Hong Kong cashes in on China's economic open-door policy

Hong Kong -- which has been called the free zone of China under British management -- is cashing in on the People's Republic of China's ever-widening economic open-door policy to modernize its four important sectors: industry, agriculture, defense, and science-technology.

The British colony, where history says the lease is to expire in 1997, has in the past two years become an enlarged funnel carrying new two-way trade of enormously increased proportions. The trend showed clearly in 1979 when full-year statistics reported a year-to-year increase in Hong Kong exports -- plus re-exports to China of over 500 percent. Hong Kong imports, too, rose (including those Hong Kong dependencies of food, fuel, water, and other necessities) about 45 percent.

Now, in the first four months of 1980s trade these statistics are highlighted again with export/re-export increases over 1979 of another 300 percent. Imports rose almost 55 percent.

Economic development emanating from Hong Kong to the People's Republic of China is not being limited to just the movement of goods.Investments inside the mainland are becoming more and more attractive to Hong Kong entrepreneurs. Over 50 Chinese agencies have completed joint venture dealings with Hong Kong firms in areas of housing, tourism facilities, shipping, and in manufacturing plants.

In the works also, according to Hong Kong sources, are discussions for a nuclear energy plant in Guangdong province, 50 miles distant from Hong Kong and a 1 1/2 million metric ton capacity cement plant for the New Territories, completion estimated for 1982.

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