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Chinese, British to invest in Hong Kong phone link

Chinese and British interests are to invest $180 million in a telephone company that will serve the free-trade zone on the Hong Kong border, the New China News Agency has announced. The agency said the contract would last for 20 years - well beyond 1997, when Peking says it plans to regain sovereignty over the British colony.

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News of the agreement came one day after the latest round of negotiations between China and Britain on the future of Hong Kong.

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