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The following is the transcript of a stand-up briefing by the Financial Secretary, Mr Donald Tsang, on China's accession to the World Trade Organisation (WTO) at West Wing lobby, Central Government Offices today (Monday):

Financial Secretary: I am very glad to hear that China and the United States have signed an agreement over China's accession to WTO , and they signed at 3.25 pm today. We do not have the details of the deal yet. But it is certainly very positive news.

As you know, Hong Kong has all along been in full support of China's accession to WTO. It is important not only to the bilateral trade between Hong Kong and the Mainland, and indeed between the United States and the Mainland. It is also important from the point of view that China is one of the very large trading nations. It is likely to be a new force in global trade in the new century. It is indeed rather ironic if China remains outside and continues to operate outside the orbit of the WTO for any much longer. So this is certainly very positive news not only for Hong Kong, for the United States and in fact for the whole world.

We also believe that because Hong Kong private sector has been operating in the Chinese market for over a decade. They have penetrated in different aspects of commercial life in the Mainland. They have established various bridgeheads in the Chinese market. I am sure China's accession to the WTO will likely benefit them even more because it is likely to offer more trading opportunities for Hong Kong private sector and business generally.

We of course have our own strengths. Our own strengths being a very free market, with an advance legal system, and we also have a common language with China. By that I mean we would be able to explore this opportunity much more profitably than most other trading partners of the Mainland.

The HKSAR Government has been working hard behind the scene in preparation of China's accession to WTO. As you know, I am heading a research group which has been in regular contact with our private sector, identifying new business niches which Hong Kong can operate more effectively, more profitably in the Chinese market. And we have also established a dialogue with MOFTEC (Ministry of Foreign Trade and Economic Co-operation) in Beijing. And I am sure I would try to go through my own channels, obtain details of the deal and follow through with our dialogue to ensure that Hong Kong businessmen will be able to explore the opportunities more fully as a result of this development.

There are more negotiations which China will have to do. There are other trading partners which they have to conclude negotiations like Europe. But quite definitely the agreement with the United States is a major landmark and after this hurdle has been passed, I am sure the residual negotiations should be relatively easier. That's all I want to say for the time being. I would certainly wish to talk to you once I have got details of the deal.

Transcript of Financial Secretary's briefing on China's accession to WTO (Chinese part)

End/Monday, November 15, 1999

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