CEPA boosts HK, Shanghai cooperation: Tung

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Last updated at: (Beijing Time) Saturday, November 01, 2003

CEPA boosts HK, Shanghai cooperation: Tung

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The recent signing of CEPA between the Hong Kong Special Administrative Region government and the central government has opened up a new era of Hong Kong/Shanghai synergies, Hong Kong's Chief Executive Tung Chee Hwa said in Hongkong Friday.

The chief executive made the remarks during a speech titled "Through Leverage on Complementary Strengths To Mutual Prosperity" at a conference organized by the Business and Professionals Federation of Hong Kong to examine the prospects for cooperation between Hong Kong and Shanghai following the signing of the Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA).

Tung noted that Shanghai is a strategic partner in the future of Hong Kong.

He pointed out that in this era of globalization as the world' s freest economy and a premier international finance, shipping and business center, Hong Kong maintains constant exchanges with other economies and major cities around the world, which are crucial to the SAR's future.

In the context of China's economic advancement, Hong Kong/Shanghai cooperation will enable these two most creative and dynamic cities to contribute to the country's medium- and long-term development in different but complementary ways, he held.

Moreover, the development of Shanghai fosters the development of Hong Kong, hence creating this win-win situation, said the chief executive.

He elaborated that Hong Kong and Shanghai together can optimizetheir resources by encouraging exchanges among IT experts and professionals, integrating market institutions and infrastructure networks and coordinating the respective industrial formations.

Through these exchanges and cooperative efforts, Hong Kong, with the advantages of a well-established market mechanism, modern management and international best practices, can play a key role in speeding up Shanghai's alignment with the international market,Tung remarked.

Meanwhile Shanghai, a rapidly growing economy with enormous potential and a huge demand for professional services, can benefit the economic restructuring of Hong Kong, he added.

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