HK to free services trade with mainland in 2015

Hong Kong Chief Executive Leung Chun-ying said yesterday 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 and is a very important component of the economy, Leung said as he delivered 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 basic liberalization of trade in services in Guangdong Province.

"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 said last December that, in addition to the Shanghai Pilot Free Trade Zone, three more pilot FTZs will be established on March 1.

Leung said the Guangdong Pilot FTZ, covering Nansha, Qianhai and Hengqin, can deepen co-operation between Guangdong and Hong Kong. Qianhai is adjacent to Hong Kong and Nansha is the largest of the three areas.