HK Economy - Highlight
13 July 2017
The signing of Investment Agreement and the Ecotech Agreement has turned CEPA into a full-fledged FTA, on the one hand providing greater clarity on protection of investment in services sectors, non-services and other classes of assets between Hong Kong and the mainland, and on the other, encouraging Hong Kong companies to participate in key national development strategies like the Belt and Road Initiative.
With aging population, growing medical and healthcare demands are expected in the next decades. The trend has encouraged the use of biotechnology applications for better human health and living. Some promising biotech companies have begun to emerge in Hong Kong in recent years, due to conducive government policies. Such biotech start-ups offer hope of better prediction, diagnosis and treatment of various kinds of diseases.
The government of the Hong Kong Special Autonomous Region and China’s Ministry of Commerce (MOFCOM) have recently signed a new Investment Agreement in line with the terms of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA). The new agreement comes into effect as 1 January 2018.