Hong Kong, China's Mainland to Attract Growing Foreign Investment TogetherHong Kong and China's mainland will together attract growing foreign investment in the coming years, according to a government report released by the Information Services Department Saturday.The Associate Director-General of Invest Hong Kong John Wan told delegates to the China International Fair for Investment and Trade in Xiamen Saturday that China's imminent accession to the World Trade Organization is expected to significantly increase the share of foreign direct investment (FDI) in the whole region. "As the gateway to the mainland, Hong Kong's FDI will also continue to increase," Wan stressed. Hong Kong's FDI leapt from 23. 1 billion U.S. dollars in 1999 to 64.4 billion U.S. dollars in 2000. Wan emphasized the strong trading links that already exist between the mainland and Hong Kong. Hong Kong is - and has been for a long time - the largest investor in mainland, accounting for more than 50 percent of its FDI. "About 96 percent of Hong Kong's re-exports originate from, or are destined for, the mainland," Wan said. The trade and investment relationships between Hong Kong and China's mainland are bilateral, he noted. "On the one hand, thousands of international companies involved in the mainland trade established beachheads in Hong Kong. On the other, more than 100 mainland companies were listed on the Stock Exchange of Hong Kong Ltd, and close to 2,000 mainland enterprises, including 19 banks, are operating in Hong Kong," he added. Wan stated that Hong Kong's superb location and strengthening relationship with the mainland had already strengthened Hong Kong' s position as a business city and would attract increasing numbers of overseas investors in the coming years. On whether Shanghai will soon replace Hong Kong, Wan said: "The two cities are not rivals. They play complementary roles. We hope Shanghai will continue to be an important trade and business, and even financial center of the eastern part of China. We also hope that the twin growth engines of Hong Kong and Shanghai will help propel China's economy to new heights." The international fair is China's most prestigious platform on foreign investment policies and international investment strategies. This year's fair, being held between September 8 and 12, focuses on the new opportunities and challenges arising from China's imminent accession to the WTO. |
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