Word: hong
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Dates: during 1980-1989
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...rate of the Western economies. To analyze the increasingly important role this region plays in the world economy, TIME has formed a Pacific Board of Economists, bringing together experts from four Asian states, Australia and the U.S. A report on the board's inaugural meeting this month in Hong Kong...
...world. They have built mammoth industries to make oil-drilling rigs and steel, and they have also cashed in on designer clothing and personal computers. Ironically, noted Chen, "the states that have been most successful are those that are very poor in resources, like Singapore, Taiwan and Hong Kong. They have not been tied down like Malaysia to tin and rubber...
...each of these countries," observed Drysdale, "there is an important social and political commitment to a growth orientation." The role of Asian governments in their economies varies widely. Japan's Ministry of International Trade and Industry provides elaborate aid and direction to business. At the other extreme, Hong Kong's government has chosen a laissez-faire approach. In every case, however, governments have been fundamentally probusiness. Asian companies are relatively free from the high taxation and regulations that shackle many Western firms...
...acre site of the old Victoria Barracks, located on the very edge of Hong Kong's commercial district, is prime real estate. Although its buildings are rundown and were abandoned by the British army in 1979, the parcel should have been worth about $250 million on the basis of similar recent real estate sales. But when the Hong Kong government offered it for sale this month, the bids fell "unacceptably" short, and the sale was postponed, victim to uncertainty over the future of the crown colony...
...concern centers on the July 1, 1997, deadline when, under the terms of Britain's 99-year lease, more than 90% of Hong Kong's land area, the 373-sq.-mi. New Territories, will revert to China. (Treaties signed in 1841 and 1860 give Britain ownership of the remaining 34 sq. mi.-Hong Kong island and portions of Kowloon-" in perpetuity.") Although an arrangement short of total reversion may eventually be worked out between London and Peking, permitting Hong Kong to continue to function as it does now, some fear that China will insist on full sovereignty. That...