Top Biz News

HK gets wider access to mainland

By Qin Jize, Zhang Jin and Lilian Liu (China Daily)
Updated: 2006-06-30 08:32

The mainland expanded the scope of its free trade pact with the special administrative region yesterday, further liberalizing trade in goods and services and boosting co-operation in the protection of intellectual property rights and information sharing.

The agreement builds on the previous phases of CEPA, the Closer Economic Partnership Arrangement signed in 2003, and is seen by local media as a gift from the central government to Hong Kong on the deal's third anniversary.

The new measures, announced  at the Mainland, Hong Kong & Macao Trade & Economic Co-operation Forum yesterday in Hong Kong, will grant the SAR greater access to the mainland market in 10 areas starting next year, and cover legal services, construction-related consulting, tourism and air transport.

Besides, there are also agreements on information technology, conventions and exhibitions, audiovisual products, distribution, road transport and individually-owned stores.

Announcing the details, Hong Kong Chief Executive Donald Tsang said the mainland will waive import tariffs on a broader range of Hong Kong goods from Saturday including aquatic, electronic and food products.

Jia Qinglin, the visiting top political adviser to the central government, told the forum that implementation of the new measures would be sure to generate greater  economic development in the three regions.

He said the central government is also considering widening renminbi business in the two SARs to boost their role as important regional and global financial hubs.