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Macao, Mainland Sign 10th CEPA Supplement

by Mary Swire,, Hong Kong

05 September 2013

On August 30, Macao's Secretary for Economy and Finance, Tam Pak Yuen, and the Chinese Vice Minister of Commerce, Gao Yan, signed the 10th Supplement to their Closer Economic Partnership Agreement (CEPA), to enhance further the cooperation in services between Macao and the Mainland.

With effect from September 1, 2014, and in similar fashion to the nine previous supplements since the CEPA began in 2004, Supplement X will further relieve restrictions and facilitate trade in services between Macao and the Mainland in a wide range of areas such as the legal, financial, health, tourism, sports and social services sectors.

Highlights of the Supplement included expanding the scope of the privileges accorded to Macao companies and individuals to provide services in varied sectors in Guangdong Province. The contents of the recently-signed Supplement X to Hong Kong's CEPA and Macao's are essentially the same.

It will, for example, allow Macao banks that operate in the Mainland and are so authorized to do business denominated in RMB for Macao companies, also to do business in the same currency for foreign investors, and Macao-funded financial institutions and Mainland counterparts to form joint fund management companies, in which the Macao partner can own up to 50 percent.

One of its initiatives will enable individuals with Macao identification documents to work temporarily in the Mainland for Macao services providers that are not commercially registered in the Mainland. These individuals, under the role of contracted services providers, could work temporarily in 26 services areas, including construction, information technology, real estate, conventions and exhibitions, translation and interpretation, tourism, sports and transportation.

In terms of trade and investment facilitation, Macao and the Mainland will continue to strengthen co-operation in commodity inspection, quality specification and the protection of intellectual property rights.

Speaking after the signing ceremony, Tam Pak Yuen also re-iterated that, basically, all products made in Macao entering the Mainland now enjoy zero tariff treatment.

TAGS: individuals | Finance | tax | investment | business | banking | financial services | investment funds | tariffs | China | Macau | contractors | construction | currency | trade | services

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