Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA)

Supplement VII to CEPA - Additional liberalization measure in the banking sector

Following the approval of the State Council, the Mainland and the Government of the Hong Kong Special Administrative Region have agreed to add a new liberalization measure into the banking sector of CEPA Supplement VII signed between the Mainland and Hong Kong in end May this year. Details are as follows:

• For a Hong Kong bank's operating institution in the Mainland to apply to conduct RMB business for serving Hong Kong enterprises operating in the Mainland, it should have been operating in the Mainland for more than one year and profitable for one year prior to the application.
  The timing for implementation of the above commitment will be agreed by the relevant authorities of both sides.

       Annex to CEPA Supplement VII