Golden gift to make HK shine ( 2003-06-30 11:29) (China Daily HK Edition)
The central government gave Hong Kong a big gift just before its sixth
anniversary as a special administrative region - a free-trade deal expected to
be of major economic significance.
Premier Wen Jiabao delivers a
speech after the signing ceremony of the Mainland/Hong Kong Closer
Economic Partnership Arrangement (CEPA) Sunday in Hong Kong on June 29,
2003. [newsphoto.com.cn]
Premier Wen Jiabao and
Chief Executive Tung Chee-hwa witnessed the historic signing of the landmark
Closer Economic Partnership Arrangement (CEPA) Sunday.
Vice-Minister of Commerce An Min and Hong Kong Financial Secretary Antony
Leung signed the pact at Government House.
The arrangement is expected to provide myriad opportunities to Hong Kong. The
pact covers three areas of trade in goods, trade in services as well as trade
and investment facilitation.
The mainland will, from January 1, 2004, eliminate tariffs on 273 types of
Hong Kong-made goods, accounting for 67 per cent of its exports to the mainland.
This will save HK$750 million a year in reduced tariffs.
The mainland has also agreed to waive tariffs on all other Hong Kong-made
goods by January 1, 2006.
The agreement opens up immediately 17 sectors on the mainland, including
banking and financial services, giving Hong Kong firms greater access to its
rapidly growing market.
The basic objective of CEPA is to phase out tariffs and non-tariff barriers
on the three areas in a bid to bring about common development by upgrading the
economic partnership between the mainland and Hong Kong.
Hong Kong Chief Executive
Tung Chee-hwa (left) welcomes Premier Wen Jiabao upon Wen's
arrival at Hong Kong International Airport on June 29, 2003.
[newsphoto.com.cn]
"The set policies of the central government towards Hong Kong will not
change," said Wen, who arrived in Hong Kong yesterday for the first time since
he became premier in March.
"We will unswervingly commit ourselves to the policies of 'One Country, Two
Systems', 'Hong Kong people administering Hong Kong', and 'a high degree of
autonomy'."
CEPA represented the first major step towards a closer economic partnership
between Hong Kong and the mainland, said Wen, addressing 260 guests from the
business and academic sectors.
The central government would maintain efforts to promote economic integration
between Hong Kong and the Pearl River Delta, the premier said.
Expressing his gratitude to the central government, Chief Executive Tung
Chee-hwa said CEPA would not only give Hong Kong new impetus and advantages but
would help boost local people's confidence in overcoming difficulties and
reaching out for victory.
The premier said he had always followed closely the development of Hong Kong
and understood that the main problem of its economy was structural. The problem
had reached its present magnitude after long years of accumulation.
"The key to fundamentally solving Hong Kong's economic problems lies in
faster development," Wen said.
The premier urged Hong Kong to give fuller play to its unique advantages,
readjust structure and optimize industries, particularly the service sector. "I
am convinced that nothing can stop Hong Kong from marching towards greater
prosperity and progress. Hong Kong, the proud pearl of the motherland, will
shine even more brilliantly in the future," he said.
During the speech, Wen gave a brief introduction to the country's economic
development. He said the outbreak of SARS had not and would not reverse the
general trend of reform, opening up and modernization in China.
Wen said he was confident that China would achieve the 7 per cent economic
growth target this year.
The premier went on to say that the central government had launched recovery
initiatives in the aftermath of the SARS outbreak aimed at maintaining rapid and
sound economic development. The measures include expanding domestic demand and
readjusting the economic structure, taking an overall and coordinated approach
to balanced development, as well as promoting employment and boosting living
standards.
The premier faces a busy itinerary during his three-day visit to Hong Kong.
He will deliver a keynote speech to mark the SAR's sixth anniversary tomorrow.
He will take time to visit Amoy Gardens, where many residents were infected by
SARS, and Prince of Wales Hospital.
He will meet with Hong Kong university students as well as representatives of
mainland-funded companies in Hong Kong, and inspect large infrastructure
projects like Disneyland.
