[CCTV] Chinese Mainland, HK and Macao sign Trade Liberalisation Deals

CCTVNews

Chinese mainland, HK and Macao sign trade liberalization deals

China’s Ministry of Commerce signed its first trade liberalization deals Thursday, with the‪#‎HongKong‬ SAR and ‪#‎Macao‬ SAR governments.

Drafted under the framework of CEPA (Closer Economic Partnership Agreement), the new deal opens 153 of Guangdong Province’s 160 service industry subsectors to HK and Macao’s service providers.

The deals also offer ‘national treatment’ to the two SARs in 58 subsectors, which means that any preferential treatment offered by the mainland to other countries and regions that is better than CEPA’s terms, those will automatically extend to HK and Macao as well.

Analysts say the agreements will further eliminate the barriers between the three regions, and will especially boost deeper cooperation between HK’s service industry and the mainland’s manufacturing industry.

Moreover, the agreement will encourage more citizens from HK and Macao to start their businesses in mainland. According to Zhang Guangnan, professor from Sun Yat-sen University, the deals will especially benefit Macao, as it will reduce the SAR’s reliance on gaming industry and promote industry diversification there.

“Macao is among the world’s top leisure centers. Based on the agreement, Macao could further expand its pillar industries to conferences and exhibitions with the Chinese mainland. That will help to boost the diversification of its industries,” said Zhang Guangnan.