Protection urged for investors

PUBLISHED : Thursday, 19 August, 1993, 12:00am
UPDATED : Thursday, 19 August, 1993, 12:00am

CHINA should protect the interests of foreign investors during its crackdown on unauthorised development zones, says Hong Kong businessman Tam Siu-cheung.

Beijing recently announced it had frozen 1,000 development sites in coastal areas in a bid to tighten control over the overheated economy.

Only 30 of the 1,600 economic and technological development zones had been approved by the central Government.

Speaking at an American Chamber of Commerce luncheon yesterday, Mr Tam, president of Sino Assets, said he believed China would continue to pursue the policy of absorbing foreign investment.

Mr Tam, who is also a visiting professor at the faculty of economics at Beijing University, said if a development zone had been set up by local authorities to attract foreign investment, the Chinese Government should not cancel investments inside the zone.