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The Chinese mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA) has further shown its positive effect this year, promoting economic and trade cooperation to a new level.

 

CEPA was officially started on Jan. 1, 2004, and by the end of November 2005, Hong Kong had exported 3 billion yuan (US$375 million) worth of cargo with zero tariff to the mainland.

 

In October this year, China's mainland and Hong Kong signed a supplementary agreement to CEPA to give zero-tariff treatment to all Hong Kong's exportation to the mainland starting in 2006.

 

Figures from the China's Ministry of Commerce show that in the first 11 months this year, the Chinese mainland's direct investment in Hong Kong totaled US$1.29 billion, doubling the figure a year ago and accounting for 41.9 percent of all Chinese direct investment flowing overseas.

 

Meanwhile more companies from the Chinese mainland have been listed in the Hong Kong stock market.

 

By the end of November this year, the total turnover of the Hong Kong stock market reached 4,140 billion Hong Kong dollars, 45 percent of which was contributed by mainland companies listed there.

 

Currently, 327 mainland companies are listed in Hong Kong's stock market, accounting for 39 percent of the total market value of the bourse.

 

Thanks to an increasing number of listed mainland companies, the Hong Kong stock market this year surpassed that of Tokyo and ranked fourth in the world, said Lee Yem-kwong, chairman of the Hong Kong Stock Exchange, who expects more mainland companies to be listed in Hong Kong.

 

Figures from Hong Kong show that about 237,000 Hong Kong residents currently work in the mainland, doubling the figure ten years ago.

 

By the end of June this year, according to the CEPA regulations, Hong Kong business people had established 1,558 self-employed units in the mainland, with registered funds of almost 82 million yuan.

 

Tourism, one of Hong Kong's pillar industries, is also expected to witness further growth due to the enhanced economic and personnel exchanges between Hong Kong and the mainland.

 

In the first 10 months this year, the number of visitors from the Chinese mainland to Hong Kong exceeded 10 million, according to figures from Hong Kong's tourism department.

 

In 2005, China's central bank announced a raft of measures meant to underpin the growth of renminbi business in Hong Kong in what analysts see as an initial step towards offshore services for the yuan.

 

The People's Bank of China  (PBC) announced it will expand the provision of position squaring and clearing services for Hong Kong banks.

 

Thanks to the gradual expansion of the renminbi banking service in Hong Kong, mainland tourists feel it is more convenient to make purchases in Hong Kong. Figures showed that in the first ten months this year retail sales in Hong Kong grew 7 percent year on year.

 

(Xinhua News Agency December 29, 2005)