COMMERCE AND INDUSTRY
expected boom in China's service sectors, which are committed to be open after the accession to the WTO.
In 2002, the first year after China's accession to the WTO, the Mainland's GDP grew by 8 per cent in real terms, faster than the 7.3 per cent growth in 2001. The total trade volume of the Mainland reached US$620.8 billion in 2002, representing an increase of 21.8 per cent over 2001. At the same time, Hong Kong's bilateral trade with the Mainland increased by 8.3 per cent amidst an austere external environment. The total bilateral trade with the Mainland was valued at $1,330.3 billion, accounting for 41.8 per cent of the total external trade. Given its strategic geographical location, well-developed infrastructure and international communication network, Hong Kong will continue to be the most important gateway between the Mainland and the rest of the world in the coming years. The Mainland's economic development also gives rise to greater demand for services supply from Hong Kong. In 2001, Hong Kong's export of trade in services to the Mainland stood at $82 billion, recording a 12.9 per cent growth from 2000.
Liaison with the Mainland
The Government is committed to facilitating businessmen's efforts in tapping opportunities in the Mainland. It maintains close contact with the Mainland authorities at different levels through various government bureaux and departments, the Beijing Office of the HKSAR Government, as well as quasi-government bodies like the Hong Kong Trade Development Council (TDC). Regular high-level communication is also achieved through mechanisms such as the HK/Guangdong Cooperation Joint Conference and the Mainland/HKSAR Joint Commission on Commerce and Trade. In addition, the new Hong Kong Economic and Trade Office in Guangzhou will help to foster better economic cooperation with Guangdong Province.
Established in 1999, the Mainland/HKSAR Joint Commission on Commerce and Trade (Joint Commission) is a useful forum for the HKSAR and Mainland authorities to discuss matters of concern to businessmen and investors. In 2002, one of the foci of the Joint Commission was the Mainland's policy and legislative changes arising from China's accession to the WTO. In this connection, the Joint Commission organised a number of seminars to facilitate direct dialogues between Hong Kong businessmen and Mainland officials in charge of commerce and trade on the Mainland's latest trade and investment measures. The Beijing Office of the HKSAR Government, the Hong Kong Economic and Trade Office in Guangdong, the Trade and Industry Department and the Trade Development Council all helped to disseminate to the business community trade and investment information gathered through the Joint Commission channel. In addition, the Joint Commission devoted much effort to promoting investment flows between the two places and encouraging Mainland companies to capitalise on Hong Kong's strengths as a major services hub in building up and expanding their businesses.
Hong Kong's Participation in the WTO
The HKSAR is a founding member of the WTO. Its separate membership reflects Hong Kong's autonomy in the conduct of its external commercial relations, which is guaranteed under the Basic Law.
The WTO provides a fair, predictable and rules-based multilateral trading system for trade in goods, services and trade-related intellectual property rights. It promotes
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