The central government yesterday granted Macao-based companies
larger access to the Chinese mainland market in 11 more industries
by signing a new supplement to the Closer Economic Partnership
Arrangement (CEPA) with the Macao Special Administrative Region
government.
The agreement was signed in Macao by Vice-Minister of Commerce
Liao Xiaoqi and Tam Pak-yuen, the economy and finance officer of
the Macao SAR government.
The amendments, which are scheduled to take effect on January 1,
2008, followed a similar supplement signed with Hong Kong last
Friday on the eve of the 10th anniversary of Hong Kong's return to
the mainland.
CEPA, which is the first free trade agreement made and
implemented comprehensively by the Chinese mainland at the highest
level, was signed between the mainland and Hong Kong and Macao in
June 2003. Three supplements have previously been made to the
agreement.
Under the fourth supplement to the CEPA, the mainland will open
11 additional areas to Macao businesses, including in sports, the
environment, translation and public utilities.
"Opening-ups have been made in sectors with Macao in the
industries concerned," Liao said.
In tourism, the minimum annual business turnover required of a
Macao travel agency establishing a joint venture on the mainland
will be reduced to US$8 million from US$12 million and for wholly
owned enterprises lowered from US$25 million to US$15 million.
Macao travel companies are allowed to expand their Hong Kong and
Macao tour businesses from South China's Guangdong Province, before
the single pilot project area, to another eight provinces and
autonomous regions.
(China Daily July 3, 2007)
