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CEPA is a matter of course, and it will be officially implemented from March next year! One day in Hong Kong

This is the 1847th issue of One Day in Hong Kong

Mainland and Hong Kong sign Agreement II on Amendment to the <CEPA Agreement on Trade in Services>

Today (9th), Li Yongqing, deputy representative of the Ministry of Commerce for international trade negotiations, and Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, signed the "Agreement on Amending < > of the Agreement on Trade in Services of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) in Hong Kong". The agreement will enter into force on the date of signing and will be officially implemented on March 1, 2025. The signing ceremony was witnessed by John Lee, Chief Executive of the Hong Kong Special Administrative Region, and Yin Zonghua, Deputy Director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region.

The amendment is an important measure to implement the spirit of the 20th National Congress of the Communist Party of China (CPC) and the Second and Third Plenary Sessions of the 20th CPC Central Committee, and to improve the mechanism for Hong Kong to play a better role in the country's opening up. This is also the second revision of the CEPA Agreement on Trade in Services after the first revision in 2019, which will further deepen economic and trade exchanges and cooperation between the two places, provide strong support for Hong Kong's economic and development, support Hong Kong's governance and development, and better integrate into the overall development of the country.

According to reports, the amendment combines the needs of Hong Kong's economic and social development and the demands of the industry, and further lowers or cancels the entry threshold for Hong Kong service suppliers in the fields of finance, telecommunications, construction, tourism, etc., so as to facilitate their employment and practice in the Mainland; Some of the liberalisation measures will be implemented in the Greater Bay Area to further promote the alignment of mechanisms and rules in the Guangdong-Hong Kong-Macao Greater Bay Area.

For example, in terms of tourism, the implementation of the 144-hour visa-free policy for foreign tour groups entering Guangdong from Hong Kong will be optimized, and cruise shipping enterprises will be supported in arranging international cruise routes calling at mainland cruise ports in accordance with the law. On the banking and securities sector, the restriction on branches of foreign banks set up by Hong Kong service providers from engaging in bank card business will be lifted, and the scope of mutual access will be expanded to include real estate investment trusts. In terms of films, restrictions on Hong Kong service providers not being allowed to invest in film production will be lifted.

CEPA is a matter of course, and it will be officially implemented from March next year! One day in Hong Kong

Source: Information Services Department of the HKSAR Government

In his speech, Li Yongzhen pointed out that in the next step, the Ministry of Commerce will work with relevant departments to do a good job in the publicity and interpretation of the agreement after the signing of the agreement, especially the implementation work, so as to provide strong support for Hong Kong's governance and prosperity.

Mr Chan said that the Mainland has lowered the market access barriers for a number of service sectors in which Hong Kong has advantages, such as construction, testing and certification, telecommunications, television, film, finance and tourism services, and has also relaxed the qualification requirements for Hong Kong professionals to provide services in the Mainland, so that more Hong Kong enterprises and professionals can enter the mainland market with more preferential treatment.

"This is a win-win situation, and the new agreement can not only meet the huge demand of mainland consumers for quality services, but also help the mainland further enhance the competitiveness of the service industry, and contribute to the country's accelerated development of new quality productivity and high-quality development." Chen Maobo said.

Chan also said that the new agreement has brought about institutional innovations, such as the addition of the "Hong Kong-funded Hong Kong Law" and "Hong Kong-funded Hong Kong arbitration", so that Hong Kong enterprises investing in the mainland can follow the laws they are familiar with as the applicable law of relevant contracts, and can also choose Hong Kong as the arbitration seat for dispute resolution, which can also allow Hong Kong to make good use of its advantages in legal and dispute resolution services, help the Greater Bay Area establish a more international business environment, and give full play to Hong Kong's role as a two-way gateway for "bringing in" and "going out".

Paul Chan: Hong Kong can become Asia's leading transition finance centre

The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, said in his speech at the Hong Kong Green Finance Association's annual forum today (9th) that Hong Kong is a leading green financing hub in Asia and can also develop into a leading transition finance center in Asia.

Mr Chan said that with the concerted efforts of the HKSAR Government and the industry, Hong Kong has made remarkable progress in the field of green and sustainable finance. Over the past three years, Hong Kong has issued an average of more than US$63 billion in green bonds and green debt annually. The number of ESG (Environmental, Social and Governance) funds authorized by the Hong Kong Securities and Futures Commission has continued to grow, with more than 230 such funds with more than US$160 billion in assets under management as of June this year, an increase of 60% from three years ago. This means that Hong Kong has a solid foundation for the development of a financial market in transition.

