For Immediate Release
The Hong Kong General Chamber of Commerce welcomes the State Council’s approval to set up a pilot zone in Qianhai for innovative financial products, and the signing of Supplement IX to CEPA, between the Ministry of Commerce andthe HKSAR Government, which introduces 43 services liberalization and trade facilitation measures. The Chamber believes the initiatives will enhance cooperation in the services industries between Hong Kong and the Mainland and facilitate economic development.
Chamber Chairman C K Chow pointed out that the new CEPA measures not only further relax restrictions on market access in 21 existing sectors, but a new sector, education services, has also been included in this supplement. Under the arrangement, Hong Kong educational institutions will be allowed to set up schools in Qianhai and Hengqin, as well as training bodies in the Mainland on a wholly-owned basis. The move could promote the bilateral flow of talent and cooperation between educational institutions.
New liberalization measures will be opened up on a trial basis in accounting, construction, medical services, telecommunications, environment, distribution, individually owned stores, etc. Chow said the measures will further lower the entry thresholds for Hong Kong enterprises and professionals investing in Guangdong.
Since CEPA’s inception nine years ago, 338 liberalization measures in 48 service sectors have been rolled out, many of which were part of the Chamber’s annual ‘Wish Lists’ which we submitted to both the Hong Kong and Mainland governments. We are happy to see that many of our recommendations have been accepted.
Chamber CEO Shirley Yuen said, “We are glad that our proposals on outbound group tours operated by Hong Kong travel agents, and the establishment of wholly-owned job intermediaries, among others, have been accepted in the latest supplement. In particular, the new measure to allow eligible Hong Kong accountants to become partners in accounting firms in Qianhai can be regarded as a breakthrough in mutual recognition of professional talents.”
Thanks to CEPA, the liberalization of trade in services and goods in Hong Kong and the Mainland has helped to deepen investment and trade in a wide range of industries. In fact, the economic benefits brought about by CEPA are obvious to all. Chow said the liberalization measures in Supplement IX are far reaching and open new avenues for expanding cooperation in innovation under the pilot schemes. As a result, cooperation between the Mainland and Hong Kong services industries will scale new heights.
Yuen added that Supplement IX lowers the share that Hong Kong service suppliers’ are required to hold in various sectors. This shows the Government’s concern and support for the development of Hong Kong’s services industry. Vice-Premier of the State Council Li Keqiang indicated last year that liberalization of trade in services between the Mainland and Hong Kong will effectively achieve full services liberalization before the end of the 12th Five-Year Plan period. The Chamber is confident that Supplement IX marks an important step towards achieving this goal.
In addition, the Qianhai special financial district has introduced tax incentive policies, and a capital account convertibility pilot scheme. Chow believes the moves will encourage investment and financial cooperation between Hong Kong and Shenzhen,as well as cross-border loans for raising capital. He added that financial institutions in Hong Kong have more room to develop in the Mainland.
The Chamber urges the business sector to seize opportunities created by CEPA IX, and take advantage the pilot scheme in Qianhai’s special financial district.
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