HONG KONG: Chinese businessmen plan to set...

HONG KONG: Chinese businessmen plan to set up an association next month to act as a lobbying group to promote Beijing’s business interests in advance of 1997, when Hong Kong reverts to Chinese sovereignty. One of the founders of the Assn. of Chinese Enterprises is Jiang Bo, managing director of China Merchants Holdings Ltd. Local businessmen said the new group could become the most influential business association in the British colony. Many believe that a China-backed group would step into any niche left by British-owned companies if they retreat from Hong Kong around 1997, when they would no longer enjoy unofficial privileges linked to operating under the colonial government.