|
|
Article: Where China learns to love capitalism. (Chinese business in Hongkong)
- Article from:
- The Economist (US)
- Article date:
- August 27, 1988
CopyrightCOPYRIGHT 1988 Economist Newspaper Ltd. 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)
|
CHINA'S Communists are fast becoming Hongkong's biggest capitalists. Take some of the more obvious examples: the Bank of China, with its 12 sister banks, has 20% of Hongkong's total deposits. The China International Trust - Investment Corporation (CITIC) holds 12.5% of Cathay Pacific Airways. China Merchants Steam Navigation handles almost a third of all cargoes coming from China to Hongkong, and controls the colony's Union Bank.
But China's involvement is not confined to high-profile companies like these. The best guess is that overall Chinese investment totals $6 to $10 billion. That makes China a larger investor in Hongkong than America, with $5 billion. And, ...