HKGCC China Committee Chairman David Lie led a 42-member delegation to the 7th China International Fair for Investment and Trade on September 7-9, the largest such business group attending the event.

Besides attending the fair, delegates also met with a number of provincial and municipal officials, Mr Lie said.

"This year's mission was of particular significance for us, because it was the first large-scale, international convention with CEPA on the agenda since the agreement was signed," he said.
Speaking at the 2003 International Investment Forum at the fair, Vice Premier of the State Council Wu Yi said she had high hopes that foreign enterprises would continue to participate in China's economic development.

She hoped that foreign companies would expand their investments in China, put more emphasis on the introduction of advanced technology and strengthen their work in research and development.

The Vice Premier added that she hoped more foreign firms would actively outsource services to China, while at the same time help Chinese firms invest abroad.

Vice Minister of the Ministry of Commerce Zhang Zhigang, and Acting Financial Secretary of the HKSAR Frederick Ma, speaking at a seminar on CEPA at the fair, said that the agreement is important for the economic development of both the Mainland and Hong Kong. They were optimistic that the agreement would drive economic integration to allow businesses on both sides of the border to complement each other's advantages.

Chamber CEO Dr Eden Woon, who gave a speech at the fair on behalf of the Hong Kong business community, said that although China is already one of the world's main industrial bases, its service sector is still in its infancy.

"China urgently needs sophisticated business services to sharpen its competitiveness, especial in its service industries which face possible challenges in the years ahead. Many provinces and municipals are waving to Hong Kong companies in the hope that we can go straight to them when taking advantage of CEPA," he said.

"All of the officials that we have met believe that Hong Kong can bring world-class business services into China through CEPA," he added.

The delegation also took time out to meet with governors and mayors of Hebei, Hubei, Xiamen, Beijing, Shanghai, Tianjin, Chongqing and Jiangxi. The Chamber is planning to lead study missions to these areas to learn more about possible economic and trade co-operation, especially services, in the post-CEPA period.

Frances Huang is the Chamber's Assistant Manager for China Affairs. She can be reached at frances@chamber.org.hk.