Chinese Ministry of Commerce spokesperson He Yadong at a regular press conference Photo: Yin Yeping/GT

Guided by the Comprehensive Economic Partnership Agreement (CEPA) and associated agreements, the Chinese mainland has fully liberalized goods trade with the Macao Special Administrative Region (SAR) and largely liberalized services trade, He Yadong, spokesperson for the Ministry of Commerce (MOFCOM), said on Thursday.

He made the remarks at a press conference held by MOFCOM on Thursday, highlighting the policy benefits for Macao under the revised CEPA trade agreement, ahead of the region's 25th anniversary of return to China on December 20.

On October 10, the Chinese mainland and Macao signed an agreement on revising CEPA service trade pact. The revision focuses on key sectors, including medical care, finance, technological innovation and tourism, said the spokesperson.

The revision lowers or eliminates entry barriers for Macao service providers. Certain liberalization measures will be implemented first in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), to align mechanisms and rules within the GBA.

MOFCOM reaffirmed its commitment to strengthening the Commission on Economic and Trade Cooperation between Mainland and Macao, supporting Macao's economic development, improving local living standards, and promoting its integration into the country's overall development plan.

In 2023, the trade between the Chinese mainland and Macao SAR reached $3.84 billion, marking a 4.3-fold increase since Macao's return to the motherland. By October this year, the mainland received $23.93 billion in direct investment from Macao, while investing $14.19 billion in Macao, the ministry revealed. 

Since Macao's return to China 25 years ago, the "green lifeline" for supplying fresh products to Macao has become increasingly efficient and smooth. Over 4.7 million tons of fresh products from the Chinese mainland have been steadily supplied to Macao, accounting for 80 percent of the market demand, CCTV reported. Products include fruits and others  from multiple provinces and autonomous regions nationwide.

Global Times