In June, 2003, the mainland and Hong Kong signed the "Mainland and Hong Kong Closer Economic Partnership Arrangement" (CEPA). In addition, six supplement agreements have also been signed from 2004 to 2009, providing preferential arrangements for Hong Kong in three main aspects, namely trade in goods and services as well as trade and investment facilitation, which benefit both sides in employment and investment.
According to the Hong Kong Special Administration Area (SAR) Government, the preferential arrangements on trade in services in the CEPA created 43,000 new jobs for Hong Kong residents between 2004 and 2008.
The CEPA allowed mainland tourists to visit Hong Kong under the "individual tour program", which has brought Hong Kong an additional 58.4 billion HKD.
The CEPA has also been conducive in attracting foreign companies to set up in Hong Kong. Among the 257 foreign companies that opened or expanded business in Hong Kong, about one fourth said that the CEPA was one of the most important reasons for their investment in Hong Kong.
Meanwhile, Hong Kong enterprises and talents came to the mainland under more favorable conditions, bringing advanced management philosophies, high-quality service modes and broad overseas business networks to related industries in the mainland. This promoted mainland industries' structural upgrades and improved their service level.
Hong Kong SAR Government evaluated that the CEPA has brought 45.9 billion HKD to Hong Kong service providers who have business in the mainland, and created nearly 50,000 new jobs for the mainland.
By People's Daily Online
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