Financial Secretary Paul Chan praised the recent changes made to the Closer Economic Partnership Arrangement (CEPA) on Sunday, emphasizing how these amendments will boost Hong Kong’s competitiveness. The free trade agreement, which was signed by the SAR government and the Ministry of Commerce last week, is scheduled to come into effect on March 1 next year.
In his weekly blog post, Chan highlighted that the modifications to CEPA will significantly reduce barriers for Hong Kong businesses looking to expand into the mainland. The qualification requirements in sectors such as finance and legal arbitration will also be relaxed, making it easier for professional service firms and foreign companies to use Hong Kong as a gateway to the mainland market.
Furthermore, Chan shared that over 48,000 applications have already been submitted for a new travel permit designed for non-Chinese Hong Kong permanent residents wishing to travel to the mainland. As of early October, approximately 16,000 permits have been issued by the National Immigration Administration. This travel document, introduced in July, allows holders to enter the mainland multiple times within a five-year period, with each stay limited to 90 days.
The aim of providing easier access for non-Chinese permanent residents of Hong Kong is to attract more overseas individuals to choose Hong Kong as their place of residence. This will not only facilitate their entry into the mainland but also enhance Hong Kong’s appeal as a regional hub for business and trade.
In addition to the positive impact on Hong Kong’s competitiveness, the amendments to CEPA and the introduction of the new travel permit reflect the government’s efforts to strengthen ties with the mainland and attract foreign investment. By streamlining entry procedures and promoting closer economic cooperation, Hong Kong is positioning itself as a key player in the global market.
The response to the new travel permit has been encouraging, with a significant number of applications and issuances within a short period. This indicates a strong interest among non-Chinese Hong Kong permanent residents in exploring opportunities in the mainland and leveraging Hong Kong’s strategic location and business-friendly environment.
Overall, the enhancements made to CEPA and the introduction of the travel permit signal a positive step towards bolstering Hong Kong’s position as a vibrant and competitive business hub in the region. The government’s commitment to fostering economic growth and facilitating cross-border trade is evident in these recent developments, setting the stage for a promising future for Hong Kong’s business community.
