CONSIDER this list: Camp Dresser & McKee, Bio-Rad Laboratories, Colgate Palmolive, Emerson Electric, Flurowar, seven companies with Guangdong or Guangzhou in their names, and the Hartford Steam Boiler Insurance & Inspection Co. What do they all have in common? They all chose Hong Kong as the base for their regional headquarters. Government surveys of corporate headquarters, inward manufacturing investment and the manufacturing sector reveal reasons for celebration - and long-term concern. Asked to rate 12 factors in order of importance, 438 out of 600 foreign companies with headquarters in the territory responded. Most saw Hong Kong's status as a financial centre as the most important favourable factor towards choosing the territory as regional headquarters. Some 94 per cent saw banking and financial facilities as a favourable factor above Hong Kong's enviable infrastructure, which impressed 90.6 per cent. Some 82 per cent also liked government economic policies and a similar amount approved of the availability of skills, location and productivity. But three factors were considered by a majority as unfavourable, and all were seen as having deteriorated over the past year. While 55 per cent cited the cost of space as an adverse factor, 70 per cent said the situation had worsened. Labour cost was named by 39.7 per cent as a negative factor, 66.5 per cent saying the problem had worsened. A further 36 per cent found cost and staff turnover a problem. Politics was also a factor. But of the companies with headquarters in Hong Kong, only 28.7 per cent said the current political situation was an unfavourable factor when it came to choosing their base, but 60.3 per cent said the situation was getting worse. In all, some 22 per cent saw Hong Kong's attractiveness as a base slip while only 11 per cent saw it increase. ''The trend is transparently a steady increase in the number of foreign headquarters,'' said Denise Yue, Director-General of the Department of Industry. Despite anxieties over costs and politics, few thought about moving out of the territory - 95 per cent of regional headquarters are remaining and 94 per cent of regional offices owned by foreign firms are staying. Of the 17 companies intending to move, six mean to get out before 1995 while seven have not decided on the timing. Hong Kong may be reinventing itself as a centre for global services, especially financial services, but as far as foreign firms themselves are concerned, most are linked to its status as a trading centre. Some 41 per cent of companies with headquarters or regional offices in Hong Kong were involved in import/export, wholesale or retail operations. Financial or banking services did not even squeeze into second place. With 17.7 per cent, the catch-all of ''other business services'' took that honour. Banking and finance was third with 14.5 per cent. A further 10.8 per cent of offices in Hong Kong are connected to manufacturing. With much of the manufacturing slipping over the border this could be viewed as surprising. But Ms Denise said inward investment into Hong Kong manufacturing had been steady. ''The amount of investment has tripled since 1984,'' she said. This figure does not take into account inflation, which has tended to be above 10 per cent during many of the years surveyed. But Ms Yue said the approach was valid. ''Investments have appreciated in value since they were made but we haven't taken that into account,'' she said. ''Investment has been booked at cost, the most conservative way of doing things.'' Investment in manufacturing rose by eight per cent in the year surveyed, from $34.4 billion in 1991 to $37.28 billion at the end of last year. Japan continued to be the biggest investor in local manufacturing, with a 33 per cent share, following by the US with 27 per cent, China with 11 and Britain with five. Investors in manufacturing did not share the full enthusiasm of their corporate administration colleagues when assessing Hong Kong. Only 54 per cent thought the environment in Hong Kong was favourable for manufacturing investment. The reason given by most respondents was labour costs, cited as a problem by 61 per cent. Land costs were mentioned by 51 per cent. On the plus side, foreign companies investing in local manufacturing liked infrastructure (81 per cent), banks (87 per cent) and Hong Kong's location (67 per cent). Inward manufacturing investment was split into four chief sectors: electronics, electrical goods, food and beverages, and textiles and clothing. Ms Yue said the Government was encouraged by the amount of technology transfer seen in manufacturing investment. ''In 178 factories - 59 per cent of those surveyed - they either had licensing arrangements with an overseas parent or had received technological assistance in acquiring machinery or processes from them,'' she said. ''We believe Hong Kong's manufacturers must upgrade their quality and productivity,'' she said. All manufacturing operations in Hong Kong employ 580,000 out of a total workforce of 2.6 million. Change is also coming to the department's reporting procedures. While Ms Yue's department is responsible for publishing reports on inward investment and a 330-page in-depth report on manufacturing, there is no central authority responsible for the services sector. That sector is now a vital component of the territory's gross domestic product. While the Government's report on manufacturing breaks down into detailed categories including type of product, numbers involved and location, no similar in-depth report is prepared for the services sector. ''It is very difficult for me to talk about reporting the services sector,'' said Ms Yue. ''The Industry Department has always been responsible for manufacturing but services are shared.'' ''It comes under the finance branch, financial services branch, government economist and economic services branches,'' she said. But she said the Census and Statistic Department planned to produce a similar report on the service industry from next year. ''In 1994 you will see both reports together,'' she said.