Mr Chan also said he was optimistic about what Hong Kong could achieve in transition finance, but that there was still a need to raise awareness of the need for transition finance and its potential. The HKSAR Government's Budget released this year has extended the Green and Sustainable Finance Grant Scheme until 2027. In May this year, the Hong Kong Monetary Authority released the Hong Kong Sustainable Finance Taxonomy, which is in line with the taxonomy of Chinese mainland and the European Union. The Hong Kong Monetary Authority (HKMA) is working on the next phase of the taxonomy, which is scheduled to be subject to public consultation early next year.

CEPA is a matter of course, and it will be officially implemented from March next year! One day in Hong Kong

On 9 October, Paul Chan attended the annual forum of the Hong Kong Green Finance Association and delivered a speech.

The Secretary for Financial Services and the Treasury of the HKSAR Government, Mr Christopher Hui, said that the HKSAR Government is committed to consolidating its status as an international financial centre and attaching importance to green development, and aims to launch a roadmap for the application of the International Sustainability Standards Board's (ISSB) climate disclosure standards later this year, making Hong Kong the first jurisdiction to adopt the framework.

Xu Zhengyu also pointed out that the Hong Kong Stock Exchange launched Core Climate in 2022 to connect capital, climate-related products and opportunities in Hong Kong, the mainland, Asia and other regions, and is the only carbon market that provides Hong Kong dollar and RMB settlement. The platform was incorporated into the Gold Standard Certified Emission Reductions (GS-VER) in August this year, offering a more diverse range of internationally certified climate projects. At the same time, HKEX has also initiated a number of strategic collaborations with partners in the Greater Bay Area, including the signing of memorandums of understanding with the Guangzhou Emissions Trading Centre and the Shenzhen Emissions Exchange, to explore "carbon opportunities" in the Greater Bay Area and internationally.

Hong Kong's first Chinese medicine hospital announced its official name and emblem

The Hong Kong Special Administrative Region (HKSAR) Government announced today (9th) that the first Chinese medicine hospital in Hong Kong was officially named "Hong Kong Chinese Medicine Hospital" and announced the emblem of the hospital. The Secretary for Health of the HKSAR Government, Mr Lo Chung-mau, said that the establishment of the Hong Kong Chinese Medicine Hospital (HKCMH) is a milestone in Hong Kong's determination to promote the development of Chinese medicine, and the HKSAR Government is moving forward with all preparations for the opening of the hospital with a view to commencing its services in phases from the end of 2025.

Mr Lo said that as the first hospital in Hong Kong to focus on Chinese medicine services, the Hong Kong Chinese Medicine Hospital will lead Hong Kong's Chinese medicine services from primary care to the second and third tier of medical services, which is a major breakthrough in the development of Chinese medicine in Hong Kong. At the same time, as the flagship institution of Chinese medicine in Hong Kong, the Hong Kong Chinese Medicine Hospital will also interact positively with the Chinese medicine industry, give full play to Hong Kong's traditional advantages in Chinese medicine, and contribute to the construction of a Chinese medicine highland in the Guangdong-Hong Kong-Macao Greater Bay Area and the overall development of Chinese medicine in the country.

CEPA is a matter of course, and it will be officially implemented from March next year! One day in Hong Kong

Emblem of the Hong Kong Chinese Medicine Hospital Source: Information Services Department of the Hong Kong SAR Government

The emblem of the Hong Kong Chinese Medicine Hospital (HKCM) was announced on the same day, with the shape of the hospital building as the main design body, incorporating the character "中" and incorporating the architectural features of the building, including the mountain-like lines and color palette of the building, and the design modeled after the classical Chinese garden "Moon Gate", which is meant to lead the public into the broad and profound world of Chinese medicine.

It is learnt that the Hong Kong Chinese Medicine Hospital in Tseung Kwan O adopts a public-private partnership model and is wholly funded by the HKSAR Government. The hospital will provide clinical services in the form of pure Chinese medicine, mainly Chinese medicine or integrated Chinese and Western medicine, and at the same time undertake the mission of teaching, training and scientific research.

Author丨Lai Chenlu

Typesetting丨Li Shuo

Editor丨Lai Chenlu

Reviewer丨Zeng Zijin

Producer丨Wang Lei

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