Business Alert - China
BA-China Home

Leader

Policy and Law

Local Policy

Industrial Policy

Services Sector

2008 Olympics

Market Development

Human Resources

Key to Economy and Trade

Archive

Free Subscription
 
Email ThisRate ThisDownload to PDAPrint Friendly

Issue 08, 2007 (01 August)
 Policy and Law

Marked Increase of "Zero-Tariff" Hong Kong Imports Entering Shanghai

According to Shanghai's latest customs statistics, 697 shipments of Hong Kong goods enjoying zero-tariff under CEPA entered the port of Shanghai during the first five months of 2007, an increase of 22.28% over the same period in 2006. The total value of the shipments and tax concessions were up by 26.81% and 31.18% to US$43.04 million and Rmb33.54 million respectively.

As Shanghai customs authorities pointed out, practically all kinds of goods produced by Hong Kong are now eligible for zero tariff in entering the mainland under CEPA. In May 2007 alone, US$7.14 million worth of Hong Kong products in 114 shipments were imported into Shanghai under CEPA, with tax concessions reaching Rmb5.14 million. The products mainly consisted of drugs, garment, colouring agent, polystyrene, aluminium alloy plates and polyurethane. Among these, Amoxicillin and other drugs containing Cefazolin, akaloid and their derivatives were worth close to US$2.93 million; men's and women's garments, US$1.01 million; juice beverages, condiments and dough for making pastry, US$60,000; and skincare products, US$30,000.

29 June 2007 marked the fourth anniversary of the signing of the first CEPA (Mainland-Hong Kong Closer Economic Partnership Arrangement) agreement. Economic ties between Shanghai and Hong Kong have grown closer during the past four years as Shanghai customs have liaised proactively with government departments and enterprises concerned and stepped up publicity of the policies concerned through announcements and on-the-spot consultation. To ensure the smooth customs clearance of goods under CEPA, verification of electronic data against information contained in the Certificate of Origin under CEPA (including quantity, unit, product name and commodity code) has also been strengthened.