John Lee states HK and mainland will boost competitiveness in services trade
John Lee, the chief executive of China's Hong Kong Special Administrative Region, announced on Wednesday that Hong Kong will collaborate with the Chinese mainland to enhance the competitiveness of the professional services sector. This effort aims to provide new momentum for economic development and attain high-quality growth.
TroibNews 
On Wednesday, John Lee, the chief executive of China's Hong Kong Special Administrative Region, reiterated that Hong Kong will collaborate with the Chinese mainland to enhance the competitiveness of its professional services sector. This initiative aims to inject new momentum into economic growth and attain high-quality development.
Lee's comments followed the signing of the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services in Hong Kong. Financial Secretary of the HKSAR government, Paul Chan, and Deputy International Trade Representative of the Ministry of Commerce, Li Yongjie, were the signatories.
Since the original CEPA was established in 2003, it has undergone continuous enrichment and updates, evolving into a comprehensive modern free trade agreement that encompasses trade in goods, trade in services, investment, and economic and technological cooperation.
As noted in a press release from the HKSAR government, the new agreement brings forth liberalization measures targeting several services sectors where Hong Kong has competitive advantages. These sectors include financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television, and tourism.
The liberalization measures comprise various forms of adjustments, such as lifting or relaxing restrictions on equity ownership and permissible business activities for enterprise establishment, easing qualification criteria for Hong Kong professionals delivering services, and reducing constraints on Hong Kong's service exports to the mainland.
Additionally, the new agreement fosters institutional innovation and enhances collaboration, introducing measures such as allowing Hong Kong-invested enterprises to operate under Hong Kong law and permitting arbitration for these enterprises to occur in Hong Kong. This will particularly benefit Hong Kong-invested businesses registered in the pilot municipalities of the Guangdong-Hong Kong-Macao Greater Bay Area.
Lee highlighted that the agreement provides new opportunities across diverse service sectors where Hong Kong excels, facilitating the establishment of enterprises for Hong Kong service providers on the mainland. It also enables more Hong Kong professionals to gain qualifications to practice in the mainland and enhances the availability of quality services from Hong Kong to the mainland market, ultimately supporting the country's development.
Certain measures outlined in the agreement will initially be trialed in Guangdong Province before broader implementation across the mainland. The agreement will take effect immediately upon signing and is set for official implementation on March 1, 2025.
Jessica Kline contributed to this report for TROIB News
Lee's comments followed the signing of the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services in Hong Kong. Financial Secretary of the HKSAR government, Paul Chan, and Deputy International Trade Representative of the Ministry of Commerce, Li Yongjie, were the signatories.
Since the original CEPA was established in 2003, it has undergone continuous enrichment and updates, evolving into a comprehensive modern free trade agreement that encompasses trade in goods, trade in services, investment, and economic and technological cooperation.
As noted in a press release from the HKSAR government, the new agreement brings forth liberalization measures targeting several services sectors where Hong Kong has competitive advantages. These sectors include financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television, and tourism.
The liberalization measures comprise various forms of adjustments, such as lifting or relaxing restrictions on equity ownership and permissible business activities for enterprise establishment, easing qualification criteria for Hong Kong professionals delivering services, and reducing constraints on Hong Kong's service exports to the mainland.
Additionally, the new agreement fosters institutional innovation and enhances collaboration, introducing measures such as allowing Hong Kong-invested enterprises to operate under Hong Kong law and permitting arbitration for these enterprises to occur in Hong Kong. This will particularly benefit Hong Kong-invested businesses registered in the pilot municipalities of the Guangdong-Hong Kong-Macao Greater Bay Area.
Lee highlighted that the agreement provides new opportunities across diverse service sectors where Hong Kong excels, facilitating the establishment of enterprises for Hong Kong service providers on the mainland. It also enables more Hong Kong professionals to gain qualifications to practice in the mainland and enhances the availability of quality services from Hong Kong to the mainland market, ultimately supporting the country's development.
Certain measures outlined in the agreement will initially be trialed in Guangdong Province before broader implementation across the mainland. The agreement will take effect immediately upon signing and is set for official implementation on March 1, 2025.
Jessica Kline contributed to this report for TROIB News
