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| Inevitability of Signing Mainland and Hong Kong, Mainland and Macao CEPA |
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First, CEPA is an inevitable choice when confronting the challenge of regional economic cooperation. Entering the 21 century, course of regional economic cooperation integration keeps quickening and has become a key method for enlarging foreign economic and trade cooperation, and for promoting economic development of all countries and regions. Up till Mar 2006, 340 FTAs have been announced to WTO, out of which 80% had been established in the last 10 years. Singing and implementation of CEPA is an inevitable choice for Mainland and Hong Kong, Mainland and Macao deepening economic cooperation, developing together and confronting external economic environment challenge.
Since reform and opening-up 28 years before, Hong Kong and Macao are always the most important trade partners, the largest source of investment overseas origin and destination of Mainland. In order to further develop forward on the formed closer economic and trade relations basis between Mainland and Hong Kong, Mainland and Macao, innovation of cooperation mechanism and pattern should be done. Signing closer partnership arrangement is to promote free float and economic integration of economic elements between Mainland and Hong Kong, Mainland and Macao, further strengthen economic and trade cooperation and development between Mainland and Hong Kong, Mainland and Macao.
Secondly, from the aspect of Mainland, CEPA is objective demand of reform and opening-up in Mainland. Through establishment of free trade with Hong Kong and Macao, Mainland could absorb more and better investment from Hong Kong and Macao, promote manufacture upgrading and service industry developing in Mainland, improve development of reform and opening-up, modernization construction in Mainland.
Thirdly, from the aspect of Hong Kong and Macao, CEPA strongly pushes healthy economic development of Hong Kong and Macao. In order to get rid of economic difficulties brought by Asian Financial Crisis influences, the Government of Hong Kong Special Administrative Region puts forward administrative policy of “relying on Mainland, facing to the world” and expects to connect predominance of Hong Kong international center of finance, trade and ship with Mainland resource and market predominance, realizing together economic development in Mainland and Hong Kong. Macao has a single economic structure which the economy mainly constituted by gaming and tourism, has a big economic risk. Therefore, Government of Macao Special Administrative Region puts forward an economic developing direction of taking gaming and tourism as the leading industry, service industry as the main body, other industries develop coordinately.
Closer economic partnership established between Mainland and Hong Kong, Mainland and Macao could better play role of Hong Kong international center of finance, trade and ship; better play role of Macao as investment platform; provide better external situation for Hong Kong realizing economic transformation of Hong Kong promptly. Under the great background mentioned above, in Nov 2001, Mr. Dong Jianhua formally put forward the suggestion of establishing FTA between Mainland and Hong Kong. Central government attaches great importance and support to the suggestion. On Jan 25, 2001, the two sides formally started up negotiation on Mainland and Hong Kong CEPA in Beijing. On Jun 29 and Oct 17, 2003, Mainland and Hong Kong, Mainland and Macao respectively signed CEPA. In 2004 and 2005 two Supplemental Agreements was signed and content of opening-up enlarged.
(Source: Network Center of MOFCOM)
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