CEPA Enhancements to Catalyze Hong Kong's Regional Significance in Finance and Trade
CEPA Enhancements and Their Impact
CEPA (Closer Economic Partnership Agreement) amendments, effective March 1, aim to strengthen Hong Kong's competitiveness as a pivotal regional headquarters. These enhancements facilitate smoother travel and business operations for foreign-funded enterprises and enhance opportunities for economic exchange.
Travel Permits for Foreign Passport Holders
With 48,000 applications for the new five-year, multi-entry mainland Chinese travel permit received, 16,000 approvals highlight the initiative's popularity. This travel permit allows entry for various purposes such as visiting family, business, and tourism.
- Applicants can stay up to 90 days per visit.
- The permit enables self-service border clearance, simplifying transit.
Implications of CEPA Amendments
Chan emphasized that easing entry requirements for industries will attract talent and promote foreign investments. The new rules will:
- Cancel the US$2 billion asset requirement for Hong Kong finance institutions investing in mainland insurance,
- Allow companies with under three years’ experience to access CEPA benefits.
These changes aim to fortify Hong Kong's role as a superconnector while enhancing its appeal to foreign enterprises seeking to penetrate 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.