Cepa Expansion: Hong Kong and Mainland's New Economic Landscape
Cepa Expansion Bolsters Economic Ties
Hong Kong has expanded a free-trade deal with mainland China to cover seven sectors, including tourism, television, and film. This significant amendment to the Closer Economic Partnership Agreement (Cepa), signed by Financial Secretary Paul Chan Mo-po, aims to facilitate greater economic collaboration and support local firms in crossing borders.
Key Features of the Cepa Amendment
- Relaxation of qualifications for Hong Kong professionals seeking opportunities in mainland China.
- Reduction of restrictions on shareholding and business scope.
- Enhancements in market access within the Greater Bay Area.
Li Yongjie, the deputy international trade representative, emphasized the importance of this agreement under the one country, two systems framework. It aims to support Hong Kong's strengths in various service industries including banking, securities, insurance, and telecommunications.
Sector-Specific Changes and Economic Impact
- The new amendment will take effect on March 1 next year.
- Seven industries will benefit from relaxed regulations: banking, securities, insurance, telecommunications, tourism, television, and construction.
- Start-ups with less than three years of operation can now also qualify for benefits.
According to Chan, this agreement will not only foster economic growth in Hong Kong but also attract global businesses and talent seeking a foothold in the mainland market.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.