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Hong Kong's Position after China's Accession to WTOIf China entered into WTO, Hong Kong would meet more opportunities than challenge, said Lui Shanzai, assistant director of the Liaison Office of Central Government in Hong Kong Special Administrative Region.Hong Kong, as a saying goes, is going to end up its role as a bridge and window to the inland of China after China's entry into WTO, Lui disagreed by saying that although the intermediate role of Hong Kong will meet with challenges in some aspects, it will offer more opportunities. Great achievements have been scored in China since it carried out the policy of reform and opening to the outside world. The economy of Hong Kong and that of China's interior interacted and usually depended on each other, Lui said. The economy of the interior exerted its influences on Hong Kong while that of Hong Kong certainly reacted upon that in the inland. He laid his stress on the word "certainly". Actually, Lui wants to express such a view that Hong Kong's economy depends more on that of the interior than the interior upon Hong Kong. China's entry into WTO is an opportunity for China, and obviously, it also means chances to Hong Kong for it is in an advantage position. Geo-economy is a prominent feature of the global economy, Lui continued, and Hong Kong is the fastest and most convenient place to the interior. What's more is that the people of Hong Kong and of the interior are interrelated in various ways and we share the same tongue. Aside from the aforesaid favorable conditions, Lui holds the view that the chances for Hong Kong after China's WTO entry manifest in the following aspects: first, China with a vast expanse of land sees a relatively uneven development in different regions. After its entry into the WTO, the coastal areas may have a direct accession into overseas markets, whereas most of the western underdeveloped regions won't be able to get a direct connection with the outside world. They have to go by way of Hong Kong to the overseas. Secondly, according to statistics, Chinese processing trade takes 54% of the total volume of Chinese trade. The processing trade of the interior is mainly achieved by processing products through the channel of Hong Kong. Though the volume of trade of Hong Kong with the interior lags behind the U.S.A and Japan, Hong Kong is still on the top, occupying the third place if adding transit-in trade. After China's entry into the WTO, the greatest advantage we can take is from trade. As the biggest transit and trade port of the interior, the position of Hong Kong is only to be strengthened. Thirdly, after the entry into the WTO, service business will enjoy the most freedom. Subjected to a planned economy for a long time, the interior lacks experience and talented personnel in this field whereas Hong Kong, being rich in experience and abound with talented persons, has its advantage in areas of finance, tourism, insurance, telecommunication and laws. So the opening up of the interior market will bring endless opportunities to Hong Kong. While the more opening interior offers endless chances to Hong Kong it also brings challenges to it, Lui Shanzai winds up as following: Firstly, the developed regions in China's inland, especially like Shanghai, Guangzhou and Beijing are to be opened directly to the outside world. Secondly, the equal competition advocated by WTO will put an end to the days when Hong Kong was able to earn money on favorable terms or in lopsided ways. Thirdly, Hong Kong is to face the competition from transnational corporations.
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