31. Over the past year, the positive
effects of China's accession to the WTO have begun to
emerge. Total trade registered strong growth, reaching
US$620 billion and ranked fifth in the world. Foreign
direct investment amounted to US$50 billion, the highest
in the world. Four years from now, we expect the Mainland
to have become more fully aligned with the rest of the
world in trade and economic matters. We must seize these
opportunities to elevate Hong Kong from its traditional
role as an intermediary to a major hub connecting the
Mainland and the international markets. We can do this
by supporting the Mainland's economic development and
opening up of its economy. At the same time, we will enhance
our position as the financial and commercial centre of
China. Measures to promote economic co-operation with
the Mainland will include:
Closer Partnership in Trade
32. The Central Government has agreed
to speed up discussions on Hong Kong entering into a
Closer Economic Partnership Arrangement with the Mainland,
with a view to reaching an arrangement on the main parts
by June 2003. I believe this arrangement will benefit
our services sectors in their expansion into the Mainland
market, and open new opportunities for businesses. It
will also help to promote Hong Kong's traditional industries
and emerging industries, facilitate our economic restructuring
and create jobs.
Speeding up and Improving Boundary Crossings
33. One priority is to improve conditions
at our boundary crossings to facilitate the flow of
passengers, vehicles and goods between Hong Kong and
the Mainland. With the support and facilitation of the
Central Government and Mainland authorities, we will
implement 24-hour passenger clearance at Lok Ma Chau/Huanggang
with effect from 27 January this year. We are also taking
steps to improve conditions at other crossings such
as Lo Wu and Sha Tau Kok. We will continue to effect
improvements with the target of completing normal clearance
procedures on both sides of the boundary within 30 minutes
for passengers, and 60 minutes for goods vehicles. To
address fundamentally the challenge of moving people,
goods and vehicles between Hong Kong and the Mainland
smoothly and expeditiously, we will accelerate the construction
of the Shenzhen Western Corridor for completion in the
latter half of 2005. We will endeavour to complete the
Sheung Shui to Lok Ma Chau Spur Line as soon as possible
to link up with the Huanggang Underground Railway.
Individual Travellers from Guangdong Province
34. In response to a proposal by
the SARG, the Central Government agreed to study further
relaxation of current restrictions to facilitate Mainland
residents visiting Hong Kong, including allowing residents
within Guangdong Province to visit in their personal
capacity. These measures will not only provide a welcome
stimulus to tourism and consolidate our position as
a preferred tourist destination, but will also help
to further strengthen our ties with Guangdong Province
and expand the scope for mutual co-operation.
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