Hong Kong, mainland China expand Cepa deal to cover sectors such as tourism, TV and film

Hong Kong has expanded a free-trade deal with mainland China to cover seven sectors, including tourism, television and film, which the finance chief has said will allow additional local companies to gain a foothold across the border, bolstering the city’s economy.

Financial Secretary Paul Chan Mo-po signed the second amendment to the framework on trade in services under the Closer Economic Partnership Agreement (Cepa) on Wednesday.

The move will allow for the relaxation of qualification requirements for Hong Kong professionals working on the mainland and the removal of some restrictions on shareholding and business scope across the border.

Authorities last amended the agreement in 2019 to allow for greater liberalisation of cross-border trade.

Li Yongjie, who signed the agreement as the deputy international trade representative of Beijing’s Ministry of Commerce, said her department remained committed to supporting Hong Kong under the “one country, two systems” governing principle.

“The Ministry of Commerce will continue to resolutely follow the one country, two systems direction to support Hong Kong to leverage its unique strengths and advantages, deepen reform comprehensively and contribute more to high-quality opening up to external parties,” Li said.

Chan said the latest deal meant companies from the city would be allowed easier and faster access to the Greater Bay Area, an emerging economic zone combining Hong Kong, Macau and nine cities in Guangdong province with a combined population of more than 86 million.