HKGCC sees next CEPA step fostering cross-border service cooperation

THE Hong Kong General Chamber of Commerce has applauded the signing of Supplement IX to the Closer Economic Partnership Arrangement (CEPA) between the Ministry of Commerce and the Hong Kong Government.

Supplement IX introduces 43 services liberalisation and trade and investment facilitation measures, including 37 liberalisation measures in 22 service sectors. All measures relating to the liberalisation of trade in services will take effect next January.

The General Chamber of Commerce said it believes the initiatives will facilitate economic development between Hong Kong and mainland China. They are also expected to enhance cooperation in the services industries on both sides of the border, and to promote mutual recognition of professional qualifications.

New liberalisation measures will be opened up on a trial basis in sectors such as distribution, construction, medical services telecommunications, environment, individually owned stores and accounting.

HK General Chamber chairman CK Chow said the measures contained in Supplement IX will further lower the entry thresholds for Hong Kong enterprises and professionals investing in Guangdong.

According to Mr Chow, the economic benefits brought by CEPA are obvious to all. He noted that the liberalisation measures in Supplement IX are far reaching and open new avenues for expanding cooperation in innovation under the pilot schemes. As a result, he is optimistic that cooperation between mainland China and Hong Kong service industries will scale new heights.

Supplement IX also lowers the share that Hong Kong service suppliers are required to hold in various sectors. Vice-premier of the State Council Li Keqiang indicated last year that liberalisation of trade in services between the mainland and Hong Kong will effectively achieve full services liberalisation before the end of the 12th Five-Year Plan period. The chamber is confident that Supplement IX marks an important step to this goal.

Since CEPA's inception nine years ago, 338 liberalisation measures in 48 service sectors have been rolled out, many of which were part of the chamber's annual wish lists that have been submitted to both the Hong Kong and central Chinese governments.