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Chinese mainland, HK to sign new economic accord

(Xinhua)
Updated: 2008-07-26 11:16

The fifth phase of the Chinese mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) will be signed on July 29, Hong Kong Special Administrative Region (HKSAR) Chief Executive Donald Tsang said on Friday.

Speaking to reporters during his visit to northeast China's Liaoning province Friday, Tsang said the CEPA package will cover measures specially devised for the implementation in Guangdong province, according to a press release from the Information Service Department of the HKSAR government.

Tsang led a business delegation consisting of more than 100 representatives of Hong Kong business circle beginning last week to Heilongjiang, Liaoning and Jilin provinces in northeast China to promote mutual investment and trade.

Praising their great potential and strengths in industry, agriculture and tourism, Tsang said the provinces' strategic location also allows them to have advantages in doing business with Russia, Japan, the Republic of Korea and the Democratic People's Republic of Korea.

Noting Hong Kong's service trade is well-developed, he said there is ample room for the provinces and the city to cooperate as senior officials of the provinces have responded positively to Hong Kong's cooperation proposals.

In another development, Tsang said, when responding to the resignation of Export Credit Insurance Corporation Commissioner Cheung Kam-kay following allegations that he misused public money, the HKSAR government attaches great importance to the incident and has transferred the case to law-enforcement authorities for further investigation.

"I have also asked top officials to examine the relevant systems to see if there is any need to introduce remedial measures, " he added.