HK 12 years: Mainland & HK grasp opportunity of closer economic ties

In 2003 the Chinese mainland and Hong Kong Special Administrative Region signed the Closer Economic Partnership Arrangement, also known as CEPA. The agreement has functioned as a main driver for Hong Kong's economy. In our special series looking at 12 years of achievement since Hong Kong returned to China, today we take a brief look at Hong Kong's changes since CEPA was signed.

Shenzhen railway passengers can enjoy Hong Kong service the next year. Under CEPA Supplement 6, Hong Kong's Mass Transit Railway company has permission to construct phase two of the Railway Line 4, as well as operating concessions for 30 years.

After CEPA 6 goes into effect, more people in Guangdong Province will also enjoy the Hong Kong service.

Since arrangement was signed, the mainland has imposed zero -tariff on items of Hong Kong origin. So far, the mainland has opened 42 service fields including finance, law, and accounting. It also provided 43 thousands job opportunities for Hong Kong residents.

During the past six years, Hong Kong's GDP has maintained an annual growth rate of over six percent. Hong Kong's stock value annually rises from 2.1 percent to 13.4 percent. Total volume of retail sales of consumption annually rises from 6.4 percent to 18.4 percent. By the end of April, the Mainland had imported more than 2 billion US dollars worth of Hong Kong goods at the zero tariff rate, helping the region tackle the financial crisis.