Leung concedes NZ has its own FTA with mainland China. But she reckons New Zealand companies could partner up with Hong Kong companies to go into the Chinese market - "that would be helpful to the companies because the CEPA is nationally neutral".
Over time, New Zealand will drop all its tariff lines to zero in Hong Kong's favour. New Zealand gets greater access to Hong Kong's services trade in return.
Hong Kong authorities view the CEPA as a "living document."
But it is the ability for New Zealand companies to penetrate China's booming services via Hong Kong which is the fundamental attraction.
Since the Herald caught up with Leung last year, Hong Kong has become a fully-fledged Global Financial Centre.
"We welcome companies from New Zealand to raise funds in yuan for their direct investments on the mainland or to invest in yuan bonds issued offshore," Leung said last week. "As the yuan now moves in both directions, instead of the one-way movements in the past, borrowers see a greater need to borrow in yuan to fund investments on their mainland.
"As a result, RMB bank loans in Hong Kong are rising rapidly.
Leung says new rules announced in October on using RMB to make direct investment into the mainland provides transparency and certainty.
On the trade front, trade settled in RMB equals about 9 per cent of the mainland's merchandise trade, and there is, no doubt, room for further growth. "Traders in New Zealand can definitely take advantage of the more prevalent use of RMB in international trade for additional options in managing their currency risk."
The development of Hong Kong as China's global financial centre has expanded as international asset managers and financial institutions shift attention to Asia to capitalise on its faster economic growth.
"Hong Kong's status as a global financial centre isn't something achievable through government planning," says Leung. "Rather it is a policy objective that requires putting in place the right set of enabling policies including regulatory policies and robust market infrastructure to attract financial institutions, professionals and liquidity. Furthermore, it is a status recognised by market participants."
Hong Kong was ranked first in the Financial Development Index developed by the World Economic Forum and the Global Financial Centres.
Hong Kong is increasingly serving mainland capital going into the global capital markets.
Apart from the well-established global and local players in investment services, many mainland asset management companies are setting up bridgeheads in Hong Kong to cater to the growing affluence of mainland citizens.
Leung says to maintain Hong Kong's unique position in China's financial landscape, it will continue to "play our role as the testing ground for China's financial reforms".
"In particular, we would work closely with the mainland authorities to facilitate the growth of our offshore RMB business to facilitate the internationalisation of the yuan.
"In addition to the largest offshore RMB liquidity at about RMB 600 billion, the RMB bond market in Hong Kong is the fastest-growing fixed income market in the region. Value of issuance in 2011 amounted to RMB108 billion, tripled from the previous year, with a wide variety of international issuers including Oceania companies like Fonterra and ANZ Bank.
