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BIEU
Hong Kong was now an established trendsetter for the entire region in terms of retail shopping, fashion, etc.
Hong Kong possessed Asia's best convention centre, and its capacity was now being doubled. So there was an excellent showcase here in Hong Kong.
Hong Kong was the centre of overseas Chinese network. 15 million Chinese outside China. (V Fung)
3. China.
a) Fewer than 30% of China's population now depended on the Government for their basic necessities (Lady Dunn).
b) It was a big step forward that China's leaders now recognised the problems facing the Chinese economy (Lady Dunn).
c) China had the financial resources to solve its economic and budgetary problems. These were largely in the form of large private savings which amounted to US$200 billion over and above bank deposits. These private savings were in the wrong place but they did exist. What was needed was a system to rectify that situation and that was where Hong Kong's financial expertise could come in (Lady Dunn).
d) Hong Kong benefited massively from China. Apart from water and foodstuffs, there was China's relatively cheap land and labour. So the Hong Kong economy was now deeply entrenched inside China. All but 600,000 of Hong Kong's industrial workforce were inside China: 5 out of 6.
e) China was not one economic entity. In fact it was 30 or 40 separate entities (P Woo).
f) Wharf approached China as five regions:
i)
Guangdong and Hong Kong,
ii) a western hub based on Sichuan, iii) a eastern hub based on Shanghai, iv) a central hub based on Wuhan,
v) a northern hub based on Beijing (P Woo).
g) The Chinese market was theoretically 1. 2 billion people but 80% of them lived in villages. There were however 250 million -people in cities: urbanised people who could be described as
"have somes", namely they were in the market for basic necessities plus a bit (P Woo).
h) In the near future Chinese priorities would be power generation, transport and banking (P Woo).
4. Hong Kong.
a) Over 500 financial institutions were based in Hong Kong (Sir W Purves).
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