Page 364 - 2017 White Paper
P. 364
7 White Paper on the Business Environment in China
3.6HongKongSpecialAdministrativeRegion
East Asia’s Logistics and Financial Hub mainland China similar to a free trade agreement. By
2002, the official term, Closer Economic Partnership
Situated at the southeastern tip Arrangement (CEPA), was confirmed.CEPA promotes
of China, Hong Kong is at closer integration and development of the PRD through
the center of East Asia. Since its return to the Chinese trade in goods and services, investment facilitation and
Mainland in 1997, the special administrative region has tourism.
been a model for the success of the “One Country, Two
Systems” policy. Hong Kong is the world’s 10th largest The basic objectives of CEPA are to phase out
trading economy, 6th biggest foreign exchange market tariffs and non-tariff barriers on trade in commodities,
and, with its service sector accounting for more than liberalize trade in services and reduce and eliminate all
90 percent of GDP, the world’s most service-oriented discriminatory measures to boost trade and investment
economy, according to the Hong Kong Development and in the Greater PRD.For manufacturing industries, CEPA
Trade Council. allows the vast majority of manufactured goods that
meet Hong Kong rule of origin and CEPA specifications
Hong Kong encompasses Hong Kong Island, the into the Chinese mainland duty-free. In the service
Kowloon Peninsula and the New Territories. Parts of the sector, CEPA gives Hong Kong companies in specified
region consist of the most densely populated places in sectors preferential access to markets.
the world, while others are quite rural. Approximately 88
percent of the population speaks Cantonese as their first To enhance cooperation between Hong Kong and
language, rather than the mainland’s official language of Mainland China in the services sector, the Chinese
Mandarin Chinese. central government and the government of the Hong
Kong Special Administrative Region signed the “Tenth
Economy Supplement to the Mainland and Hong Kong Closer
Economic Partnership Arrangement” (CEPA) on August
Major economic sectors of Hong Kong include: trade 29, 2013, which took effect on January 1, 2014.
and logistics, tourism, financial services, professional
services and other producer services. Mainland China The Tenth Supplement further relaxes the market
is Hong Kong’s largest trading partner and the largest access conditions in 28 existing sectors, namely:
source of external direct investment into Hong Kong.
Its relationship covers a wide range of activities · Legal
ranging from traditional areas such as imports/exports, · Construction
wholesale and retail, banking and transport and · Computer and related services
warehousing, to newer areas such as real estate, hotels, · Real estate
financial services, manufacturing and infrastructure · Market research
development. · Technical testing & analysis services
· Placement and supply services of personnel
Spotlight on CEPA’s Tenth Supple- · Building-cleaning
ment · Photographic
· Printing
In December 2001, after China’s accession to the · Convention and exhibition
WTO, Hong Kong proposed an arrangement with · Translation and interpretation services
· Telecommunications
364 · Audiovisual
3.6HongKongSpecialAdministrativeRegion
East Asia’s Logistics and Financial Hub mainland China similar to a free trade agreement. By
2002, the official term, Closer Economic Partnership
Situated at the southeastern tip Arrangement (CEPA), was confirmed.CEPA promotes
of China, Hong Kong is at closer integration and development of the PRD through
the center of East Asia. Since its return to the Chinese trade in goods and services, investment facilitation and
Mainland in 1997, the special administrative region has tourism.
been a model for the success of the “One Country, Two
Systems” policy. Hong Kong is the world’s 10th largest The basic objectives of CEPA are to phase out
trading economy, 6th biggest foreign exchange market tariffs and non-tariff barriers on trade in commodities,
and, with its service sector accounting for more than liberalize trade in services and reduce and eliminate all
90 percent of GDP, the world’s most service-oriented discriminatory measures to boost trade and investment
economy, according to the Hong Kong Development and in the Greater PRD.For manufacturing industries, CEPA
Trade Council. allows the vast majority of manufactured goods that
meet Hong Kong rule of origin and CEPA specifications
Hong Kong encompasses Hong Kong Island, the into the Chinese mainland duty-free. In the service
Kowloon Peninsula and the New Territories. Parts of the sector, CEPA gives Hong Kong companies in specified
region consist of the most densely populated places in sectors preferential access to markets.
the world, while others are quite rural. Approximately 88
percent of the population speaks Cantonese as their first To enhance cooperation between Hong Kong and
language, rather than the mainland’s official language of Mainland China in the services sector, the Chinese
Mandarin Chinese. central government and the government of the Hong
Kong Special Administrative Region signed the “Tenth
Economy Supplement to the Mainland and Hong Kong Closer
Economic Partnership Arrangement” (CEPA) on August
Major economic sectors of Hong Kong include: trade 29, 2013, which took effect on January 1, 2014.
and logistics, tourism, financial services, professional
services and other producer services. Mainland China The Tenth Supplement further relaxes the market
is Hong Kong’s largest trading partner and the largest access conditions in 28 existing sectors, namely:
source of external direct investment into Hong Kong.
Its relationship covers a wide range of activities · Legal
ranging from traditional areas such as imports/exports, · Construction
wholesale and retail, banking and transport and · Computer and related services
warehousing, to newer areas such as real estate, hotels, · Real estate
financial services, manufacturing and infrastructure · Market research
development. · Technical testing & analysis services
· Placement and supply services of personnel
Spotlight on CEPA’s Tenth Supple- · Building-cleaning
ment · Photographic
· Printing
In December 2001, after China’s accession to the · Convention and exhibition
WTO, Hong Kong proposed an arrangement with · Translation and interpretation services
· Telecommunications
364 · Audiovisual
