This file photo dated Sept 8, 2017, shows The Centre skyscraper (center) located in Hong Kong SAR’s bustling Central district. (PHOTO / AFP)
BEIJING - China's Hong Kong and Macao special administrative regions have been on a path of complementary and shared development with the mainland since the Closer Economic Partnership Arrangements (CEPAs) were signed 20 years ago, an official with the Ministry of Commerce said on Thursday.
Trade liberalization has been fully realized in trade in goods and basically achieved in service trade between Hong Kong, Macao SARs and the mainland, the official said, adding that a system of diverse institutions has also been built for the protection of investments.
From 2004 to 2022, the mainland's trade volume with Hong Kong and Macao SARs increased from $114.51 billion to $309.74 billion, an increase of 1.7 times, according to the General Administration of Customs
The CEPAs have boosted economic and trade cooperation, with better flow of goods and capital seen between Hong Kong, Macao SARs and the mainland, according to the official.
READ MORE: Beijing, Hong Kong bourses sign MoU to promote dual listing
From 2004 to 2022, the mainland's trade volume with Hong Kong and Macao SARs increased from $114.51 billion to $309.74 billion, an increase of 1.7 times, according to the General Administration of Customs.
Hong Kong and Macao SARs continued to be the mainland's biggest source and destination for inbound and outbound investment, respectively.
The CEPAs have also facilitated the high-level opening-up of the mainland, bringing the international business models of service providers in Hong Kong and Macao SARs to the mainland. They have also enhanced the real economy, service sector and business environment of Hong Kong and Macao SARs, the official said.
ALSO READ: HK's finance sector amped up in tandem with mainland's
The Chinese mainland and Hong Kong SAR signed the CEPA on June 29, 2003, followed by the CEPA between the mainland and Macao SAR signed later that year on October 17.
