New arrangement expands cooperation

By Lillian Liu and Hui Ching-hoo | China Daily | Updated: 2007-06-30 07:30

A signing ceremony is held on Friday in Hong Kong for the supplement IV to the mainland and Hong Kong Closer Economic Partnership Arrangement. Xinhua

The central government has lowered the capital requirements for Hong Kong-based companies on the mainland and granted them wider access to 11 new industries through a recently signed supplement to the Closer Economic Partnership Arrangement.

According to the supplement, the asset requirements of Hong Kong banks hoping to purchase stakes in mainland counterparts was cut to $6 billion from $10 billion. And Hong Kong tourism agencies, hospitals, public utility-related businesses, and elderly and environmental services would be given wider access to mainland markets.

The amendments are scheduled to take effect on January 1, 2008.

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