Hong Kong and interior areas should join efforts to seize opportunities and face challenges brought by the interior's expected entry into the global trade body, said one of the Hong Kong members of the Ninth National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Members from Hong Kong business circles said during their panel discussions that accession to the World Trade Organization (WTO) will not only have great influence for economic development in the inland areas, but also produce favorable conditions for economic growth in Hong Kong.

Upon its entry into the WTO, China will face competitions involving personnel, foreign-financed enterprises and businesses and acute employment pressure, said Luk Chung-lam, adding that Hong Kong should further increase its cooperation with the mainland, taking the advantage of being a long-standing WTO member and other favorable conditions in standing to the challenges.

The Hong Kong Special Administrative Region (SAR) and its business circles are acquainted with international trade rules and WTO regulations. So it can share such experience with the inland areas, Luk said.

Meanwhile, the interior can pool funds and obtain banking services as well as related technology from Hong Kong, according to Leung Tim-pui.

Moreover, enterprises in Hong Kong, Taiwan and in interior areas can work in cooperation to develop bartering centers in coastal cities of the interior, so that transportation, storage, stock management, packing, and value-added services can be handled in a concentrated way in a bid to lower marketing costs, said Mun Kin-chok, a noted economist from Hong Kong.