China's services market opens up further to Hong Kong professionals as finance officials sign expanded Cepa pact
Closer Economic Partnership Arrangement supplement allows more professionals to set up shop over border
Professionals from Hong Kong look poised to enjoy greater access to the mainland's growing services market as officials from both sides signed an agreement yesterday that aimed to tear down more barriers to cross-border trade in services.
The pact, touching on sectors such as legal services, accounting, construction, insurance, securities, banking, telecoms and culture, is the latest supplement of the Closer Economic Partnership Arrangement (Cepa) introduced in 2003.
It applies to the entire mainland and adds 28 "liberalisation measures". It also awards Hong Kong a "most-favoured treatment" provision.
READ MORE: Service-oriented trade pact further opens Guangdong to Hong Kong firms
While trade associations in the city welcomed the new agreement, some in the industries urged the governments of both sides to disclose specifics of the new measures, which vary from one industry to another.
Wilson Chan Fung-cheung, senior consultant to the Institute of Bankers, said the latest pact was likely to enable bankers from Hong Kong to boost their presence on the mainland.
"But it's crucial the mainland authorities issue clear guidelines on the application process before we start our business," he said.
Solicitor Thomas So Shiu-tsung, vice-president of the Law Society of Hong Kong, said the measures that affected cross-border legal services did not look new to him on the surface.
