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Hong Kong aims to lay a solid foundation for the long-term economic growth by capitalizing on the advantages brought by the closer economic ties with China's mainland and reinforcing its unique strengths, a local official said Wednesday (Apr. 28).

Hong Kong's Financial Secretary Henry Tang made the remarks while concluding the debate on the second reading of the Appropriation Bill 2004 at the Legislature Council.

The Closer Economic Partnership Arrangement signed between Hong Kong and the mainland (CEPA) earlier is the best embodiment of the "market leads, government facilitates" principle, the guiding principle for Hong Kong's economic policies, he stressed.

Tung pointed out that CEPA is an economically symbiotic arrangement that generates "win-win" opportunities for Hong Kong and the mainland.

He noted that Hong Kong has been contributing to the opening-up and economic advancement of the mainland and has been able to share the fruits of the mainland's economic development -- the advantage Hong Kong can capitalize on under "one country, two systems."

According to the financial secretary, since CEPA came into effect in January this year, more than 770 CEPA certificates of origin have been issued, with the value of products enjoying preferential treatment exceeding 300 million HK dollars (38.46 million US dollars). Moreover, more than 220 applications for Certificate of Hong Kong Service Suppliers have been approved.

The government is doing its utmost, Tang said, to promote the best use of CEPA as an open platform, and to continually expand the liberalization measures under CEPA.

The government will continue to strengthen the liberalization measures for services under CEPA, Tang said. Earlier this week, the government announced arrangements relating to the opening up to Hong Kong of the qualifying examinations and practices of patent agents in the mainland.

In the opinion of the financial secretary, to create the best possible environment for business, to facilitate the market's operation and to promote its development are the key roles the Hong Kong government should play.

Tang told lawmakers "I hope that through revitalizing the economy, we can promote employment and improve people's livelihood."

Editor: Donald