Chinese mainland, HKSAR sign agreement to deepen cooperation in services

The Chinese mainland and the Hong Kong Special Administrative Region (HKSAR) have signed an agreement to further deepen economic and trade ties and to provide easier access for Hong Kong's services trade providers to the mainland, the Ministry of Commerce (MOFCOM) announced on Wednesday.

Li Yongjie, deputy international trade representative of the MOFCOM, and Paul Chan, financial secretary of the HKSAR, on Wednesday signed an agreement to revise the services trade agreement under the Closer Economic Partnership Arrangement (CEPA). The revision is set for official implementation on March 1, 2025.

The revision followed the first revision in 2019 and is designed to deepen economic and trade exchanges between the mainland and the HKSAR, provide robust support for Hong Kong's economic development, and facilitate its integration into the nation's development framework, the MOFCOM said.

It addresses the economic and social development needs of Hong Kong while responding to the demands of diverse industries. Key features of the revision include the reduction or elimination of entry barriers for Hong Kong service providers across various sectors, including finance, telecommunications, construction, and tourism. This will simplify the process for professionals to operate in the mainland.

Notably, some of the opening-up measures will be rolled out first in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to enhance the regulatory alignment.

The newly revised CEPA will accelerate the development of new quality productive forces, Paul Chan said, China Media Group's media channel Radio The Greater Bay reported.

Signed between the mainland and Hong Kong in 2003, the CEPA has significantly facilitated trade liberalization in both goods and services.

Among the 160 services trade sectors classified by the World Trade Organization, the mainland has now opened up 153 to Hong Kong, the MOFCOM said in July.