Since CEPA was signed four years ago, Hong Kong's service industries such as real estate, finance and tourism, have started business on the mainland under the framework of the agreement.

Thanks to the mainland's large market and rapidly growing economy, Hong Kong's service companies operating on the mainland are full of vitality. Centaline is like a record of the significant changes the Hong Kong economy has undertaken.

"Centaline has a property price index. This not only reflects changes in property prices, but even reflects political and economic changes and changes in the popular mood. The index topped 100 in 1997, but then it decreased steadily up to 2003 when it bottomed out at 31, a loss of 70%. However, after the adoption of new state policies and the implementation of CEPA, the index hit and passed 50, a gain of about 50-60%. So the popular mood in Hong Kong is now pretty good," said Shih Wing Ching.

Now, in 2007, Centaline has 600 offices and outlets on the Chinese mainland, has a staff of 15,000 and makes a profit of more than 100 million yuan. Its scale of business in China is now much greater than in Hong Kong. The company's success is a reflection in miniature of the spectacular effect the CEPA framework has had on Hong Kong service industries.

"On the surface, CEPA was designed to help the manufacturing sector, but in fact its greatest impact has been on the service sector, with about 90% of Hong Kong's GDP now coming from the service sector," said Peter Woo, Chairman of the Hong Kong Trade Development Council.

In the past, most of what mainland residents knew about Hong Kong they had gained from movies, and the impressions they had as a result were glamorous. In order to take advantage of this, the Hong Kong government seized upon the idea of creating its own Avenue of Stars. In the weeks leading up to the grand opening of the Avenue of Stars the Hong Kong Tourism Board publicized the event to people on the mainland from its offices in Shanghai. Then, a few days before the May 1st "golden week" holiday in 2004, Hong Kong movie stars came to mingle with tourists at the grand opening.

The Hong Kong film industry created a miracle at the end of the 1980s when it became number two in the world with over 400 movies a year, second only to the US. Nearly everywhere in the world, people were watching Hong Kong films. That time is looked upon with fond memories by people in the Hong Kong industry. But as time went on, the light faded, the miracle disappeared and the brilliance began to fade.

"We grew up on the milk of Hong Kong movies and we have affection for Hong Kong movies, so we all hope that the industry will regain its former glory, and in particular that it can recover from its current output of over 50 movies per year to the 400 per year of that period. We have seen many of the people who work behind the curtain leaving the industry to drive cabs and do other work. They just couldn't wait any longer because, after all, they had to eat," said Eric Tsang, Chairperson of the HK Performing Artistes Guild.