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Premier Wen Jiabao waves to crowds upon arrival in Hong Kong Special Administrative Region Sunday. Wen was in Hong Kong to attend the signing ceremony of the Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA).
Special Report: Guangdong and CEPA
The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) was the first free trade agreement ever reached between Mainland China and Hong Kong. The main text of the CEPA was signed on June 29th, 2003.
The CEPA opened up huge markets for Hong Kong goods and services, greatly enhancing the already close economic cooperation and integration between the Mainland and Hong Kong.
The CEPA adopted a 鈥渂uilding block鈥 approach, and the two sides have been continually working to introduce further liberalization measures ever since. The agreed liberalization measures for various phases of the CEPA are stipulated in the CEPA Legal Text.
The CEPA is a win-win agreement, bringing new business opportunities to the Mainland, Hong Kong and all foreign investors. For Hong Kong, the CEPA provides a window of opportunity for Hong Kong businesses to gain greater access to the Mainland market. The CEPA also benefits the Mainland, since Hong Kong serves as a perfect "springboard" for Mainland enterprises to reach out to the global market, accelerating the Mainland's integration into the world economy. Foreign investors are also welcome to establish businesses in Hong Kong and leverage the CEPA benefits in tapping the vast opportunities of the Mainland market.
Editor: Yan
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