China – A New Post-CEPA Framework for Mutual Liberalisation of Services between the Mainland and Hong Kong
On 18 December 2014, Hong Kong and Mainland China reached an agreement on liberalising the services industries and services trades in Guangdong Province and Hong Kong (the "Agreement"), to be effective from 1 March 2015. The Agreement was built on the basis of the Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA), but goes beyond CEPA itself by offering a principle of "national treatment" in Guangdong and Hong Kong in the services sectors.
In this alert, we examine the varying aspects of the Agreement as well as where the Agreement surpasses CEPA. We will analyse:
- the scope of the Agreement
- the specific exceptions and new liberalisation measures
- the national treatment principle
- foreign investment
- sector commitments