Hong Kong and Macau have been on a path of complementary and shared development with the mainland since the Closer Economic Partnership Arrangements (CEPAs) were signed 20 years ago, an official with the Ministry of Commerce said recently.
Trade liberalization has been fully realized in trade in goods and basically achieved in service trade between Hong Kong, Macau and the mainland, the official said, adding that a system of diverse institutions has also been built for the protection of investments.
CEPAs have boosted economic and trade cooperation, with better flow of goods and capital seen between Hong Kong, Macau and the mainland, according to the official.
From 2004 to 2022, the mainland’s trade volume with Hong Kong and Macau increased from 114.51 billion U.S. dollars to 309.74 billion dollars, an increase of 1.7 times, according to the General Administration of Customs.
Hong Kong and Macau continued to be the mainland’s biggest source and destination for inbound and outbound investment, respectively.
The CEPAs have also facilitated the high-level opening-up of the mainland, bringing the international business models of service providers in Hong Kong and Macau to the mainland. They have also enhanced the real economy, service sector and business environment of Hong Kong and Macau, the official said.
The Chinese mainland and Hong Kong signed the CEPA on June 29, 2003, followed by the CEPA between the mainland and Macau signed later that year on October 17. Xinhua
