The implementation of the Chinese Mainland and Hong Kong Closer
Economic Partnership Arrangement (CEPA) has pumped impetus to Hong
Kong economy by benefiting trade, creating jobs, inducing
investment and boosting tourism, according to a study released by
the government of Hong Kong Special Administrative Region (HKSAR)
on Tuesday.
The HKSAR government sent questionnaires to more than 2,600
enterprises in the manufacturing and servicing industries for the
study on CEPA's economic impact.
At the end of May, more than 23,000 certificates of origin were
issued involving HK$8.3 billion (US$1.06 billion) worth of exports
which enjoy tariff-free treatment upon importation to the Chinese
mainland, according to the study.
The study also shows that CEPA created 36,000 new jobs for Hong
Kong people from 2004 to 2006, and forecasts another 3,600 jobs
will be created in Hong Kong this year under the agreement.
For trade in goods, the study says 89 percent of responding
companies considered CEPA beneficial to the economy, and 77 percent
felt the preferential trade arrangement was beneficial to the
manufacturing sector.
CEPA induced additional capital investment in the manufacturing
industry, amounting to HK$305 million in 2005 and 2006, and a
planned investment of HK$239 million in 2007 and beyond.
For trade in services, 74 percent and 92 percent felt CEPA was
beneficial to the economy and their own industries.
CEPA induced additional capital investment in the services
sectors at a cumulative amount of HK$4.8 billion by 2006,
representing a rise of 380 percent over the amount in 2004. The
planned investment is expected to be HK$2.4 billion in 2007 and
beyond.
Visitors from the Chinese mainland using the Individual Visit
Scheme had made 17.2 million trips to Hong Kong by the end of 2006,
accounting for 39 percent of all the visitors from the Chinese
mainland. They generated an additional HK$9.3 billion in tourist
spending in 2006, almost 38 percent higher than in 2004.
(Xinhua News Agency June 13, 2007)