In 2006, CEPA (Closer Economic Partnership Agreement) was implemented successfully between mainland China, Hong Kong and Macao. Mutual and shared benefits emerged up.

Mainland China imported an increasing number of zero tariff products from Hong Kong and Macao. By the end of 2006, zero tariff import commodities from Hong Kong and Macao totaled 870 million US dollars, which were exempt from taxes valued at 620 million US dollars. From January 1, 2007, the varied zero tariff import commodities from Hong Kong were increased from 273 of year 2004 to 1449.

Mainland and Hong Kong and Macao expanded cooperation in service trade under the framework of CEPA. Mainland China has offered preferential policies to Hong Kong investors from 27 different industries. By the end of October 2006, 1669 Hong Kong enterprises and 292 Macao enterprises have applied for investing in mainland China with the favorable policy treatment of the CEPA, half of which have started their business at this time.

Banks from Hong Kong and Macao deal with Renminbi deposit, currency exchange, bank card transaction and remittance business comprehensively. By the end of December 2006, 38 Hong Kong banks and 14 Macao banks have opened up Renminbi business and realized Renminbi deposit that amounted to 22.6 and 0.57 billion Yuan respectively.

An increasing number of people from mainland China head for Hong Kong and Macao for touring. By the end of October 2006, tourists to Hong Kong and Macao totaled 16 and 14.18 million, which effectively boosted the development of tourism and economy in Hong Kong and Macao.

(All information published on this website is authentic in Chinese. English is provided for reference only.)