China signs expanded trade pact with Hong Kong
Afp, Hong Kong
China signed a new free trade pact with Hong Kong here Friday, further opening the mainland markets to the former British colony two days before the 10th anniversary of its return to Chinese rule. The new Closer Economic Partnership Arrangement (CEPA) builds on the trade agreement established in 2003 when Hong Kong was suffering a sharp economic slowdown due in part to the devastating outbreak of SARS that year. It will further relax conditions for Hong Kong businesses operating in China's banking, tourism, exhibitions and medical services sectors.
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