Mainland to enhance trade ties with HK: Bo Xilai
(Xinhua)
Updated: 2006-03-04 15:27

Bo Xilai, China's minister of Commerce, has said the mainland will continue to "enrich the content" of the Closer Economic Partnership Arrangement (CEPA) with Hong Kong as it has already played an active role in promoting two-way trade.

In a meeting on Friday with Donald Tsang, chief executive of the Hong Kong Special Administrative Region (HKSAR), Bo said the mainland, willing to strengthen exchanges with the SAR government, is taking serious consideration of its concerns.

Bo made the remarks in response to Tsang's hope to "further substantiate the CEPA and broaden economic and trade ties between the two places."

The CEPA has produced active results since its implementation more than two years ago, Tsang said, citing stable increases of trade and investment between the two areas and Hong Kong people's enhanced confidence in the "one country, two systems."

The CEPA, a free trade pact-analogue, was signed in 2003 and put into effect in 2004. The mainland implements zero tariff for imported goods of Hong Kong origin as of January 1, 2006 as the CEPA is phased in.

Tsang is here to attend the opening ceremony of an annual session of China's top legislature.

"This is the busiest time for national leaders. What I am going to do on this occasion are practical things, which may bring greater benefits to Hong Kong people and bring new opportunities for economic development, and help further modernization of the nation as a whole," he said.

"I was in Beijing not too long ago in December and had a very thorough discussion with the President, the Premier and other senior officials," Tsang added, speaking before departure.

Another Ministry of Commerce official predicted Wednesday in Hong Kong that trade between the Chinese mainland and Hong Kong is expected to pick up speed in the coming years with further implementation of the CEPA and economic integration between the two areas.

The agreement has witnessed a "favorable prospect," said Chen Xing, director of the Department of Taiwan, Hong Kong and Macao Affairs of the ministry.

In 2005, trade value between mainland and Hong Kong amounted to 136.7 billion U.S. dollars, reflecting a year-on-year increase of 21.3 percent and accounting for 9.6 percent of mainland's total external trade, ministry figures show.