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CHAMBER PROGRAMMES
October 2001 Issue  China's WTO entry will sharpen Hong Kong's competitiveness  Mainland officials tell Chamber delegation to the China Fair for International Investment and Trade in Xiamen that SAR's advantages cannot be easily superseded By AGNES LAU
Speaking to members during their visit to Wu Bangguo on September 8, Mr Wu reiterated that as a free-trade port, Hong Kong would not easily be superseded by any Mainland city, because the territory ’s sound regulatory regime could not easily be duplicated.Led by Chamber China Committee Chairman and CEO of Dragon Airlines Stanley Hui, this was the fourth Chamber mission to attend the China Fair for International Investment and Trade in Xiamen. Since its establishment in 1997, the fair has grown annually in terms of participating overseas investors and visitors. With 'Go Out' as this year's theme, the fair aimed to explore bilateral and diversified investments given the opportunities and challenges that China's WTO entry are expected to bring.
China is also striving to raise the national income of its citizens, especially its farmers, establish a sound social security system as well as consolidate the results of SOE reforms and anti-poverty measures. He hoped that China would further tap into international markets and expand its export trade and economic cooperation. "China's GNP for this year will reach the expected 7 per cent target," he said. This is because the main problem that China is facing is not a shortage of capital but technology, management skills and talent from overseas.During the meeting, Stanley Hui suggested possible ways for further co-ordination and cooperation between Hong Kong and Guangdong while CSI Chairman Stanley Ko advised on ways that ramp handling services at the airports in China could be improved.
Regarding economic integration between Hong Kong and the Mainland, Mr Wu told delegates that Hong Kong is a major channel for Mainland enterprises seeking IPO financing. Although many Chinese enterprises' performance has been lacklustre, a growing number of qualified, outstanding Mainland firms will seek listings on stock exchanges in Hong Kong and New York upon restructuring and reforms. WTO and related issues
At another seminar titled 'Cooperation Between Small and Medium Enterprises in China and the EU,' State Economic and Trade Commission's Department of Foreign Economic Co-ordination Vice Director Xu Ming revealed that Mainland authorities were working out regulations to allow SOEs to transfer shares to foreign investors. The new regulations will allow foreign investors to hold shares, control and even buy outright SMEs in the country, except for those in certain industries. Future missions
The Chamber is planning a trip to Yunnan and Guangxi at the end of this year, and will visit Hainan, Henan, Zhejiang, Shanghai and Guangdong next year. For further information, contact Ellen Liu at 2823 1299, or email, ellen@chamber.org.hk |
During
their meeting with Mr Wu, delegates also learned that given the uncertainties caused by
the apparent global economic slowdown, the strong US dollar and Hong Kong's third economic
transition, China will extend its positive fiscal and stable monetary policies, such as
increasing export tax rebates to enterprises to stimulate exports. 
Mr Wu
said that China is striving to remove political elements from businesses and dismantle
monopolistic practices. Airlines need to separate from the Civil Aviation Administration,
which will in turn allow individual airlines to share management duties of airports
(except the Beijing and Tianjin Airports), introduce market competition, upgrade technical
and administrative standards, and enhance staff training, he said. 
At a
seminar on 'China
During
the three-day trip, delegates called on MOFTEC Assistant Minister Wei Jianguo and met with
government officials from Shanghai, Beijing, Tianjin, Yunnan, Hainan, Guangxi and Henan,
which provided members with a deeper understanding of the investment environment and
policies of the respective areas. The officials also invited the Chamber to visit them in
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