Mutual benefits: Chief Executive Donald Tsang says the fifth phase of the Mainland & Hong Kong Closer Economic Partnership Arrangement will be signed on July 29.

The fifth phase of the Mainland & Hong Kong Closer Economic Partnership Arrangement will be signed on July 29, Chief Executive Donald Tsang says.

Speaking to reporters in Liaoning today, Mr Tsang said the CEPA package will cover measures specially devised for implementation in Guangdong.

He said the visit to northeast provinces has allowed the Hong Kong business delegation to have a better understanding of the provinces' strengths.

Praising their strengths and potential in industry, agriculture and tourism, Mr Tsang said the provinces' strategic location also allows them to have advantages in doing business with Russia, Japan, and South and North Korea.

Room for cooperation

Noting Hong Kong's service trade is well-developed, he said there is ample room for the provinces and the city to cooperate.

The provinces' senior officials have given a positive reponse to Hong Kong's cooperation proposals, Mr Tsang said, adding the Government will continue to establish ties with its counterparts there.

Responding to the dispute between the Mainland's Public Security Bureau staff and Hong Kong reporters in Beijing this morning, Mr Tsang said the Government has contacted the concerned Mainland authorities. He believed the incident would be resolved soon.

He rendered his support for Hong Kong locals to report the Beijing Olympics in a legal manner.

Insurance chief's resignation

In response to the resignation of Export Credit Insurance Corporation Commissioner Cheung Kam-kay following allegations that he misused public money, Mr Tsang said the case has been transferred to law-enforcement authorities for investigation.