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into the Bank by the Asian Development Bank, the Long Term
Credit Bank of Japan Ltd. and the American-based Sino
Ltd. The first two parties hold 10% each of
issued share capital and the last one holds
Finance Group
XIB's
expanded
5%. This new investment raises the paid-up capital of the
XIB to HK$620 million. Besides enhancing the international
dimension of the XIB, participation of the ADB can help it
to establish financial links with government institutions
elsewhere in Asia.
20.
(d) Developments in the vicinity of Hong Kong
In the first half of 1991, the growth rate of
Guangdong's economy remained rapid, with the gross
industrial output growing by 27% over a year earlier to
reach Rmb 95.5 billion (at constant (1990) prices,
excluding output from village-run enterprises). The value
of retail sales increased by 16.5% in money terms over a
year earlier to Rub 40.6 billion. Notwithstanding these
hectic production and retail activities, Guangdong's
general retail price index decreased by an average of 1.7%
in the first five months of 1991 over the same period in
1990, following a decrease of 4.4% for the whole of 1990.
The future industrial growth in Guangdong is likely to be
constrained by shortages of electricity supply and raw
materials, particularly crude oil, coal and steel.
According to the province's official estimate, the current
shortage of electricity supply in Guangdong is over 30% and
factories relying soley on the provincial supply of
electricity are forced to suspend production for up to four
week. Probably due to more intense competition
days in a
posed by a
significantly
larger number of foreign-funded
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