CEPA’s new addition to boost trade
Print Edition
The Chinese mainland and Hong Kong yesterday signed a new supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement, aiming to enhance trade and economic cooperation and exchanges.
The supplement, the 10th of its kind, was signed by Chinese Vice Minister of Commerce Gao Yan and Hong Kong Financial Secretary John Tsang in Hong Kong.
Supplement X to CEPA provides liberal measures and facilitate trade and investment for 73 services. Trade in services will see 65 liberal measures, and eight measures will enhance cooperation in finance and facilitate trade and investment between the mainland and Hong Kong.
Including the measures in Supplement X, there are 403 liberalization measures for trade in services under CEPA.
In financial cooperation, the mainland agreed to actively study mutual recognition of fund products between the two places, and to actively support qualified Hong Kong insurers to conduct compulsory traffic accident liability insurance business on the mainland. Applications made by Hong Kong insurers will be actively considered and facilitation will be provided in accordance with relevant rules and regulations.
According to the latest survey released by the Securities and Futures Commission, the combined fund management business in Hong Kong rebounded sharply to a record high of HK$12.59 billion (US$1.62 billion) as of the end of 2012, representing an annual growth of 39.3 percent.
On legal services, law firms from Hong Kong and Guangdong Province will be allowed to enter into agreement under which the Guangdong firms may second mainland lawyers to work as consultants on mainland law in representative offices set up by Hong Kong law firms in the province.
On audiovisual, the dialect version of motion pictures produced by Hong Kong and co-produced by Hong Kong and the mainland will be allowed to be distributed and screened on the mainland, after being examined by and obtaining the approval of the relevant authorities on the mainland, on the condition that standard Chinese subtitles are provided on screen.
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