In a move that's set to pump up economic vibes, John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), announced on Wednesday that Hong Kong is joining hands with the Chinese mainland to supercharge competitiveness in the services sector. This collaboration aims to inject fresh energy into economic development and achieve high-quality growth. 💼✨
Lee's announcement came after the HKSAR government and the Ministry of Commerce of the Chinese mainland inked the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services. The signing ceremony, held in Hong Kong on Wednesday, marks a significant milestone in strengthening economic ties. 🤝📄
The agreement was signed by Paul Chan, Financial Secretary of the HKSAR government, and Li Yongjie, Deputy International Trade Representative of the Ministry of Commerce. Since the original CEPA was signed back in 2003, it has evolved into a comprehensive free trade agreement covering goods, services, investment, and economic cooperation. This latest amendment takes things to the next level! 🔝🌐
The new deal introduces liberalization measures across various service sectors where Hong Kong shines bright, like financial services, construction, engineering, testing and certification, telecommunications, movies, TV, and tourism. Think of it as unlocking new levels in a game, making it easier for Hong Kong's talents and businesses to level up in the mainland market! 🎮💡
These measures include removing restrictions on equity shareholding and business scope, easing qualification requirements for Hong Kong professionals, and smoothing out the path for Hong Kong's service exports to the mainland. It's like clearing the hurdles so everyone can sprint ahead! 🏃♂️💨
Innovation is also on the table, with new perks like allowing Hong Kong-invested enterprises to adopt Hong Kong law and choose Hong Kong as the seat for arbitration. This is big news for Hong Kong investors, especially those in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), fueling collaboration and growth in the region. 🌉🌟
\"These new measures make it easier for Hong Kong service suppliers to set up shop and expand on the mainland,\" Lee said. \"It enables more Hong Kong professionals to get qualified to practice on the mainland, lets more of our quality services reach the mainland market, and contributes to the country's development.\" 🚀🇨🇳
Some of these awesome measures will first roll out in Guangdong Province before going nationwide. The agreement takes effect immediately and will be officially implemented on March 1, 2025. Mark your calendars! 🗓️✨
This collaboration isn't just a big win for Hong Kong and the Chinese mainland; it's a game-changer that boosts the region's economic prowess and opens up new horizons for young professionals and entrepreneurs. Time to seize the opportunities! 💪🌠
Reference(s):
John Lee says HK, mainland to enhance services trade competitiveness
cgtn.com
