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Last updated at: (Beijing Time) Wednesday, December 19, 2001

Mainland-Hong Kong Free Trade Zone Possible in Five Years

The project for a "free trade zone" between China's mainland and Hong Kong will be possibly launched in the latter half of next year if everything goes on wheels, according to Zhang Hanlin, deputy-director of the World Trade Organization (WTO) Research Centre in Beijing.

And the free trade zone, in line with the WTO rules and China's "one country, two systems" policy, is expected to be fully implemented on economy between Hong Kong and China's mainland over a five-year period.


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Hong Kong's beautiful view
  • Possibly launch in latter half of next year
    • The project for a "free trade zone" between China's mainland and Hong Kong will be possibly launched in the latter half of next year if everything goes on wheels, according to Zhang Hanlin, deputy-director of the World Trade Organization (WTO) Research Centre in Beijing.

    And the free trade zone, in line with the WTO rules and China's "one country, two systems" policy, is expected to be fully implemented on economy between Hong Kong and China's mainland over a five-year period.

  • Common views reached
    • According to sources from a Hong Kong newspaper Wen Wei Po, Zhang also predicted that senior Chinese officials have reached common views on issues concerning the free trade zone.

    According to well-informed sources, the relevant departments, including the State Development Planning Commission, the Hong Kong and Macao Affairs Office of the State Council, Ministry of Foreign Trade and Economic Cooperation and the like, have been asked to make researches on the issues concerned.



    WTO Benefits Hong Kong
    "To prepare China for final-stage World Trade Organization (WTO) status by 2005, the Chinese mainland should first set up a free trade zone with Hong Kong", a National People's Congress deputy suggested last year.

    Such an arrangement would help the mainland answer the challenge of colossal international competition due to its WTO entry and also benefit Hong Kong, said Maria Tam.

    She said China's WTO entry will swell its total volume of imports and exports, along with trade via Hong Kong.

    Besides multinational companies, more medium and small foreign firms are expected to enter China's potential market in the expected future, thus requiring more intermediate services such as accounting and consulting from Hong Kong, Tam noted.

    Tam's point was supported by deputy Chen Wanzhi, a professor from Chongqing University.

    Chen even advised mapping out a larger free economic circle including Hong Kong, Macao, and Taiwan as well as the provinces of Guangdong and Fujian.


    By PD Online staff member Huang Ying
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