Hong Kong, mainland China expand Cepa deal to cover sectors such as tourism, TV and film

Officials sign amendment to Closer Economic Partnership Arrangement, with finance chief Paul Chan hailing move as bringing ‘win-win results’

Reading Time:3 minutes

Finance minister Paul Chan (front row, left) and Ministry of Commerce deputy international trade representative Li Yongjie (front row, right) at the signing on Wednesday. Photo: Eugene Lee

Published: 6:22pm, 9 Oct 2024Updated: 10:11pm, 9 Oct 2024

Hong Kong has expanded a free-trade deal with mainland China covering seven sectors, including tourism, television and film, which the finance chief has said will allow more local companies to gain a foothold across the border, bolstering the city’s economy.

Financial Secretary Paul Chan Mo-po signed the second amendment to the framework on trade in services under the Closer Economic Partnership Arrangement (Cepa) on Wednesday.

The move will allow for the relaxation of qualification requirements for Hong Kong professionals working on the mainland and the removal of some restrictions on shareholding and business scope across the border.

Authorities last amended the agreement in 2019 to allow for greater liberalisation of cross-border trade in services.

Li Yongjie, who signed the agreement as the deputy international trade representative for the Ministry of Commerce, said her department remained committed to supporting Hong Kong under the “one country, two systems” governing principle.

“The Ministry of Commerce will continue to resolutely follow the one country, two systems direction to support Hong Kong to leverage its unique strengths and advantages, deepen reform comprehensively and contribute more to high-quality opening up to external parties,” Li said.