Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA)
February 13, 2009
What is CEPA?
The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) is the first free trade agreement ever concluded by the Mainland of China and Hong Kong. The main text of CEPA was signed on 29 June 2003.
CEPA opens up huge markets for Hong Kong goods and services, greatly enhancing the already close economic cooperation and integration between the Mainland and Hong Kong.
CEPA adopts a building block approach, and the two sides have been working closely to introduce further liberalization measures continually. The agreed liberalization measures for various phases of CEPA are stipulated in the CEPA Legal Text.
CEPA is a win-win agreement, bringing new business opportunities to the Mainland, Hong Kong and all foreign investors. For Hong Kong, CEPA provides a window of opportunity for Hong Kong businesses to gain greater access to the Mainland market. CEPA also benefits the Mainland as Hong Kong serves as a perfect “springboard” for Mainland enterprises to reach out to the global market and accelerating the Mainland’s full integration with the world economy. Foreign investors are also welcome to establish businesses in Hong Kong to leverage on the CEPA benefits and join hands in tapping the vast opportunities of the Mainland market.
Implementation
CEPA covers 3 broad areas:
Trade in goods – All goods of Hong Kong origin importing into the Mainland enjoy tariff free treatment, upon applications by local manufacturers and upon the CEPA rules of origin (ROOs) being agreed and met.
Trade in services – Hong Kong service suppliers enjoy preferential treatment in entering into the Mainland market in various service areas. Professional bodies of Hong Kong and the regulatory authorities in the Mainland have also signed a number of agreements or arrangements on mutual recognition of professional qualification.
Trade and investment facilitation – Both sides agreed to enhance co-operation in various trade and investment facilitation areas to improve the overall business environment.
Source: Trade and Industry Department
The Government of the Hong Kong SAR
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Hong Kong – No. 1 freest economy
February 13, 2009
Hong Kong – Hong Kong was on Tuesday ranked the world’s freest economy for the 15th consecutive year in a survey by the US think-tank the Heritage Foundation.
Singapore was again ranked second in the annual study, followed by Australia, Ireland and New Zealand. The US was ranked sixth, one place lower than last year.
At the opposite end of the survey, North Korea was ranked the world’s most restricted economy, followed by Zimbabwe, Cuba, Myanmar and Eritrea.
Hong Kong scored 90 out of 100 in the rankings, 0.3 points more than in 2008 and some 30 points above the world average of 59.5 points.
Of the 10 individual areas assessed, Hong Kong ranked first in trade freedom, investment freedom and financial freedom and was in the top 10 for business freedom, monetary freedom and property rights.
The pro-free market foundation said Hong Kong was one of the world’s leading financial centres and said its regulation of banking and financial services was transparent and efficient.
Responding to the survey, Hong Kong’s financial secretary John Tsang said: “We are determined to uphold Hong Kong as the freest economy in the world.
“We see the role of the government as that of a facilitator. We can provide a business-friendly environment where all firms can compete on a level playing field.”
A total of 179 global economies were judged on 10 criterion, including freedom from corruption and labour freedom, to decide the Heritage Foundation rankings.
Source: SAPA
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LPG Automotive Tanks that May leak LPG Recalled
February 1, 2009
There has been a national recall of more than 13,500 LPG automotive tanks that may leak liquid LPG.
Axiom-brand hand taps on the tanks may have been fitted with an undersized O-rings, leading to the potential leaks.
The problem affects tanks fitted between November last year and February this year across the country.
LPG cylinder manufacturer APA is attempting to contact all motorists with the affected product.
In the meantime motorists have been advised not to refill the LPG tank, to avoid parking in a confined space and to contact their installer to have the affected part replaced.
Source: http://arafura.axxs.org
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Ford Ends the Parallel Parking Nightmare
February 1, 2009
I avoid parallel parking with every ounce of my being. I haven’t attempted a parallel parking maneuver since drivers’ ed in high school. It’s true! So I was really impressed to learn that Ford is introducing an Active Park Assist feature on the 2010 Lincoln MKS, which will be available in summer 2009.
I know what you’re thinking: “Didn’t Lexus already introduce this feature?” Well, yes and no. Ford’s system uses ultrasonic-based sensors and electric power assisted steering to position your car for parallel parking, calculates the optimal steering angle and quickly steers the car into a parking spot with the touch of a single button. This technology is supposed to be a step above the Lexus system which utilizes video cameras to determine how to steer the vehicle. According to Ford execs, the system works faster and more accurately than the Lexus system, and should be less expensive as well.
In addition to helping ease parallel parking woes, the system also increases fuel economy by up to 5 percent while reducing emissions and enhancing performance, compared with traditional steering, Ford says.
“This is technology not for the sake of technology,” said Ali Jammoul, Ford’s chief engineer for chassis engineering and steering systems, “but technology designed to meet the needs and wants of customers.”
If a Lincoln MKS is not in your price range, you will be happy to know that by 2012, Ford plans to fit nearly 90 percent of its Ford, Lincoln and Mercury lineup with this system, putting it within reach for the masses.
Source: http://www.motherproof.com
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New Development Zone to Take Shape Near Beijing
January 31, 2009
China’s port construction, steel and power giants will pour 192.9 billion yuan (28 billion U.S. dollars) for infrastructure construction in Caofeidian, an island-turned development zone in the Bohai Bay in north China, according to the city government of Tangshan, which administrates the zone.
Xinhua’s source with the government said on Wednesday that 65 billion yuan of the investment will be used for 105 infrastructure projects this year.
The 50-sq km development zone in Hebei Province is 220 km to the east of Beijing. It has been designated as a model of China’s environment-friendly industrial base.
The projects under construction this year will equip the zone with 200 million tons of port handling capacity and an initial industrial production condition for key companies, such as the Beijing Capital Iron and Steel Group’s steel plant, which moved from the capital city’s urban area to Caofeidian in 2007.
The Caofeidian industrial zone was put on China’s list of pilot areas for recyclable economy in October 2005. Chinese President Hu Jintao and Premier Wen Jiabao both paid visits to the zone. They expect it to become a demonstration area for scientific development and recyclable development.
Caofeidian has been mapped to become the country’s largest steel production base by 2010. An evaluation by the country’s environmental watchdog shows the steel plant will ensure 99.5 percent of solid waste and 97.5 percent of waste water are recycled.
State-owned giants like Petro China and Huadian Power Group have also made the zone their energy base.
Caofeidian, once a small sand spit in the Bohai Bay, has extended into a land of more than 50 square km through sea fillings since 2003. The frame of a modern city is beginning to take shape here as crowds of elite technicians and industrial workers swarm to the zone.
Source: Xinhua News Agency
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