CEPA Has Practical, Far-reaching Significance for HK: Press

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Last updated at: (Beijing Time) Monday, June 30, 2003

CEPA Has Practical, Far-reaching Significance for HK: Press

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The Mainland-HK CEPA Signed

With the signing of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the mainland on Sunday, the event was reported in Hong Kong Monday as progressively revealing the strength of Hong Kong with the Chinese mainland as its strong back.

Ahead of the 6th anniversary of Hong Kong's return to the motherland, the Chinese-language Ta Kung Pao newspaper ran a commentary Monday, praising CEPA as a brand-new arrangement that has resulted from President Hu Jintao's and Premier Wen Jiabao's personal supervision and support.

The commentary said that shortly after Premier Wen had landed in Hong Kong, he made haste to attend the signing ceremony of CEPA,and this has attested to the premier's paying special attention tothe event.

It added that the arrangement is, indeed, a big gift that has substantially increased the room for Hong Kong's overall economic development, and that the strong demand by the marketplace with 1.3 billion population on the mainland will become a place that willenable Hong Kong's business people and professionals to fully realize their potentials.

The commentary continued that the Hong Kong Special Administrative Region Chief Executive Tung Chee Hwa has mapped outa blueprint for the development of Hong Kong's high-value-added industries and innovative technology industries, so the newly signed arrangement presents complementarity to the blueprint in terms of offering new business opportunities, room and impetus forfurther development.

Another newspaper, the Hong Kong Commercial Daily, carried an editorial titled "Hong Kong receives big gift that gives impetus to its development." It says the amount of benefits bestowed upon Hong Kong and the number of industries covered by CEPA is beyond general estimations. The arrangement bespeaks the Central government's love for the people of Hong Kong and the support for Hong Kong's continued prosperity and stability.

The editorial continued that not only is CEPA a list of favors,it has built a new mechanism for the economic and trade relations between Hong Kong and the mainland. And the concept underpinning such a mechanism is the principle of "one country, two systems," it said, stressing that the arrangement is also a pack of concretemeasures to aid in Hong Kong's economic recovery and restructuring.

The mechanism, it said, would be one that promotes economic exchange in a rational and coordinated manner, economic restructuring, and complementarity. And the arrangement will also promote the free flows of the factors of production, ultimately leading to a more rational distribution of various complementary industries in Hong Kong and on the mainland. As a result, this will enable Hong Kong to rid itself of the current economic difficulty and successfully complete its economic restructuring.

The Wen Wei Po newspaper ran an editorial titled "Premier Wen brings in a big gift," commenting that gift is big, all right, butthe real big gift is the unchanging determination of Premier Wen and the Chinese leadership in implementing the concepts of "one country, two systems" and "Hong Kong people governing Hong Kong" with a high degree of autonomy.

The editorial also stressed that though the Central government's support is essential, Hong Kong people also need their own efforts in reviving the economy and should work hard to implement CEPA.

It added that Hong Kong people should united themselves in grabbing the available opportunities to make good and full use of CEPA in a flexible manner.

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