2002 -- Year of HK's Successful Economic Integration with Mainland

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Last updated at: (Beijing Time) Sunday, December 29, 2002

2002 -- Year of HK's Successful Economic Integration with Mainland

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For the Hong Kong Special Administrative Region (HKSAR), 2002 has been a year of successful economic integration with the mainland, with the World Trade Organization (WTO) praising it for maintaining an open trade and foreign investment policy.

Also, in the year, the HKSAR has broken new ground by extendingcooperative links with a number of countries and regions in the field of information technology, information services, telecommunications and biotechnology at government, academic and business levels.

The year has witnessed the signing of a series of memorandum ofunderstandings between the HKSAR government and Canada, Israel, Italy, France, Germany and the Netherlands on cooperation in information and biotechnology.

While the HKSAR spared no effort in expanding its external trade, its traditional trade links with the Chinese mainland was also being enhanced, as the government has been holding talks withthe Central Government on further economic integration.

The ultimate result is, not surprisingly, a "triple-win" situation for the HKSAR, mainland and foreign investors.

Despite the difficulties it has faced as a result of the Asian financial crisis, current global economic downturn, and increasingintegration with the rest of the country, Hong Kong has maintainedits traditional openness in both trade and investment.

Henry Tang, HKSAR Secretary for Commerce, Industry and Technology, has stressed that the services sector, in particular, is uniquely placed to take advantage of the tremendous business opportunities that arise with China's entry into the WTO.

"We have a wealth of knowledge and expertise accumulated through decades of doing business with the mainland, a legal regime most familiar to companies worldwide, an ability to integrate our knowledge of the market needs and a thorough understanding of global trends," Tang said.

"What is more, our proximity to the vast manufacturing base in the Pearl River Delta enables quick responses to market demand andquick time-to-market. These all contribute to Hong Kong's role as an important service hub in the Delta region," he added.

Also, Peter Woo, who was recently reelected chairman of the Hong Kong Trade Development Council (TDC) said, "Clearly, as more overseas production plants relocate to the Pearl River Delta region, more will be attracted by, and use the comprehensive services of Hong Kong's effective trade platform."

The Japanese business community believes Hong Kong is an ideal platform for their firms to operate in the China market.

A recent TDC survey said the Hong Kong connection is the major reason why Japanese firms choose to set up their operations in thePearl River Delta.

Another recent survey conducted by the Nihon Keizai Shimbun, a Japanese business daily, has revealed that half of the respondentsplan to boost their overseas production in the next three years, with 71 percent eyeing the Chinese mainland.

The HKSAR's effort to strive for the "triple-win" situation haseven been lauded as a model for other economies. WTO chairman in Trade Policy Review stressed that WTO members commend Hong Kong for "maintaining one of the most open economies in the world, one which many members should seek to emulate."

Surely the HKSAR has a first-mover competitive edge to the greatest wealth in the mainland and the largest manufacturing basin in the world.

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