31. Over the past year, the positive effects of China's accession to the WTO have begun to emerge. Total trade registered strong growth, reaching US$620 billion and ranked fifth in the world. Foreign direct investment amounted to US$50 billion, the highest in the world. Four years from now, we expect the Mainland to have become more fully aligned with the rest of the world in trade and economic matters. We must seize these opportunities to elevate Hong Kong from its traditional role as an intermediary to a major hub connecting the Mainland and the international markets. We can do this by supporting the Mainland's economic development and opening up of its economy. At the same time, we will enhance our position as the financial and commercial centre of China. Measures to promote economic co-operation with the Mainland will include:
Closer Partnership in Trade
32. The Central Government has agreed to speed up discussions on Hong Kong entering into a Closer Economic Partnership Arrangement with the Mainland, with a view to reaching an arrangement on the main parts by June 2003. I believe this arrangement will benefit our services sectors in their expansion into the Mainland market, and open new opportunities for businesses. It will also help to promote Hong Kong's traditional industries and emerging industries, facilitate our economic restructuring and create jobs.
Speeding up and Improving Boundary Crossings
33. One priority is to improve conditions at our boundary crossings to facilitate the flow of passengers, vehicles and goods between Hong Kong and the Mainland. With the support and facilitation of the Central Government and Mainland authorities, we will implement 24-hour passenger clearance at Lok Ma Chau/Huanggang with effect from 27 January this year. We are also taking steps to improve conditions at other crossings such as Lo Wu and Sha Tau Kok. We will continue to effect improvements with the target of completing normal clearance procedures on both sides of the boundary within 30 minutes for passengers, and 60 minutes for goods vehicles. To address fundamentally the challenge of moving people, goods and vehicles between Hong Kong and the Mainland smoothly and expeditiously, we will accelerate the construction of the Shenzhen Western Corridor for completion in the latter half of 2005. We will endeavour to complete the Sheung Shui to Lok Ma Chau Spur Line as soon as possible to link up with the Huanggang Underground Railway.
Individual Travellers from Guangdong Province