By Yun-Wing Sung (auth.)
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Additional info for The Emergence of Greater China: The Economic Integration of Mainland China, Taiwan and Hong Kong
Fourth, after the bankruptcy of the Guangdong International Trade and Investment Corporation (GITIC) in early 1998 in the midst of the Asian ﬁnancial crisis, commercial loans to China dried up. Since 2000, data on foreign loans have no longer been released with the data on utilization of foreign capital. This is not a problem, as foreign loans are quite insigniﬁcant in comparison with FDI. Contracted FDI is more volatile than utilized FDI because the former is sensitive to expectations of changes in the investment environment.
Contracted FDI rose rapidly in the early 1980s to a peak in 1985, reﬂecting euphoria over the China market in the initial stage of China’s opening. However, the euphoria evaporated with the many problems of the Chinese investment environment, and contracted FDI tumbled in 1986. The Chinese leadership was disturbed by the reversal, and a 22point investment enticement package was announced in October 1986 (Sung 1991:56), leading to a rise in contracted FDI from 1987 onwards. Contracted FDI jumped nearly ﬁvefold in 1992, reﬂecting the effect of Deng’s southern tour.
The Mainland has nevertheless become Taiwan’s number one market and destination of investment. The outbreak of SARS in Guangdong in early 2003 and its rapid transmission to Hong Kong and Taiwan demonstrated that the ties among the trio are so close that events in one area can have very serious consequences throughout Greater China. It also shows that economic integration can generate major social and public health problems. Besides public health, illegal immigration and cross-border crime are major social problems that need to be managed.