The seventh seminar and fair on economic cooperation between Beijing and Hong Kong opened Thursday to probe new opportunities of cooperation between the two sides.

Participants to the seminar believed that the cooperation should be based on the framework of the Closer Economic Partnership Arrangement (CEPA) signed between the Hong Kong Special Administrative Region (SAR) and the Chinese central government.

More than 700 officials, scholars, experts and entrepreneurs from Beijing and Hong Kong attended the two-day seminar.

Acting Mayor of Beijing Wang Qishan said both Beijing and Hong Kong hold very important strategic positions for the general economic development in China. Economic and industrial specialties in the two cities lay solid foundation for the bilateral exchange and cooperation, he added.

Hong Kong SAR Financial Secretary Henry Tang Ying-yen said that the signing of CEPA offers a historical opportunity for economic and trade development for both Hong Kong and the mainland. He expressed hope that Beijing and Hong Kong will take the opportunity to expand bilateral cooperation.

Beijing expects to invite 9.7 billion US dollars of investment for 177 projects listed at the fair, which are involved in infrastructure, hi-tech, manufacturing, real estate and tourism areas.

By August this year, Hong Kong had set up 6,789 enterprises in Beijing with 17.26 billion US dollars of contractual investment, making Hong Kong the largest overseas investor in Beijing.

And the number of enterprises set up by Beijing in Hong Kong had reached 38, involving 42.76 million US dollars in total investment.

In 2002, the trade volume between Beijing and Hong Kong reached 1.67 billion US dollars. Hong Kong is Beijing's third largest trade partner.

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