CONFIDENTIAL
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92% of the projects) were production-oriented, involving total direct foreign investment of US$1.7 billion (or 89% of the projects). The biggest foreign investment project was Huaneng-Onoda Cement Co., the biggest Sino-Japanese joint venture of building materials.
in China with a total investment of US$155 million; others with over US$10 million
investments included Mabuchi Motor, Harada Industry, Nisshi Seiyo, Seiko Electronics and
Cannon Business Machines.
58.
Hong Kong was the largest foreign investor in terms of the number of
enterprises set up, with 266 enterprises and total contracted investment of US$400 million.
241 of the Hong Kong enterprises were production-oriented, involving US$326 million in
investment. They were engaged mainly in electronics, textiles, garments, food processing, construction materials, machinery, and rubber and plastic products. The size of Hong Kong investments was formerly relatively small, but had lately grown larger. Altogether there were
15 Hong Kong-funded enterprises which had investments exceeding US$5 million.
59.
We were told that because of Hong Kong's excellent international links and
regular shipping services, it had served as a major transhipment hub for Dalian. One-third of Dalian's exports were destined to Hong Kong, a considerable portion of which would subsequently be re-exported.
60.
We were also given a run down of the city's economic development targets under the 8th Five-Year Plan, details of which are set out in Annex VIII.
61.
We were particularly interested in the situation of the city's 'Triangular Debts'. But apart from informing us that the city was indebted to other cities/provinces by a total of Rmb190 million and in turn lent credits to others for up to Rmb290 million, i.e. a net balance of Rmb100 billion in their favour, they were tight-lipped about the issue.
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