MANY OF OUR COMPETITORS, AS THE BEGINNING OF A NEW ERA WHEN HONG KONG WILL REMAIN A MAJOR REGIONAL CENTRE AND WILL BECOME EVEN MORE IMPORTANT THAN BEFORE AS A GATEWAY TO CHINA. IT WOULD BE SURPRISING IF HONG KONG DOES NOT FALTER A LITTLE, ECONOMICALLY AND COMMERCIALLY AS WELL AS IN OTHER WAYS, DURING THESE TRANSITIONAL YEARS, BUT THERE IS GOOD REASON TO HOPE THAT BRITISH COMPANIES WILL CONTINUE TO MAKE THE MAJOR CONTRIBUTION TO HONG KONG'S DEVELOPMENT THAT THEY HAVE IN THE
PAST.
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