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Mainland-Hong Kong trade risesPublished: 19 Oct 2009 11:02:02 PST

By Li Qiaoyi

The Chinese mainland’s trade with Hong Kong stayed on the recovery track in September, according to data released by the Ministry of Commerce (MOFCOM) Monday.

The contraction in bilateral trade has generally narrowed since beginning its descent in January. In the first nine months of 2009, bilateral trade dropped 21.8 percent from the same period last year, while in January it plunged 37 percent year on year.

Monthly trade figures bear out the recovery as well.

The mainland’s exports to Hong Kong amounted to $16.06 billion in September, up $1.77 billion from August.

Imports from Hong Kong reached $910 million last month, $140 million more than the previous month.

The continued recovery in bilateral trade is consistent with the improvement seen in the country’s overall trade performance, Zhu Jianfang, chief macroeconomic economist at CITIC Securities, told the Global Times.

Imports and exports both surpassed $100 billion last month, the best performance this year, said the General Administration of Customs Wednesday.

The mainland’s trade with Hong Kong has generally maintained strong and steady growth since they signed the Closer Economic Partnership Arrangement (CEPA) in 2003, said Zhu.

CEPA is aimed at fostering bilateral trade and investment partly by reducing or removing all tariff and non-tariff barriers. The sixth complementary agreement on CEPA was signed in May to further free trade in 20 sectors such as banking, tourism, exhibitions and innovative industries.

Mainland-Hong Kong trade is expected to expand further in the near future, as the central government has been making efforts to reduce restrictions on the finance and banking sector, Zhu believes.

The mainland’s utilized investments from Hong Kong totaled $380.3 billion by the end of September, MOFCOM also said.

Hong Kong has accounted for at least 41 percent of the mainland’s utilized foreign direct investment this year, and that proportion has started inching up recently.

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