discussions during 1992, agreement has not yet been reached with China on an overall financing package. In the absence of an overall agreement, the Hong Kong Government are adopting a step-by-step approach on building the airport, to fulfil the obligations under the MOU and to avoid slippages and expensive cost increases wherever possible (55% of the Hong Kong Government's works projects for the Airport have been let on time and within budget). The Hong Kong Government still hope to be able to reach an overall understanding with the Chinese side on financing, to enable the airport to open on schedule.
BRITISH INTERESTS IN HONG KONG
33.
Britain continues to have a large stake in Hong Kong's continuing prosperity. UK visible exports to Hong Kong were worth £1.62 billion in 1992 and revenues from invisible exports were estimated to be over £1.5 billion. Hong Kong is now the UK's second largest market in Asia, after Japan. Since 1987, UK exports to Hong Kong have risen by 60%, nearly twice as fast as UK total world-wide exports (35%).
34.
Over 1,000 British companies have operations in Hong Kong. It is difficult to put a figure on total UK investment, but 10 of the top 20 companies listed on the Hong Kong stock market have significant UK ownership or management, with a capitalisation of approximately £50 billion. Investment by Hong Kong companies in
the UK is also rising.
Nationality
35. The Government share the concern of the Committee that key personnel in Hong Kong should be given the confidence to remain there up to and beyond 1997 and to play their part in ensuring the continued stability and prosperity of the territory (4.19). The introduction by the Government of a nationality scheme tailored for this special situation, at a time when confidence was at a low
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