'Equal footing' given to HK service firms

A new agreement under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement is signed in Hong Kong, Dec 18, 2014. [Photo/Xinhua]

Most Hong Kong service providers can expect to receive the same treatment as companies from the Chinese mainland when they start businesses in Guangdong province, according to a new agreement under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement signed on Thursday.

Guangdong, for the first time, will adopt a "negative list" that covers 134 service sub-sectors. It lists 132 measures as exceptions for Hong Kong service providers when it comes to receiving the same treatment as domestic companies.

The mainland has opened up 153 service trade sub-sectors to providers from Hong Kong, accounting for 95.6 percent of all the service trade sub-sectors in Guangdong.

Vice-Minister of Commerce Gao Yan said at the signing ceremony that according to the agreement, any CEPA-plus preferential treatment offered by the mainland to other countries and regions will be extended to Hong Kong, so as to ensure Hong Kong continues enjoying the most preferential liberalization measures offered by the mainland.

"Guangdong is a pilot zone for the liberalization of trade in services between Hong Kong and the mainland, and hopefully, it will provide some replicable experiences that could be gradually extended to other parts of the mainland," said Gao.

The agreement will be implemented on March 1, 2015.

By SOPHIE HE/CHAI HUA (China Daily)