BPA welcomes the new measures under the Supplement X to CEPA (“CEPA X”). As Hong Kong’s legal and financial professional services already possess definite advantages, CEPA X renders further assistance to them in anchoring the Mainland market and exchanging with high-skilled personnel.
CEPA X achieves breakthrough in the liberalization of business development and sale of investment products. It is noteworthy that Hong Kong-funded financial institutions may hold more than 50% shareholding in joint venture. This will promote capital and manpower flows between Hong Kong and Mainland.
Mr. Christopher Cheung, as the vice chairman of BPA and representative for financial services in the LegCo expresses appreciation of CEPA X. He said, “the securities institutions in Hong Kong have anticipated setting up joint venture companies in Mainland. This has eventually become reality.” He added that the CEPA X showed Central Government’s support to the financial sector of Hong Kong. The liberalisation measures also demonstrate that the governments adopt the recommendations from him and BPA.
The scope of testing services that can be undertaken by Hong Kong testing organizations will be extended from food to other areas of product certification with the same treatment as accorded to Mainland certification bodies. BPA observes the measures as further deploying Hong Kong’s advantages in testing services, which will be ultimately beneficial to product quality promotion and brand building, as well as pursuing economic development.
CEPA X also allows the local dialect versions of motion pictures from Hong Kong be distributed and screened in the Mainland. BPA views that with CEPA X, Hong Kong film industry will be increasingly vibrant in the vast Mainland market with larger potential market.
BPA also welcomes CEPA X in introducing various liberalisation measures to Hong Kong covered in the services agreement signed by the Mainland and Taiwan under the Economic Cooperation Framework Agreement, which marks CEPA as the most liberalised free trade agreement signed by the Mainland. CEPA X stipulated clearly the pledge to achieve liberalisation of trade in services between the Mainland and Hong Kong before the end of the National 12th Five-Year Plan period.
Follow