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Hong Kong Strives to Join Regional Trade Deal: Finance Chief

(Bloomberg) — Hong Kong hopes to be part of the first group of economies to join the Regional Comprehensive Economic Partnership after the agreement takes effect, Financial Secretary Paul Chan said in a blog post on his website Sunday.



a man wearing a suit and tie in front of a curtain: Paul Chan, Hong Kong's financial secretary, listens during a Bloomberg Television interview in Hong Kong, China, on Friday, June 5, 2020. Hong Kong is ready to defend the currency’s link to the U.S. dollar with the support of the mainland, and investors still retain confidence in the system, according Chan.


© Bloomberg
Paul Chan, Hong Kong’s financial secretary, listens during a Bloomberg Television interview in Hong Kong, China, on Friday, June 5, 2020. Hong Kong is ready to defend the currency’s link to the U.S. dollar with the support of the mainland, and investors still retain confidence in the system, according Chan.

The total bilateral trade between Hong Kong and the 15 member states of RCEP accounts for 71% of Hong Kong’s total trade in goods, Chan wrote. “Joining the RCEP agreement will benefit trade in services and investment.”

Asia Pacific nations including China, Japan and South Korea signed on Nov. 15 the world’s largest regional free-trade agreement, encompassing nearly a third of the world’s population and gross domestic product. China supports Hong Kong joining the RCEP.

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Meanwhile, Chan wrote that it’s important to improve society’s understanding of “One Country, Two Systems” in light of last year’s social unrest. He attended a legal forum marking the 30th anniversary of the Basic Law, which is Hong Kong’s mini-constitution. At that gathering, China signaled further changes to Hong Kong law.

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