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Hong Kong's Advantages Hong Kong is a leading international trading and services hub as well as a high value-added manufacturing base. It is widely recognized as one of the freest economies in the world, and the gateway to the Mainland of China market. Hong Kong's continuing economic success owes much to its advantages including:
The Government sees its task as facilitating commerce and industry within the framework of a free market. It maintains no tariffs and no regulatory measures impinging on international trade, other than those required to discharge its international obligations or to protect health, the environment and access to high technology. The HKSAR adopts an open and liberal investment policy and actively encourages inward investment. As at present, Hong Kong is the second most favoured destination for inward direct investment in Asia, next only to the Mainland of China. Closer Economic Partnership Arrangement (CEPA) between Mainland and Hong Kong CEPA is a World Trade Organisation (WTO)-compliant, free trade agreement. Strategically CEPA opens a new chapter in cross-boundary trade and investment between Hong Kong and the Mainland and it reinforces Hong Kong's role as a bridge between China and the rest of the world. CEPA was signed in 2003 by the Central People's Government and the Government of the HKSAR and came into full effect from 1 January 2004. It provides preferential access to the Mainland market and reduced tariffs for the export of certain finished goods and services by certain enterprises and individuals in Hong Kong, whether locally or foreign-owned. Since 2003, CEPA has continued to evolve as a result of intensive exchanges between the Mainland and Hong Kong, and six annexes to the original agreement have so far been signed. The latest supplement to CEPA was signed on 9 May 2009 and provides for more liberalisation measures which will apply from 1 October 2009. For details, click on the CEPA link.
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