English-language Newspapers in HK Hail CEPA

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

English-language Newspapers in HK Hail CEPA

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English-language newspapers in Hong Kong on Monday praised the Closer Economic Partnership Arrangement (CEPA) between the Hong Kong Special Administrative Region and the mainland which was signed Sunday.

The Hong Kong Edition of the China Daily ran a splash titled "Golden gift to make Hong Kong shine" and a lengthy commentary under the headline "CEPA presents HK golden opportunity."

It says, "The first thing Premier Wen Jiabao did when he arrived in Hong Kong yesterday was to present a generous gift to the Hong Kong Special Administrative Region ...."

The commentary says the realization of this arrangement will not only provide an enormous drive for Hong Kong's economic recovery, but also serve as a new starting point for Hong Kong's transformation.

"The enormous demand of the 1.3 billion-strong mainland market for tariff-exempt Hong Kong products will attract technology-intensive manufacturing industries from overseas to Hong Kong likea magnet. This will help with the enhancement of the quality of Hong Kong's manufacturing industries and the development of high value-added industries here," it said.

In the longer term, the China Daily commentary went on, CEPA islikely to bring about sustained economic development in Hong Kong.

The Asian Wall Street Journal has also reported the news positively as a page-three lead titled "Hong Kong and China sign trade agreement" and with a second headline reading, "Deal will make it easier for city's firms to expand into the country's marketplace."

The lead of the report reads, "Hong Kong and China signed a trade deal that promises to give Hong Kong companies a head start into the Chinese market ...."

"The deal comes as a welcome boost to the Hong Kong economy ...." commented the newspaper which quoted remarks made by the Hong Kong General Chamber of Commerce, describing the deal as "meaningful."

Another Hong Kong-based newspaper, The Standard, highlighted its splash under the headline "CEPA trade era opens."

The South China Morning Post filled its front page with a half-page splash titled "Free-trade deal signed with mainland," with the second heading commenting that the arrangement is more than just a big gift and is more than just economic benefits. ��

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