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.
A magnitude 7.0 earthquake struck off Yilan at 11:05pm yesterday, the Central Weather Administration (CWA) said. The epicenter was located at sea, about 32.3km east of Yilan County Hall, at a depth of 72.8km, CWA data showed There were no immediate reports of damage. The intensity of the quake, which gauges the actual effect of a seismic event, measured 4 in Yilan County area on Taiwan’s seven-tier intensity scale, the data showed. It measured 4 in other parts of eastern, northern and central Taiwan as well as Tainan, and 3 in Kaohsiung and Pingtung County, and 2 in Lienchiang and Penghu counties and 1
FOREIGN INTERFERENCE: Beijing would likely intensify public opinion warfare in next year’s local elections to prevent Lai from getting re-elected, the ‘Yomiuri Shimbun’ said Internal documents from a Chinese artificial intelligence (AI) company indicated that China has been using the technology to intervene in foreign elections, including propaganda targeting Taiwan’s local elections next year and presidential elections in 2028, a Japanese newspaper reported yesterday. The Institute of National Security of Vanderbilt University obtained nearly 400 pages of documents from GoLaxy, a company with ties to the Chinese government, and found evidence that it had apparently deployed sophisticated, AI-driven propaganda campaigns in Hong Kong and Taiwan to shape public opinion, the Yomiuri Shimbun reported. GoLaxy provides insights, situation analysis and public opinion-shaping technology by conducting network surveillance
Taiwan is gearing up to celebrate the New Year at events across the country, headlined by the annual countdown and Taipei 101 fireworks display at midnight. Many of the events are to be livesteamed online. See below for lineups and links: Taipei Taipei’s New Year’s Party 2026 is to begin at 7pm and run until 1am, with the theme “Sailing to the Future.” South Korean girl group KARA is headlining the concert at Taipei City Hall Plaza, with additional performances by Amber An (安心亞), Nick Chou (周湯豪), hip-hop trio Nine One One (玖壹壹), Bii (畢書盡), girl group Genblue (幻藍小熊) and more. The festivities are to
Auckland rang in 2026 with a downtown fireworks display launched from New Zealand’s tallest structure, Sky Tower, making it the first major city to greet the new year at a celebration dampened by rain, while crowds in Taipei braved the elements to watch Taipei 101’s display. South Pacific countries are the first to bid farewell to 2025. Clocks struck midnight in Auckland, with a population of 1.7 million, 18 hours before the famous ball was to drop in New York’s Times Square. The five-minute display involved 3,500 fireworks launched from the 240m Sky Tower. Smaller community events were canceled across New Zealand’s
RSS