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Article: CHINA, HONG KONG: FISCAL TIES THAT BIND.(MAIN)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- June 24, 1997
CopyrightCOPYRIGHT 1997 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: WENDY KOCH Times Union Washington bureau
WASHINGTON -- China has billions of dollars and international prestige riding on its promise to maintain Hong Kong's free-market economy after July 1, when it regains control of the British colony.
China has pumped at least $19 billion into Hong Kong since 1979, buying banks, hotels, office buildings, factories and companies. In turn, it has received more than $93 billion in investment from Hong Kong to develop its own economy.
This business relationship, say U.S. officials and other analysts, is the biggest reason for optimism that communist-run China will nurture -- not trample -- Hong Kong's ...