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The Three Gorges dam project is likely to be built as planned and foreign firms are jostling to win the lucrative contracts.

Even before the handover, mainland Chinese companies had secured stakes in strategic industries in Hong Kong, a clear sign of where political influence now resides.

Hong Kong has lost much of its manufacturing capacity to the mainland but opinion is divided as to whether it should try to recover lost output through investment in high-tech industries or continue as a service-based economy.

While trade and investment between China and Middle Eastern countries is growing, both sides continue to tread lightly around potentially divisive political issues.

China’s government wants to encourage international project finance. International law firm Freshfields looks at a new set of regulations which will set the pace in 1997 and beyond.