60252 The Dow Jones Industrial Average on the 30th, the end of the trading for 1994, was at 3,834.44 dollars, up 1.01 dollars from the previous day.
60253 In November, it went below 3,700 dollars.
60254 However, it recovered after that, and the stock price remains steady, reflecting quiet long-term interest rates.
60255 The air route between Hong Kong and Taipei is highest in transport volume among the international routes.
60256 It is the biggest gold mine for Cathay Pacific in Hong Kong and China Airlines in Taiwan.
60257 The main reason is that as many as a million and a few hundred thousand Taiwanese go to China through Hong Kong every year, because the Taiwanese government does not permit direct flights to China.
60258 This is not only the case with passenger planes.
60259 The amount of indirect trade between China and Taiwan through Hong Kong reaches as much as 15 billion dollars a year.
60260 This happens also because a cargo ship service is not allowed between the two countries.
60261 If they did not have to go through Hong Kong, which would be a blow to it, the Taiwan-China route would be a new gold mine.
60262 The US was so quick to notice the chance.
60263 US Secretary of Transportation Federico Pena, who visited Taiwan in December, requested the Taiwanese government to let the US take part in the direct traffic when realized.
60264 Though this is the US secretary of transportation's first visit to Taiwan based on the Clinton Administration's new policy toward Taiwan which approves of exchanges of economic ministers, Mr. Pena was very quick to get right down to business.
60265 Though Taiwanese authorities use this issue as political leverage, saying, "Taiwan won't approve the direct traffic until China changes its anti-Taiwan policy," the business world is calling for the direct traffic for cost reduction.
60266 With the Cabinet reshuffle in Taiwan at the end of last year, Xiao Wan Chang, an advocate of the direct service, was appointed as the minister in charge of Taiwan's policy toward China.