New round of CEPA revision consultations completed

2024-07-05 08:37:40Global Times Editor : Li Yan ECNS App Download

The Chinese mainland and the Hong Kong Special Administrative Region (HKSAR) have substantially completed a new round of revision consultations on the Closer Economic Partnership Arrangement (CEPA), and that more opening-up measures are expected to be adopted, said China’s Ministry of Commerce (MOFCOM) on Thursday.  

MOFCOM vows to further support Hong Kong with new policies based on CEPA in key professional service areas like legal, financial, construction and audiovisual services, facilitating the development of Hong Kong enterprises and professionals in the Chinese mainland, MOFCOM spokesperson He Yadong said on Thursday.

The Chinese mainland has opened 153 service sectors to Hong Kong under CEPA, accounting for 95.6 percent of the total in WTO fostering services development for Hong Kong. 

The Chinese mainland and the HKSAR have agreed to further liberalize and enhance cooperation in trade in services, MOFCOM said.

Signed between the mainland and Hong Kong in 2003, CEPA has significantly facilitated trade liberalization in both goods and services.

Under CEPA, the Chinese government announced last week that it will raise the duty-free shopping quota for mainland visitors to the Hong Kong and Macao special administrative regions, the Xinhua News Agency reported on Monday. 

HKSAR Chief Executive John Lee Ka-chiu said on Thursday that CEPA has enabled Hong Kong companies, including companies set up in HKSAR by overseas enterprises and professionals, to enjoy preferential treatment in developing their businesses in the Chinese mainland. That highlights Hong Kong's great advantage – Hong Kong’s dual gateway role between the Chinese mainland market and the global market. And with the continuing development of the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong’s gateway role will only grow, Lee said.

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