Thursday, 12 December 2019: Global law firm Clyde & Co has welcomed upcoming amendments to the Closer Economic Partnership Arrangement (CEPA) between Mainland China and Hong Kong.
“The amendments include liberalising measures for key sectors including finance, insurance, legal services, tourism, construction and engineering,” said corporate partner Kevin Martin.
Mr Martin said the new liberalisation measures are encouraging for the professional services industries in particular, and show that the government remains committed to greater economic cooperation, particularly in the greater bay area.
“The reforms will allow more Hong Kong professionals to obtain relevant qualifications on the Mainland, while also providing greater market access for Hong Kong businesses. It will make it easier for Hong Kong suppliers to set up business in Mainland China.”
“For the insurance sector, requirements on the issuance of catastrophe bonds in the Hong Kong market will be relaxed. The amendments will assist in the development of the insurance and bond markets in Hong Kong, and would be welcomed by the sector overall,” Mr Martin added.
The amendments to CEPA will be implemented on June 1, 2020.