HK Business People Hail Closer Economic Partnership

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Last updated at: (Beijing Time) Monday, June 30, 2003

HK Business People Hail Closer Economic Partnership

Businesses in Hong Kong have expressed their welcome for the Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA), which was signed Sunday.

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Businesses in Hong Kong have expressed their welcome for the Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA), which was signed Sunday.

"It is the most significant development since China's accession to the WTO and opens up new dimensions in the mainland for Hong Kong-based companies of all nationalities," said Peter Woo, chairman of the Hong Kong Trade Development Council.

"CEPA, with its focus on the liberalization of trade in goods and services, anchors on our world-leading position as a global platform for China business," said Woo, adding that with the compelling business synergy between Hong Kong and the mainland, CEPA will further strengthen the first mover advantage of Hong Kong's small and medium-sized enterprises.

Through CEPA, Hong Kong-based service providers and qualified professionals are better placed to expand their business and to assist their mainland customers. The arrangement also helps attract new investment into the production of high valued-added goods in Hong Kong, notably those with valuable intellectual property, for distribution and sale in the mainland.

A spokesman for Hong Kong's biggest airliner, Cathay Pacific Airways, said that the pact will bring the economic ties between Hong Kong and the mainland closer. The foundation of Hong Kong's development lies in the strengthening and deepening of the relationship and exchanges between Hong Kong and the Chinese mainland.

The status of Hong Kong as a "south gate" of China should be further consolidated and the airliner supports all the measures aiming to boost Hong Kong's economic growth, he said.

The Chinese General Chamber of Commerce said CEPA fully reflects the Central Government's support for Hong Kong. The arrangement will push forward the development of Hong Kong in the near and long term future, and will help Hong Kong businessmen gain advantages in the competition with their counterparts in the neighboring regions.

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