HK govt to seek further market liberalization in mainland: chief executive

Hong Kong Chief Executive Leung Chun-ying said Wednesday morning that the government will continue to seek further market liberalization in the mainland, aiming to reach basic liberalization of trade in services between the entire mainland and Hong Kong within 2015.

The service sector accounts for more than 90 percent of our Gross Domestic Product (GDP) and is a very important component of the economy, Leung said when delivering his third policy address.

In December 2014, the Hong Kong government and the Ministry of Commerce signed the Agreement between the mainland and Hong Kong on Achieving Basic Liberalization of Trade in Services in Guangdong, ushering in the basic liberalization of trade in services between Guangdong and Hong Kong.

"We will continue our earnest efforts to seek further market liberalization in the mainland with a view to achieving basic liberalization of trade in services between the entire mainland and Hong Kong by the end of this year," Leung said.

He also said the Hong Kong government has submitted its proposals for the National 13th Five-Year Plan to the central government.

The central government announced last December that, in addition to the Shanghai Pilot Free Trade Zone (FTZ), three more pilot FTZs will be established on March 1, 2015.

Leung said the Guangdong Pilot FTZ, covering new areas of Nansha, Qianhai and Hengqin, can leverage Hong Kong's edge to promote in-depth co-operation between Guangdong and Hong Kong. Qianhai is adjacent to Hong Kong and Nansha is the largest of the three areas.

"The room for business and development for people and enterprises of Hong Kong will be vastly expanded," the Chief Executive said. The government will maintain close collaboration with the Guangdong provincial government throughout the planning and development of the three new areas to actively pursue new modes of cooperation, the most favourable treatment and the biggest development opportunity for Hong Kong people and enterprises, he added.