Bilateral liberalization of trade in services is specified in Annex 4 of both
CEPAs. They each list 18 services sectors and specific bilateral commitments in each. The list includes (among others): management consulting, advertising, accounting, real estate and construction, logistics, freight forwarding, telecommunications and legal services. The agreement applies to financial activities, banking, insurance, and securities, and opens financial markets in the Mainland to entities from Hong Kong, CEPA for example lowers the required minimum assets for Hong Kong banks that establish branches in China from 20bn USD to 6bn USD.
A significant innovation in these agreements is that they define a new services entity, “a Hong Kong service supplier” (Annex 5) which opens doors to Chinese markets for international companies who can utilize this entity4. Benefits from the bilateral scheduled commitments in services only apply to this entity. To qualify, such a company must be established in Hong Kong for no less than three years (5 years for construction, banking, insurance, and related services), pay applicable profit taxes, have business premises (owned or rented) reflecting business activities in Hong Kong, and employ at least 50 % of the staff locally from Hong Kong permanent residents. The intended business in China must be the same as the company's substantive business in Hong Kong , and documentation is required to establish this.
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发帖时间 - 2005/6/10 19:23:22