Macao press hailed Saturday in their editorials the newly signed economic pact with the Chinese mainland, which they believe would provide great impetus to Macao's economic development.

The Macao Daily News pointed out that the Mainland/Macao Closer Economic Partnership Arrangement (CEPA), which is in line with the principle of "One country, two systems," bestowed more room for economic growth on the Macao Special Administrative Region (SAR).

The paper urged local people to seize the opportunity to diversify Macao's economic structures for the betterment of the SAR.

Cheng Pou said CEPA is expected to add vitality to Macao's economy and urged the industrial and commerce sectors here to prepare themselves for further exploring the market of the Chinese mainland.

CEPA and its six annexes were signed here Friday afternoon, and will go into force on Jan. 1, 2004.

Vice Minister of Commerce An Min and Macao's Secretary for Economy and Finance Francis Tam Pak Yuen signed the pact on behalf of the Central government and the Macao SAR government, respectively.

Chinese Vice-President Zeng Qinghong and Chief Executive of the Macao SAR government Edmund Ho Hau Wah attended the signing ceremony.

(Xinhua News Agency October 18, 2003)