(MENAFN- Qatar News Agency) The Chinese central government and the government of the Hong Kong Special Administrative Region signed here a new supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), aiming to enhance trade and economic cooperation and exchanges. The supplement, the 10th of its kind, was signed by Chinese Vice Minister of Commerce Gao Yan and Hong Kong Financial Secretary John Tsang.
Supplement X to CEPA provides for a total of 73 services liberalization and trade and investment facilitation measures, which include 65 liberalization measures for trade in services and eight measures to strengthen co-operation in areas of finance and facilitate trade and investment of the two places. Inclusive of measures in Supplement X, there are 403 liberalization measures for trade in services under CEPA.
In the regard of financial cooperation, the mainland agreed to actively study mutual recognition of fund products between the two places, and to actively support qualified Hong Kong insurers to take part in compulsory traffic accident liability insurance business in the mainland. Applications made by Hong Kong insurers will be actively considered and facilitation will be provided in accordance with relevant rules and regulations.
According to the latest survey released by Securities and Futures Commission, the combined fund management business in Hong Kong rebounded significantly to a record high of HK$12,587 billion (about $1,622 billion) as of the end of 2012, representing year-on-year growth of 39.3%.
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