The terms of the Closer Economic Partnership Arrangement (CEPA) are more favourable than what the mainland offered to other countries when it joined the World Trade Organization (WTO), Financial Secretary Antony Leung said Sunday.

As such, the agreement reflects fully the central government's staunch support towards Hong Kong as well as a good understanding of the local economic situation.

The fact that a solid agreement with substantive details can be finalized within 18 months fully reflects the mainland's economic strengths and the principle of "One Country, Two Systems", he said.

"The terms of the CEPA pinpoint our situation and can therefore help Hong Kong a lot. Had there been inadequate understanding about Hong Kong, the proposal would have been very vague," he said.

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