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China's Western Development, WTO Entry Important to HK
China's western region development and the forthcoming entry into the World Trade Organization (WTO) will bring important impact on Hong Kong, said a senior Chinese official in Hong Kong Thursday, December 14.
Jiang Enzhu, director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (SAR), said China's western region development and entry into the WTO will further consolidate Hong Kong's status as an international financial, trade and shipping center.
Hong Kong will maintain its irreplaceable role under the new framework of China's reform and opening up drive, said Jiang at the China Business Conference that was held in Hong Kong Thursday.
He ruled out the misunderstanding that Hong Kong's status and role will become less important after China's entry into the WTO.
Jiang said China's entry into the WTO requires mainland enterprises to accelerate its paces of restructuring and upgrading, and China's western region development also requests greater input,noting that both these moves need Hong Kong to offer more financial service.
China's total import and export volume is expected to hit a record of 455 billion U.S. dollars this year, Jiang said, adding that further market opening after China's entry into the WTO will help boost the import and export.
In spite of the expansion of the foreign trade channel in the mainland, Hong Kong will also benefit from the large increase of foreign trade and Hong Kong's shipping industry will thus continue to prosper, he pointed out.
Jiang said China's western region development and entry into the WTO will bring more investment opportunities to the Hong Kong business community and strengthen Hong Kong's intermediary role in the economic exchange between the mainland and the outside world.
Moreover, it will provide an opportunity for a new round of industrial restructuring in Hong Kong and give impetus to the development and the innovative technology industry, he said.
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