It's tough to make a living as a Hong Kong middleman. Just ask William Fung, the 51-year-old group managing director of trading company Li & Fung. Back in the 1970s, he recalls, his family-run company supplied blue jeans to Gap Inc. for $28 a pair. Today, with customers constantly demanding that Fung keep his costs down, that same pair of blue jeans is going to the Gap for--you guessed it--$28. "The pressure is tremendous," says Fung.
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