Financial Secretary | Hong Kong, Macau with unique advantages in national development

Paul Chan Mo-po

Financial Secretary of the HKSAR government Paul Chan Mo-po said that as China’s special administrative regions, both Hong Kong and Macau have unique advantages which enable them to play different but complementary roles in the country’s development.

Chan co-chaired the 10th Hong Kong-Macau Cooperation High Level Meeting, which was held last week in Hong Kong, with Macau’s Secretary for Economy and Finance Lionel Leong.

The two sides signed the HK-Macau Closer Economic Partnership Arrangement (CEPA) before the meeting commenced.

Noting the arrangement covers investment, intellectual property, economic and technical cooperation, as well as goods and services trade, Chan said the commitments go beyond those undertaken by the two sides under the World Trade Organization.

“Complementing the development strategy of the Belt and Road Initiative, the bay area development will present historic opportunities for the future development of Hong Kong and Macau,” Chan said.

The HK-Macau CEPA comes into effect immediately, while commitments on the liberalization of goods and services trade will come into effect on January 1, 2018.

In the meeting, both sides pledged to continue creating a business-friendly environment for companies of the two places and jointly promote multi-destination itineraries, investment, and trade and exhibition.

They also agreed to work with Guangdong Province to press ahead with the development of the Guangdong-Hong Kong-Macau Greater Bay Area. MDT/Xinhua