HONG KONG - Chinese Vice-Premier Li Keqiang announced Wednesday new policies and measures by the central government to support Hong Kong's development and deepen economic and financial cooperation between the mainland and Hong Kong.

Local economic experts believe such supportive policies and measures will strongly promote the service sector cooperation between the two sides.

The policies, which were announced in Li's keynote speech at a forum, mainly focus on the opening of the mainland market to Hong Kong in service trade, support for Hong Kong's standing as an international financial center and Hong Kong's development of RMB business.

In terms of the service trade, Li said "the mainland will take further steps to broaden market access for both traditional and emerging services in Hong Kong, including medical service, construction service, legal service, and testing and certification, and will support Hong Kong's travel agencies in setting up businesses on the mainland."

He said the aim is to basically achieve liberalization of service trade by the end of the 12th Five-Year Program (2011-2015). Besides, the mainland will help enterprises of the two sides to "go global" together.

According to the 12th Five-Year Program, contribution of the services sector to the mainland's GDP will rise from 43 percent to 47 percent in 2015, creating a total output value of around 26 trillion yuan (about $4.06 trillion).

Zhou Bajun, senior research fellow of the China Everbright Holdings company and a member of commission on strategic development of Hong Kong, told Xinhua the supportive policies open a broad future for Hong Kong's service sector.

"Basically achieving liberalization of service trade means in five years' time, the huge service market of the mainland will open to Hong Kong," Zhou said.

Raymond So, professor of finance at the Hang Seng management college, argues that Hong Kong has the brand advantage which can be used as a source of reference for the mainland.

It is a win-win policy to promote service trade cooperation between the mainland and Hong Kong. The mainland enterprises can not only be upgraded but also open a new aspect in Hong Kong through these steps, So said.

To adapt to profound changes in the international and domestic situation, the 12th Five-Year Program highlights innovation and transformation and calls for efforts to make strategic adjustments to the economic structure, expand domestic demand and improve the quality and efficiency of development.

According to Zhou, Hong Kong's economy also needs transformation. Knowledge-based economy and high-end service need high-tech based primary and secondary industries which Hong Kong lacks. The modernization of agriculture and industry in the mainland provides impetus and support to Hong Kong's service sector.

Hu Xiaoming, head of the Hong Kong Professional and Senior Executives Association, told Xinhua that the service sectors in the mainland and Hong Kong are complementary. On the one hand, Hong Kong's professionals need the broad market in the mainland, on the other hand, the mainland will learn more international practices and information from Hong Kong. The two sides could explore overseas markets hand in hand, he said.

During the 12th Five-Year Program period, service sector cooperation between the mainland and Hong Kong reflects further economic integration of the two sides. To seize the opportunities brought to its service sector, Hong Kong must give priority to its economic growth and connect its own improvement to the nation's development, Zhou commented.