Goods originating from Hong Kong and Macau that are exported to the Chinese mainland will not be subjected to tariffs from 2019. According to a report by Xinhua news agency, the revised tariff policy is intended to bring new opportunities to companies in the SARs and deepen economic ties among the Guangdong-
Hong Kong-Macau Greater Bay Area.
Starting from January 1, goods of Hong Kong and Macau origin imported into the mainland will enjoy zero tariffs under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), the Department of Customs of the Chinese Ministry of Finance announced this week.
Aron Harilela, chairman of Hong Kong General Chamber of Commerce, said the new policy would enhance the competitiveness of Hong Kong’s small- and medium-sized enterprises and help to open up more economic and trade opportunities.
“The new policy will encourage [the] ‘re-industrialization’ of Hong Kong. It will also promote Hong Kong companies to explore more opportunities in the mainland,” said Jimmy Kwok, chairman of the Federation of Hong Kong Industries.
“Hong Kong companies can take this chance to take active part in the economic transformation of the mainland. They can also cooperate with their counterparts in the mainland to develop both domestic and overseas markets,” said Jonathan Choi, chairman of the Chinese General Chamber of Commerce.
Along with the Hong Kong Section of the Guangzhou- Shenzhen-Hong Kong Express Rail Link, Hong Kong-Zhuhai-Macau Bridge, and the upcoming land control point at Liantang/Heung Yuen Wai, allowing goods from Hong Kong to be tariff-free when imported into the Chinese mainland will accelerate the flow of factors of production in the Greater Bay Area, which will further facilitate trade and economic cooperation among the Greater Bay Area, said Choi. MDT/Xinhua