China to support growth of Hong Kong textile sector
22 Jul '10
1 min read
Hong Kong and China have signed the seventh "China and Hong Kong Closer Economic Partnership Arrangement" (CEPA) agreement, but the implementation has met many problems.
This was expressed by the Chinese Vice-Minister of Commerce, Jiang Zengwei, when he met the delegation of Hong Kong manufacturers in Beijing.
According to him, the implementation of CEPA, has not achieved ideal effect, especially in services trade and promised that the Ministry of Commerce would arrange the implementation of CEPA as a priority in next two years.
Jiang Zengwei also said that Chinese mainland authorities would conduct further studies on supporting Hong Kong's textile industry.
Jiang Zengwei pointed out that China is a high-end as well as low-end consumer market, while mid-end market is still blank, due to which Hong Kong businessmen will have great opportunities in developing mid-end market.
In addition, Hong Kong and mainland China can even open up international markets such as Africa through cooperation by using China's goods, finance and technologies, plus Hong Kong's network and influence in international market.