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28
Publishing (HK) Co. Ltd., and Chung Hwa Book Co. (HK) Ltd.,
invested around HK$100 million to purchase a pro-China
newspaper "Jing Po" which ceased operation in March 1991. The Group had already purchased another pro-China newspaper
"Hong Kong Commercial Press" at HK$160 million in December
1989.
37.
Regarding
in
Hong
investment
Kong's
infrastructure, China Merchants Holdings Co. Ltd. was
considering to become a shareholder in the Modern Terminals
Until recently, negotiations between China
Merchants and MTL were confined to the development of Kwai
Chung Container Terminal 8.
companies have been very
Ltd. (MTL).
Reportedly, PRC-interest forthcoming in participating in
the implementation of the new airport and related projects in Hong Kong.
(V) Concluding remarks : implications for the
38.
Hong Kong economy
Continuous and steady growth of China's economy is
no doubt beneficial to Hong Kong. The rising standard of living in China will increase the purchasing power of
Chinese consumers.
However, China's current economic
recovery has not yet contributed much to the increase in
Hong Kong's exports of consumer goods to China. Due to the
tight controls imposed by the Chinese government over the importation of consumer goods, China's import growth in the
first half of 1991 was largely concentrated in increased imports of raw materials and capital goods, both for the outward processing activities and for meeting China's own demand. This situation is expected to continue into the
second half of 1991. Hong Kong's exports (including both
domestic exports and re-exports) to China related to
outward processing can be expected to rise further, particularly as the economies of Hong Kong's major overseas
markets revive.
CONFIDENTIAL
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