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China, Hong Kong sign free trade accord

HONG KONG, June 29 (UPI) -- China and Hong Kong signed a landmark trade agreement Sunday to boost the territory's ailing economy.

The accord will lift mainland import tariffs on products from Hong Kong and give the territory's service industry greater access to China's growing business sector.

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The British Broadcasting Corp. reported that reaction to the agreement has been mixed.

Some analysts say the accord will help Hong Kong, whose economy was hit hard by effects of the severe acute respiratory syndrome outbreak. Others say benefits will be marginal. Critics also contend the agreement could mark a loss for Hong Kong's political and economic autonomy.

China's Prime Minister, Wen Jiabao, who signed the Closer Economic Partnership Arrangment, will also attend the sixth anniversary celebrations of Hong Kong's handover from British colonial rule to China.

The BBC reported opponents of a proposed anti-subversion law plan to take to the streets during the celebrations to demonstrate.

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