Chinese mainland, Hong Kong sign expanded economic accord

July 29 (Xinhua) — The Chinese central government and the government of the Hong Kong Special Administrative Region (HKSAR) on Tuesday signed Supplement V to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), which will allow Hong Kong enterprises greater and easier access to the mainland market.

The supplement was a fifth supplement to CEPA, which has been expanded each year since it was first signed in 2003. The supplement was signed by John Tsang, financial secretary of the HKSAR government, and the central government’s Vice Minister of Commerce Jiang Zengwei at a ceremony witnessed by HKSAR Chief Executive Donald Tsang.

Donald Tsang said the new economic accord, which comes into force on Jan. 1, 2009, will introduce 29 measures that will build on the liberalization of 15 services sectors and open two more mining-related services sectors to Hong Kong businesses.

The total number of services sectors covered by the CEPA and its supplements will thereby be expanded from 38 to 40, Jiang said. Under the agreements, the mainland has agreed to exempt tariffs for all products of Hong Kong origin and allow preferential treatment to Hong Kong service suppliers in the service sectors.

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