*********************
Following is the transcript of the media session given by the Chief Executive, Mr Tung Chee Hwa, after visiting the Hong Kong Houseware Fair and Hong Kong Gifts and Premium Fair organised by the Hong Kong Trade Development Council this (July 25) afternoon (English portion):
I am really very pleased to be here to visit this Houseware and Gifts Fair, the largest since SARS has been brought under control. I don't know whether you have been there or not. It's a wonderful exhibition. It reflects the importance overseas buyers attach to Hong Kong as a world merchandising centre and a trading centre.
I have seen some really good work by Hong Kong designers. They have received a lot of praises. Their work clearly shows the potential of Hong Kong's creative industry, also a boost to Hong Kong's industries towards the value-added direction.
I have said when I was in Beijing that I have been following through very much on how to move the CEPA agenda forward and how to make the agenda on CEPA, or the agreement on CEPA, more rich. And I am pleased that I have further good news for you on this front.
First, the Central Government has agreed that both sides should reach consensus by the end of September on the rules of origin regarding the 273 products and the monitoring mechanism.
On the tourism front, the Central Government has agreed to my request to add Beijing and Shanghai to the list of cities to be opened up.
On the financial front, the Central Government has agreed:
--first, to give preference to Hong Kong when time is ripe to consider liberalisation in market access in respect of offshore Renminbi financial businesses;
--two, to support Mainland enterprises that meet requirements to make public offers of securities and to list here in Hong Kong;
--three, to consider allowing banks in Hong Kong to trial run personal Renminbi business, including deposits, remittance, exchange and credit card businesses;
--and fourthly, to consider the relaxation of the 15 per cent ratio of Hong Kong insurance companies holding shares in Mainland insurance companies.
These are all major breakthroughs here for us in Hong Kong.
The signing of CEPA will give impetus to our economic restructuring and sharpen very much our competitive advantages. We must not miss these opportunities. In fact, we should take these opportunities and run with them.
The Government will do our best to help all sectors and professionals in Hong Kong to grasp these opportunities so as to speed up our economic recovery.
Thank you very much.
(Please also refer to the Chinese portion)
End/Friday, July 25, 2003
NNNN
