As the first bilateral free trade agreement inked between the China mainland and Hong Kong, CEPA may also benefit Hong Kong's economic restructuring.Based on the analysis of Hong Kong's economic structures,this paper proposes the possible directions in which Hong Kong's economic restructuring may head for.The paper also puts forward the argument that the CEPA arrangements, mainly addressing the current difficulties met in Hong Kong's economic development,also offer a good opportunity to reinvigorate Hong Kong's manufacturing industry and expand its financial service market. Policy suggestions responding to CEPA are also lined up in the paper.