Airport gloom not as deep as feared
Things have not been as dismal as originally feared at Hong Kong's Chek Lap Kok airport. It emerged passenger traffic dropped an unexpectedly low 0.9 per cent last year, despite the disruption from the September terrorist attacks in the United States and the world economic downturn. Airport Authority data show the airport saw 33.06 million passengers last year, compared with 33.37 million in 2000. However, cargo traffic was less immune to the disruption. It fell 7.4 per cent to 2.08 million tonnes. Total flight movements, including passengers, cargo and non-revenue flights, increased 8.2 per cent to 196,805.
Lack of licence leads to network sale
Citic Pacific is to sell its controversial mainland fibre-optic network to its parent. It will sell its 80 per cent interest in China Express No 1 network - the 32,000km backbone for the development of value-added telecommunications and cable businesses - to Citic Hong Kong for HK$1.62 billion after failing to get a licence from Beijing to operate it. The announcement came despite repeated claims by Citic Pacific that the licence application was in its final stages.
Foreign investment flocks to mainland
The mainland attracted a record US$46.84 billion in foreign direct investment (FDI) last year. The figure - slightly above expectations - represents a 14.9 per cent increase on 2000, according to Ministry of Foreign Trade and Economic Co-operation figures. Contracted FDI, which reveals future investment intentions, rose a year on year 10.43 per cent - to US$69.19 billion - its highest since 1996.