SAR, Commerce Ministry sign amendment to CEPA

Local enterprises and professionals will be able to access mainland markets more easily thanks to the latest amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), Financial Secretary Paul Chan said on Wednesday. He made the comment after the SAR government and the Ministry of Commerce signed an agreement to amend the CEPA framework on trade in services. The free trade agreement, first signed between the SAR and the mainland in 2003, allows qualifying Hong Kong companies and residents to enjoy preferential access to the mainland market. The changes, which will take effect from March 1 next year, include removing or loosening restrictions on business scope in setting up enterprises, and relaxing qualification requirements for professionals from certain sectors. "I'm sure for the professional sectors, people are very keen to expand their foothold into the mainland by using the Greater Bay Area as the starting point. So this will be a very positive impact on Hong Kong," Chan told reporters. "In the relaxation agreement, there are certain industries directly benefiting, including the testing and certification sector, telecommunications, filming, television, financial services, and tourism." Under the amendment, local surveying enterprises will be allowed to provide services in Guangdong province through the filing of records, and Hong Kong telecom service suppliers can sell international phone cards which cannot be activated in the mainland across the border. For tourism, the 144-hour visa-exemption policy for foreign tour groups entering Guangdong from Hong Kong will be optimised. In banking, foreign bank branches set up by Hong Kong companies will be allowed to offer bank card services. Asked about the recent fluctuations in the stock market, Chan said the financial market is affected by many factors including external interest rates, adding that investors should manage risks carefully.

SAR, Commerce Ministry sign amendment to CEPA

SAR, Commerce Ministry sign amendment to CEPA

SAR, Commerce Ministry sign amendment to CEPA

SAR, Commerce Ministry sign amendment to CEPA

SAR, Commerce Ministry sign amendment to CEPA