China pledges support for Hong Kong's trade role, RCEP accession
Commerce Minister Wang Wentao said Beijing will help Hong Kong join RCEP, upgrade CEPA, and build services in finance, shipping and tech innovation, strengthening the city's role as a global trade hub.
China's Commerce Minister Wang Wentao on 5 November pledged Beijing's support for Hong Kong to play a greater role in international trade and to join the Regional Comprehensive Economic Partnership (RCEP) as soon as possible.
Delivering a video address at the Hong Kong sub-forum of the ninth Hongqiao International Economic Forum, Wang said the ministry would actively back Hong Kong's unique position as a gateway between the mainland and the world, helping the city consolidate its competitive advantages and better integrate into national development. He added that support would help turn Hong Kong's first five-year plan vision into reality.
Wang said the ministry would help Hong Kong leverage its high degree of openness, extensive international ties and advanced professional services to build a high-value-added supply-chain services hub. It would also deepen the development of centres for international legal and dispute resolution services and regional intellectual-property trading, and create demonstration channels for new business models including digital trade, green trade and offshore trade.
The minister said he was working with the Hong Kong government on a new round of CEPA upgrades. The focus would be on services, particularly finance, shipping and technology innovation, with further opening to Hong Kong and exploration of more behind-the-border liberalisation measures. The upgrades would also promote connectivity, support the Greater Bay Area in piloting new initiatives, facilitate efficient flows of factors of production, and align mainland and Hong Kong rules, regulations and management standards.
Wang also said Beijing would support Hong Kong in playing a bigger role in international economic cooperation, signing external trade agreements and joining RCEP as soon as possible to enrich regional institutional arrangements. He added that the ministry would back Hong Kong in acting as a super-connector and super-value-adder, deeply participating in high-quality Belt and Road cooperation, and building a bridge for the country to connect with global markets, expand open cooperation and engage in global governance.