| This article is intended to discuss the importance of Closer Economic Partnership Arrangement (CEPA)'s implementation in Hong Kong through the analysis over the features of Hong Kong economy, and has drawn following conclusion: service trade occupies a high proportion in Hong Kong economy, to revive economy, Hong Kong has no choice but to most extent penetrate into China mainland especially the Delta of Pearl River, while maintaining high-level economic internationalization.This article is arranged as below: it describes the basic concepts and basic actuality of international trade and international service trade, and gives a rough prediction of Hong Kong economic indices, as support to conclude the critical role of foreign trade especially service trade in Hong Kong economy, finally explicates CEPA's significance for the growth of Hong Kong service trade.In the introduction, the author sets Hong Kong economy as the study objective of this article, then in brief words, it describes the status, role and difficulty of Hong Kong economy.Part I focuses on the current situation of international trade, it points out: with the closure of cold war, economic competition has superseded political cold war, the economic interdependency between countries becomes more visible, however, western countries still navigate global economy. On the other hand, the trend of regional economic integration has aroused more and more attention. China has been recognized as engine of global economy. The characteristics of today's international trade include: the constitute of commodity trade continues changing significantly, service trade is showing us its good prospect, regional trade grows rapidly, trade norms have been promoted to guide the economic activities of most areas of the world. This part intensively analyzes the trend of international service trade, it points out: service trade is expanding its proportion to international trade; international service trade is extending its field; the level of international service trade varies with countries; in industrial countries, international service trade lies in a undisputed dominant place; international service trade is increasingly being stressed by every country; many countries is taking actions to rank among leading places to promote and open international service trade market.Part II discloses the structural unbalance existing in Hong Kong economy and sums up service industry's uniqueness through the analysis over Hong Kong's economic and social actuality, and adopts Keynes's investment multiplier theory to work out Hong Kong's foreign trade multiplier 2.94 from Kong Kong's economic data, and deliver these values associated with export growth: local revenue grows by HK$358.8 billion, contribution rate of foreign trade to Hong Kong's local revenue is 28.2%, contribution rate of service trade to Hong Kong economy is 36.2%, contribution rate of the service trade with China mainland to Hong Kong economy is 74.8%. Hence we can see the importance of CEPA for the opening of Hong Kong's business.Part III first describes CEPA's basic arrangements, namely detailed promises of goods trade and service trade liberalization under CEPA since January 1, 2004, including zero tariff policies for 273 Hong Kong products and the arrangement of opening 17 service industries to Hong Kong.This part begins with the analysis over CEPA's impact on domestic business, points out: CEPA will promote domestic brokerage industry, expand international travel resources, significantly stimulate logistics industry, improve the quality of commerce and trade, facilitate the communication between China mainland and Hong Kong and broaden inland's service industries. It also acknowledges the pressure CEPA bring on inland service industry, e.g. CEPA will lead to the shuffle of inland's service industry, sharpen talent competition and exert impact on relevant industries. CEPA's impact on Hong Kong economy include: even though numerous migration of manufacture industry from Hong Kong to...
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