Guangdong Pilot Free Trade Zone: Opportunities for Hong Kong
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ATAHK reads from china-trade-research.hktdc.com that The objective of the China (Guangdong) Pilot Free Trade Zone(GDFTZ), officially launched on 21 April 2015, is to further open up the mainland to the world through in-depth co-operation between Guangdong, Hong Kong and Macau, and to streamline foreign investment management by way of implementing the negative list and record filing system.
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Currently, Hong Kong, capitalizing on CEPA concessions, can enter the increasingly buoyant mainland market ahead of foreign investors in areas such as services incidental to manufacturing, telecommunication services, financial services, legal services, and technical testing and analysis services. It can be expected that the GDFTZ policies and the CEPA framework will deepen liberalisation of trade in services between Guangdong, Hong Kong and Macau, and will provide more scope for Hong Kong companies to enter both the Guangdong and the entire mainland markets.
As to trade in goods on the mainland, Hong Kong companies may choose between either the GDFTZ’s facilitation measures and bonded arrangements that are available to cross-boundary e-commerce operators, or the zero tariff preferential treatment granted to Hong Kong products under CEPA, and pick the appropriate sales channel for their circumstances. Moreover, the various GDFTZ measures introduced to encourage Guangdong, Hong Kong and Macau to jointly develop the international market and strengthen trade ties among the economies along the Maritime Silk Road will also serve to consolidate Hong Kong’s position as a trade and shipping hub in the Asia-Pacific region.
The GDFTZ is making great efforts to deepen financial co-operation between Guangdong, Hong Kong and Macau. These include promoting cross-boundary renminbi business, a development that is bound to strengthen Hong Kong’s position as an offshore renminbi centre. A plan to launch pilot reforms of foreign exchange control will also help expedite the pace of internationalisation of the renminbi. Meanwhile, the Hong Kong business platform is the top choice for mainland enterprises, especially Guangdong enterprises, in their “going out” strategy of making outward direct investment. Coupled with the fact that the GDFTZ is proactively leading the Pearl River Delta (PRD) region to “go out” and undergo transformation and upgrade, this development will create more opportunities for Hong Kong service suppliers.
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