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Hong Kong to See 3rd Economic Leap
"The series of open laws and regulations published by the State in order to fulfill its WTO entry promise will give rise to a third economic leap of Hong Kong," Wu Guangzheng, the new Chairman of Hong Kong Trade Development Council (TDC), said confidently at the financial symposium held on November 21.
This Symposium on Finance, entitled "New Opportunity for Finance", was held specially by Hong Kong TDC to support China's entry into the TWO and the development of China's western areas. Wu Guangzheng, leading a large "Hong Kong finance and professional service" delegation including finance supervision and management institutions of Hong Kong, took a special trip to Beijing and Xi'an to introduce to inland enterprises Hong Kong's financial services and relevant professional services.
He said that it's anticipated that after China's entry into the WTO, China's volume of foreign trade will increase from US$360 billion in 1999 to US$600 in 2005 and probably over US$1,000 billion in 2010; this growth will bring about an all-round, multi-level economic and trade cooperation between Hong Kong and the inland.
Speaking about the third economic leap, Wu said that this change will be started up by China's entry into the WTO and the gradual opening of products and service markets; Hong Kong-based companies operating production businesses in the inland will get chances for the first time to start large-scale advance toward the market; the present economic leap will exert more profound influence than the second one and Hong Kong and inland enterprises will thus have a broader space for development.
He also put forward the idea of establishing an omni-directional "super-commerce and trade network". He said that the network would be composed of two parts, one is for Hong Kong businesses' products circulation and service links worldwide; the other is for products and service of inland enterprises. It will help inland enterprises sell their products more effectively in the international market with the aid of Hong Kong trading service, Hong Kong companies and inland enterprises work together to set up circulating network to enter the domestic market
In his opinion, the cooperation method in the financial field also should be a two-way one. Under the circumstance featuring a continual increase in the demand of the inland for capital, Hong Kong's role as a foreign capital collection center for the inland will be further strengthened.
By PD Online staff Deng Gang
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