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Zero tariffs for all HK produced imports
According to a survey conducted by Hong Kong authorities, its manufacturers, taking advantage of CEPA, are expected to double their exports to the mainland in 2005. The framework of CEPA was expected to help the two sides overcome the obstacles of tariffs as well as accelerate integration of the two economies, Wang said. Bilateral trade volume of the mainland and Hong Kong reached a record high last year after the arrangement was launched. The mainland's imports from Hong Kong reached some US$4.0 billion in the first four months this year, an increase of 14.3 per cent year-on-year. Exports to Hong Kong stood at US$33.7 billion, up 24.5 per cent over the same period of the previous year. Since the implementation of the CEPA free trade pact in January 2004, more than 3,000 certificates of origin have been issued to Hong Kong companies, covering products with a total value of HK$1.15 billion (US$150 million), ensuring their tariff-free treatment when entering the mainland market. CEPA has not only facilitated the trade flow between the mainland and Hong Kong but also promoted bilateral investment, experts say. Hong Kong investors are increasing their investment in the mainland as they are allowed to tap industries before their foreign rivals. During CEPA's first 12 months, 19 Hong Kong enterprises applied to invest in the commercial fields of mainland industries, compared to just 18 in the previous 11 years, according to statistics from the Ministry of Commerce.
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