Implementing, promoting CEPA to be priorities: HK official

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Last updated at: (Beijing Time) Wednesday, December 17, 2003

Implementing, promoting CEPA to be priorities: HK official

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Hong Kong should place high priorities on implementation and promotion of the Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA) in the run-up to 2004, Secretary for Commerce, Industry and Technology John Tsang said Tuesday.

He said at a Christmas luncheon that the front-line departmentsof the government are working round the clock to get themselves fully prepared. They also maintain liaison with their counterpartsin the mainland.

"To facilitate the restructuring of manufacturing industries inHong Kong and in light of implementation of CEPA, the government will continue and strengthen its supportive measures of local manufacturing industries," said Tsang.

"I would like to add that objective and transparent criteria have been laid down under CEPA on how a company can qualify as a Hong Kong service supplier, and hence a potential beneficiary of CEPA," said Tsang.

"Regardless of the origin of its capital, a service supplier incorporated or established under the laws of the Hong Kong and which has substantive business here can enjoy the full CEPA treatment," he added.

CEPA will come into force in two weeks. Tsang said that it is the beginning of an even closer economic relationship between the mainland and Hong Kong.

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