29 June 2003

The Mainland and Hong Kong signed CEPA

On June 29, 2003, the Mainland and Hong Kong signed the "Mainland and Hong Kong Closer Economic Partnership Arrangement" (內地與香港關於建立更緊密經貿關係的安排, CEPA).

Mainland China has always been an important export market for Hong Kong goods, accounting for about 30% of the total value in 2002, exceeding HK$40 billion.

However, before CEPA, exports from Hong Kong to Mainland China, like other regions, required payment of tariffs, ranging from 1.5% to 35%.

CEPA officially came into effect on January 1, 2004. All goods produced in Hong Kong that also comply with the CEPA rules of origin can enjoy zero tariffs when exporting to the Mainland.

The outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003 impacted the entire Hong Kong society, with all industries severely hit.

At the same time, after industrialisation, Hong Kong's economy had entered the service era, with the manufacturing industry being largely moved to the Mainland.

The advent of CEPA was a way for the Mainland to assist Hong Kong in quickly rebuilding the economy after the epidemic, and also revitalised Hong Kong's manufacturing and service industries.

CEPA is not only the first free trade agreement of Mainland China, but also the first one of Hong Kong.

It brought vast business opportunities for Hong Kong's commerce and service industries, as well as promoting the long-term economic development of both places.

Modern China - Today in History - China Fully Builds a Moderately Prosperous Society

1 July 2021

China achieves a fully built moderately prosperous society

2024-06-30
Contemporary China - Today in History - Jinghu High-Speed Railway Officially Launched

30 June 2011

Beijing-Shanghai High-speed Railway officially launched

2024-06-29
Contemporary China - Today in History - Giant Portrait of Deng Xiaoping Erected in Shenzhen

28 June 1992

Giant portrait of Deng Xiaoping erected in Shenzhen

2024-06-27
Contemporary China - On This Day - The 'Jiaolong' Manned Submersible Sets a New World Record

27 June 2012

China's Jiaolong submersible sets a new world record

2024-06-26
Shanghai 5G

30 March 2019

China's first 5G network covering administrative region established

2025-03-29
household contract responsibility system

29 March 1993

Household Contract Responsibility System written into Chinese Constitution

2025-03-28
Contemporary China - On This Day - Real-Name System for Personal Deposits

20 March 2000

China announced regulations on real name system for personal deposit accounts

2025-03-19
WeChat
We use cookies to deliver our services and to provide you with a personalised experience. By using our services, you need to agree to our Privacy Policy.
Agree and close