China and Hong Kong expanded their free trade pact yesterday, with a deal to let Hong Kong companies enter a variety of businesses ranging from oil product sales to moviemaking and media marketing.
Beijing agreed to eliminate tariffs on hundreds of Hong Kong goods and add eight more industries to the so-called Closer Economic Partnership Arrangement, or CEPA. Although Hong Kong was returned from Britain to China in 1997, it has separate legal and economic systems.
China's Vice Commerce Minister An Min and Hong Kong Financial Secretary Henry Tang said the pact will improve the territory's economy, but they did not offer any figures.
Economic analysts have said previously the trade deal is not as significant as officials have claimed, but Hong Kong leaders have called the arrangement important for future growth.
"The central government and the Hong Kong government will continue to pursue further liberalization on goods and services in the latter phases under CEPA through the established liaison mechanisms," Tang said at a signing ceremony in Beijing.
China and Hong Kong first signed the CEPA pact in June last year to give Hong Kong a head start over other World Trade Organization members in getting into the rapidly growing mainland market.
Beijing had previously agreed to eliminate tariffs on 374 Hong Kong goods starting in January and to open 18 service sectors to Hong Kong companies.
Under the expanded deal, tariffs will be exempted on 529 goods currently being produced by Hong Kong manufacturers. Another 184 goods that are not now made here will be included, so any company that starts making them could benefit.
"Now nearly all goods produced in Hong Kong will enjoy zero tariffs," An said.
China also agreed to grant preferential treatment to Hong Kong companies in eight more industries, including airport services, information technology, patent and trademarking, job referral and entertainment.
The deal will allow Hong Kong companies to sell books, newspapers, magazines, medicine, and agricultural chemicals in China. China will also let Hong Kong companies in China and build and operate cinemas to screen them.
Hong Kong businesspeople will be able to set up their own companies to sell oil products, both retail and wholesale.
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