Done deal:
Chief Executive Donald Tsang speaks after witnessing the signing of Supplement VIII to the Closer Economic Partnership Arrangement.
Supplement VIII to CEPA signed
December 13, 2011
The Hong Kong and Central Governments have agreed to boost economic and trade co-operation and exchange under the Closer Economic Partnership Arrangement.
Witnessed by Chief Executive Donald Tsang and other guests, Financial Secretary John Tsang and Vice-Minister of Commerce Jiang Yaoping signed Supplement VIII to CEPA today.
Mr Tsang said the agreement further opens the Mainland's service-sector market to Hong Kong and enhances bilateral trade.
Supplement VIII provides for 32 services liberalisation and trade and investment facilitation measures, including 23 liberalisation measures in 16 service sectors, and strengthens co-operation in areas such as finance, tourism, innovation and technology.
Both sides also agreed to enhance origin criteria in trade in goods, and relax the definition and related requirements of Hong Kong service suppliers.
Of the 32 measures, 15 are related to the implementation of measures announced by Vice Premier Li Keqiang during his visit to Hong Kong in August.
Supplement VIII allows Mainland banks to make use of Hong Kong's international financial platform to develop their international businesses, and supports Hong Kong insurance companies entering the market through the setting up business institutions or capital participation, to participate and share in the development of the Mainland insurance market.
On construction, it allows Hong Kong professionals who have obtained Mainland qualifications through mutual recognition, to register and practise in Guangdong and enjoy the same treatment as Mainland counterparts.
On hospitals, the deal allows Hong Kong service suppliers to set up wholly-owned hospitals in all municipalities directly under the Central Government and provincial capitals.
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