On October 9, a significant agreement was reached in Hong Kong when Li Yongzhe, the Deputy Representative for International Trade Negotiations at the Ministry of Commerce, and Hong Kong Financial Secretary Paul Chan signed the “Agreement on the Amendment to the ‘Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Service Trade Agreement’ (referred to as Agreement No. 2).” This new agreement will take effect immediately upon signing and is set to be officially implemented on March 1, 2025. The signing ceremony was witnessed by Hong Kong’s Chief Executive John Lee and Deputy Director of the Central Government’s Liaison Office in Hong Kong, Yin Zonghua.
This revision aims to align with the spirit of the 20th National Congress of the Communist Party and the subsequent second and third plenary sessions, focusing on enhancing Hong Kong’s role in the nation’s foreign openness initiatives. It marks the second amendment to the CEPA Service Trade Agreement following its first revision in 2019, aiming to further deepen economic and trade cooperation between the two regions. This effort is designed to bolster Hong Kong’s economy and development, aiding its integration into the broader national development framework.
The revisions reflect the needs of Hong Kong’s socio-economic development and industry demands, introducing further reductions or eliminations of entry barriers for Hong Kong service providers in sectors such as finance, telecommunications, construction, and tourism. These measures will facilitate their employment and practice in the mainland. Some of the newly opened initiatives will be implemented first in the Greater Bay Area, enhancing the alignment of mechanisms and regulations within the Guangdong-Hong Kong-Macao Greater Bay Area.
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