Word: mainlanders
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...years after the Brits returned Hong Kong to China, the city remains a top regional base for scores of international companies as well as a magnet for overseas capital. Foreign direct investment (FDI) in Hong Kong totaled $33.5 billion in 2005 (the most recent figures available). In Asia, only mainland China has attracted more FDI in recent years. Close ties to the booming mainland continue to drive the economy, which grew 8.6% in 2004 and 7.3% in 2005. For 2006, the final figure is expected to be 6.5%. That success is partly due to the fact that Hong Kong...
...trade routes, its dockside warehouses stuffed with silks and other valuable wares of Asia. Hong Kong prospered as China's entrepôt, and traders like Li & Fung had tight links to the Chinese market. But when the Communist Party took power in China in 1949, exports from the mainland slowed to a trickle. Hong Kong then became a formidable manufacturing hub in its own right, until the colony's growing wealth (per capita income is second only to Japan's in Asia) began to impede growth. By the 1970s, costs were rising so quickly that Hong Kong became uncompetitive compared...
...been on a tear. The benchmark Hang Seng Index repeatedly set new all-time highs in the latter part of 2006, gaining 34% for the year. The rally got a big boost from an influx of investors hoping to cash in on the appreciating yuan by buying shares in mainland companies. The Hang Seng China Enterprises Index, which includes only China stocks, soared...
...after Hong Kong was returned to China by the Brits, the city remains a top regional base for scores of international companies as well as a magnet for overseas capital. Foreign direct investment in Hong Kong totaled $33.5 billion in 2005 (the most recent figures available); in Asia, only mainland China has attracted more FDI in recent years. Close ties to the booming mainland continue to drive Hong Kong's economy, which grew 8.6% in 2004 and 7.3% in 2005. (For 2006, the final figure is expected to be 6.5%.) That success is partly due to the fact that Hong...
...began to impede growth. By the 1970s, costs were rising so quickly that Hong Kong became uncompetitive in basic manufacturing compared with newly emerging economies elsewhere in Asia. Geography saved the day. In 1979, Deng Xiaoping began opening China to foreign investment, and Hong Kong manufacturers decamped to the mainland to take advantage of the country's vast supply of cheap workers. The trading firms stayed behind. In fact, as more and more manufacturing moved into China, locating a headquarters in Hong Kong, on the doorstep of southern China's industrial parks, became imperative. William E. Connor & Associates, for example...