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Economic cooperation between Hong Kong and Mainland China, especially Guangdong province, has flourished since the establishment of the Hong Kong Special Administrative Region in 1997.The landmark is the conclusion of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the Mainland in 2003.CEPAcovers liberalization of trade in goods, liberalization of trade in services, mutual recognition of professional qualifications, and other trade facilitation measures.This paper argues that a collaborative governance regime is emerging under "One Country, Two Systems" and the collaborative approach will be used to explain the intensifying Hong Kong-Mainland economic cooperation under CEPA.This paper has three parts.Part one overviews the evolution of intergovernmental mechanisms between Hong Kong and the Mainland and introduces the analytical framework.Part two discusses how the framework can be applied to the intergovernmental mechanisms on CEPA and part three analyzes the key provisions of CEPA and its implications.