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The part of the deal on better protection of IP rights has positive implications for both nations, as China showed its will and capability to be a more dynamic and innovation-led economy, Huff added.

However, incoming tourists have brought tremendous changes as the local government has increased investment and strengthened management.

He pointed out that in the first 11 months of this year, trade between China and the EU, according to statistics, was estimated to grow by 7.7 percent from last year. From January to July, EU investment in China was up by 18.3 percent year on year, and sixty percent of EU companies regard China as a leading destination of investment.

Noting that the SAR government is ready to provide diversified services and suitable support for the elderly to enjoy their golden years in face of an aging population, Lam suggested to combine the Normal Old Age Living Allowance Scheme (OALA) with Higher OALA, so that qualified elderly people aged 65 or above would receive a standard payment rate of 3,585 Hong Kong dollars (491 U.S. dollars) per month.

China has set 2020 as the target year to eradicate absolute poverty. The ministry urged more efforts in tapping the cultural and tourist resources and making new achievements in poverty reduction.