China, Hong Kong expand economic cooperation

July 29th, 2008 - 2:56 pm ICT by IANS  

Hong Kong, July 29 (Xinhua) China and Hong Kong signed an agreement Tuesday giving Hong Kong business entities greater and easier access to the mainland. The agreement, the fifth supplement to Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), will come into force from Jan 1, 2009 and will open 15 services sectors and two mining-related sectors in the mainland to Hong Kong investors.

The agreement was signed by Hong Kong finance secretary Donald Tsang and China’s vice-minister of commerce Jiang Zengwei.

Tsang said Hong Kong and Guangdong province on the mainland have agreed to carry out a package of pilot measures to further economic cooperation.

“The current CEPA package and the Guangdong pilot measures will offer new business opportunities in the mainland for Hong Kong businesses and service suppliers, making Hong Kong even more attractive to overseas investors,” he said.

Tuesday’s agreement was a fifth supplement to CEPA that has been expanded each year since it was first signed in 2003.

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