CONFIDENTIAL
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25.
We noticed that China had previously relied heavily on railway transport. As there were now quite a number of expressways either under construction of being planned in China(1), we asked whether there had been any change in the country's preference on transport mode. We were told that there were still considerable arguments in China over whether emphasis should be placed on road transport or railway transport in the future. Construction of expressways were more expensive and space-consuming, and trucks used more unit fuel than locomotives. On the other hand, roads were more suited to container transport, and could provide more efficient door-to-door delivery for customers. The tendency in China now was to use railway for transporting passengers and bulky cargo such
as minerals, coal and timber and roads for general cargo.
26.
We were told that Qingdao had to remit 50% of its foreign exchange earnings
to the state, but three-fifths of this amount could be recovered by Renminbi through the
Foreign Exchange Administration Centre. The rest of the foreign exchange earned would
be retained for use by the city.
27.
Qingdao was also an important entrepôt. We were told that 90% of Qingdao's
exports comprised products originating from Shandong Province (including Qingdao's own
products). Hong Kong took up as much as one-third of the city's exports. On the other
hand, imports from Hong Kong were insignificant.
28.
According to the Qingdao officials, the value of the city's exports of crude oil
in 1990 was US$1 billion. However, due to reduction in production in the Shengli Oilfield,
this year's export target had been revised downwards to US$800 - 900 million.
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Note 1: Major ones include those linking Guangzhou-Shenzhen-Zhuhai ( ),
Shenzhen-Shantou (
), Shenyang-Dalian ( *), Beijing-
Tianjin-Tanggu (), and Nanjing-Shanghai-Ningbo ( 寧滬涌 ).
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