Hong Kong companies to embrace new opportunities under new tariff policy

Goods of Hong Kong origin exported to the Chinese mainland begin to enjoy zero tariff from 2019, bringing new opportunities to Hong Kong companies and deepening economic ties among the Guangdong-Hong Kong-Macao Greater Bay Area, said Hong Kong business leaders.

Starting from Jan. 1, 2019, goods of Hong Kong and Macao origin imported into the mainland will fully enjoy zero tariff under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), said Department of Customs of the Chinese Ministry of Finance on Monday.

Aron Harilela, chairman of Hong Kong General Chamber of Commerce, said the new policy would enhance competitiveness of Hong Kong small- and medium-sized enterprises and help to open up more economic and trade opportunities.

"The new policy will encourage 'Re-industrialization' of Hong Kong. It also promote Hong Kong companies to explore more opportunities in the mainland," said Jimmy Kwok, chairman of Federation of Hong Kong Industries.

"Hong Kong companies can take this chance to take active part in economic transformation of the mainland. They can also cooperate with their counterparts in the mainland to develop both domestic and oversea markets," said Jonathan Choi, chairman of the Chinese General Chamber of Commerce.

With Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link, Hong Kong-Zhuhai-Macao Bridge, and the upcoming land control point at Liantang/Heung Yuen Wai, allowing goods of Hong Kong origin exported into the Chinese mainland to enjoy fully zero tariff will accelerate the flow of factors of production in the Greater Bay Area, which will further facilitate trade and economic cooperation among the Greater Bay Area, said Choi.