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CEPA boosts SAR economic recovery
By Wu Gang (China Daily)
Updated: 2004-03-12 09:49

Closer economic ties between the Chinese mainland and Hong Kong have fostered Hong Kong's rapid economic recovery and laid a strong foundation for sustainable development, said Hong Kong Financial Secretary Henry Tang.

Delivering the 2004/2005 government budget report at the Legislative Council on Wednesday afternoon, Tang said the past year has clearly demonstrated the great advantage Hong Kong has in its special relationship with the mainland while engaging the world at large.

Henry Tang, Hong Kong Financial Secretary [newsphoto/file]

"2003 was a challenging year for Hong Kong. We came through a difficult period following the outbreak of SARS," said Tang.

Immediately after overcoming the outbreak of SARS (severe acute respiratory syndrome), the Special Administrative Region signed the Chinese Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA), bringing unprecedented opportunities to all sectors of Hong Kong's economy, Tang said.

"Our manufacturing and services industries have been given early access to economic restructuring. The launch of the Individual Visit Scheme and the Renminbi business initiative have further enhanced the free flow of people, goods and capital in both directions, speeding up our economic integration," said Tang.

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