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Mr. Bo Xilai's portfolio covers the overall affairs of the Ministry of commerce.
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| Continuing the Implementation of CEPA to Promote the Common Economic Development of HK, Macao and the Mainland |
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| 2006-07-06 14:44 MOFCOM |
To commemorate the third anniversary of CEPA, the Ministry of Commerce of the People’s Republic of China and the Government of Hong Kong SAR co-organize the Forum on Trade and Economic Cooperation between the Mainland and Hong Kong and Macao. The presence of Chairman Jia Qinglin and his important speech that provides the direction for the economic and trade relations between the three sides demonstrates the great importance and ardent expectation that the central government places on the development of Hong Kong and Macao. Chief Executive Donald Tseng and Chief Executive Edmund Ho Hau Wah reflected in their address in a clear and practical way on the scientific concept of economic development of Hong Kong and Macao.
“One country, two systems”, the great pioneering undertaking initiated by Comrade Deng Xiaoping, has been enriched by the signing and implementation of CEPA which finds us a new way of strengthening cooperation between the three sides and stands as an example in international economic and trade sphere.
Since the concurrent launch of CEPA in Hong Kong and Macao on January 1st, 2004, zero duty treatment has been applied to 1370 Hong Kong products and 601 Macao products exported to the mainland. 27 services sectors have been opened to Hong Kong and Macao. 44 cities on the mainland have started business of individual tourists traveling to Hong Kong and Macao. Over 1400 people have seen their professional qualification in the areas of construction, accounting and medical services mutually recognized between the mainland and Hong Kong. All these measures have accelerated the economic integration between the mainland and Hong Kong and Macao.
Last year trade volume between the mainland and Hong Kong reached US$ 136.7 billion, 56% more than that in year 2003. The value of the mainland’s goods exported via Hong Kong reached USD 170 billion, accounting for 58% of Hong Kong’s export trade. Over the past three years, companies based in Hong Kong have made US$ 54.6 billion direct investment in the mainland while 217 mainland companies have got public listed in Hong Kong, with a total capitalization of HK$ 3.7 trillion, marking a 39% share in the Hong Kong stock market. Chinese enterprises including Bank of China (Hong Kong), CRE, COSCO Pacific, China Merchant’s Holdings (International), China Mobile, China Unicom, CNOOC and CITIC Pacific have become the constituent stocks of Hang Seng Index. Service providers of Hong Kong have accelerated their development in the mainland in such areas as commerce, distribution, finance, tourism and transportation. Hong Kong banks have set up 50 branches and 28 sub-branches in the mainland, occupying 27% and 54% respectively in the total branches and sub-branches opened by foreign-funded banks in the mainland. Driven by CEPA, 12.27 million people have traveled to Hong Kong under the individual visit scheme by the end of March 2006, with nearly HK$ 5,000 consumption per person, which has brought Hong Kong revenue of more than HK$ 60 billion. It is expected that over 10 million person times of mainland tourists will visit Hong Kong this year. Individual visits to Macao have also exceeded 10m person times on an accumulative basis.
We are delighted to see that compared to the year 2003, GDP of Hong Kong and Macao grew by 16.5% and 36.9% respectively in 2005 with retail sales increasing by 18.3% and 40.1% respectively. Hong Kong stock market index rose from 8300 points at that time to currently over 15000 points. Now, trade and economic cooperation between the mainland, Hong Kong and Macao is lifted to a higher level. In the new background, there are two objectives for continuing to implement CEPA. One is to maintain the prosperity and stability of Hong Kong and Macao economy, and to consolidate Hong Kong’s status as an international financial, trade, transportation and tourist center. Second is to further leverage on the advantages of Hong Kong and Macao, and promote the development of the mainland. It is not only necessary but also possible to realize the two objectives of CEPA, given the strong complementarity shared by the healthily growing economies of the mainland, Hong Kong and Macao.
First, the mainland boasts a huge market and a strong demand for freight transportation, while Hong Kong and Macao are equipped with high-efficient international ports. It is recognized by the international economic circle that China will create the biggest part of market share in the next 10 years. China imported US$ 660 billion of goods last year and maintained a 22% strong growth in the first five months of this year. The market scale of domestic consumer products and means of production has exceeded US$ 2.6 trillion, and will continue to expand at a 12% rate in the next five years. For years, the container handling capacity of Hong Kong ranks No.1 in the world and its air cargo handling efficiency is the highest one in the world. Besides, the facilities and services of Hong Kong and Macao ports enabled by the very advanced financial and commercial systems and world’s leading pro-business environment secure their irreplaceable status in the international transportation arena.
Second, the mainland economy feels the urgency to develop the services sector where Hong Kong and Macao enjoy world-class advantage. In the past over two decades, the mainland has made considerable progress in the manufacturing industry. However, the mainland’s service sector has been developing at a pace noticeably slower than the manufacturing industry. In a bid to realize a sustained, sound and orderly economic development, it is urgent for the mainland to restructure its industrial structure and accelerate the development of the services sector. Hong Kong has established sound mechanisms, accumulated rich experience, and reserved rich human resources in such fields as finance, insurance, logistics, distribution and tourism.
Third, mainland enterprises are keen to “go global”, and Hong Kong and Macao can serve as a bridge and intermediary in this process. In the past 27 years of reform and opening up, mainland enterprises have mainly been making endeavors to “bring in” and have attracted paid-in foreign investment of over USD600 billion. However, their total outward investment is merely USD60 billion. Against the backdrop of economic globalization, Chinese enterprises need to take active steps to “go global”, and to well utilize all kinds of economic factors in a more scientific and appropriate way.
Fourth, residents in the mainland have an ever-growing demand on cultural life, education and tourism where Hong Kong and Macao are able to provide good services. The GDP per capita of the mainland in 2005 exceeded 1,700 USD, while that of some of the eastern provinces even exceeded 3,000 USD.
It is precisely because of these four, or perhaps even more, “complementarities” that I feel deeply convinced that the mainland and Hong Kong and Macao could achieve win-win. And CEPA will be the booster to our attainment of the win-win outcome. In recent years, people, wherever they are, be it in Europe, the Americas, Asia or Africa, are all talking about China, and marveling at the rapid pace of China’s development and the success of her reform and opening-up. But what I want to emphasize here is the outstanding contribution of Hong Kong and Macao to the progress China achieved in the past 27 years of reform and opening up. In the total fund the mainland has absorbed, 40% is from Hong Kong and Macao, which has greatly accelerated the advancement of China.
Historically, Shenzhen and Zhuhai have developed from fishing villages to modern cities thanks to their geographical proximity to Hong Kong and Macao. In the future, Hong Kong and Macao will keep their prosperity forever due to their flourishing motherland. Some friends are worried about the possibility that Hong Kong and Macao may be marginalized. In my opinion, if we talk about “margin”, in deed, Hong Kong and Macao are close to the margin of the map of China, they are silver and gold brims boasting their advantageous geographic position, which is admired by numerous foreign friends.
This time Chairman Jia brings the rich CEPA Supplement 3 to Hong Kong and Macao compatriots. Mandated by the Central Government, the Ministry of Commerce, in conjunction with other relevant departments, will remain committed to the scientific concept of development, continue the implementation of the CEPA, and puts new substance into it, so that it could have more vitality and better promote the prosperity of Hong Kong, Macao, and the mainland.
(Source: Network Cenrer of MOFCOM)
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