Hong Kong and the Chinese mainland are doubling down on their economic partnership, announcing new measures to supercharge service trade competitiveness. The move comes as both regions aim to drive innovation and streamline cross-border business opportunities.
🤝 What’s New?
On Wednesday, HKSAR Chief Executive John Lee revealed a revamped CEPA agreement (Mainland and Hong Kong Closer Economic Partnership Arrangement), signed with the Ministry of Commerce. The deal targets sectors where Hong Kong thrives: finance, construction, tech, tourism, and creative industries like film and TV.
💼 Key Upgrades
The agreement introduces perks like:
Relaxed equity caps for businesses
Simplified qualifications for Hong Kong professionals
Support for arbitration under Hong Kong law in the Greater Bay Area
“This unlocks doors for Hong Kong talent and services to expand in the mainland,” Lee said, highlighting how the pact aligns with national development goals.
🚀 Pilot Plans & Timeline
Starting in 2025, Guangdong Province will test-drive some measures before rolling them out nationwide. The deal also lets Hong Kong-invested firms in the Greater Bay Area adopt Hong Kong legal frameworks—a first!
Since 2003, CEPA has evolved into a powerhouse deal covering goods, services, and tech collaboration. This update signals deeper integration ahead.
