Hong Kong Business News

Chief Executive John Lee today welcomed the substantial conclusion of the consultations between the Ministry of Commerce and the Hong Kong Special Administrative Region Government for further liberalisation of trade in services under the Mainland & Hong Kong Closer Economic Partnership Arrangement (CEPA).

Mr Lee said he looks forward to finalising the text for the new agreement as soon as possible by the two sides and formally signing and implementing the agreement after completion of respective internal approval procedures. Details of the measures will be announced then.

After months of consultations, the two sides have largely reached consensus on new measures to further liberalise the Mainland's trade in services with Hong Kong.

The new liberalisation measures target service sectors that Hong Kong enjoys competitive advantages and expand the Mainland's liberalisation to the city, giving Hong Kong enterprises and professionals more preferential treatment to explore the Mainland market, and  simultaneously enabling them to contribute to the country's development of new quality productive forces and progress in promoting high-quality development.

Mr Lee said: "I am very grateful to the central government for its strong support to the Hong Kong SAR. I also thank the Ministry of Commerce and the relevant central ministries for the positive response to the Hong Kong SAR Government's proposals for liberalisation of trade in services.

“In the past 21 years,  CEPA reinforced Hong Kong's role as a bridge connecting the Mainland and the rest of the world and enhanced Hong Kong’s competitiveness.”

Apart from pointing out that he pledged in his 2023 Policy Address to actively seek to enrich the contents of CEPA, the Chief Executive stated that he is pleased to have achieved concrete outcomes in this respect.

“The new amendments to the CEPA Agreement on Trade in Services will further deepen economic and trade co-operation between the Mainland and Hong Kong, and provide the trade with greater room for development.

“It allows them to better tap into the vast business opportunities brought about by the rapid development of the country as well as the national and international dual circulation strategy, which carries great significance."

Under the current framework of the CEPA Agreement on Trade in Services, the Mainland fully or partially opens up 153 service sectors to Hong Kong's service industry, enabling the city’s enterprises and professionals to enjoy preferential treatment in developing their business in the Mainland.

The subject consultations aim to modify the agreement to further enhance and deepen the Mainland's level of liberalisation of trade in services with Hong Kong.

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