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Chris Oliver

Mainland enterprises will have greater flexibility to invest in Hong Kong and  less red tape blocking their path under the terms of a new investment policy that promises to be a boon to the city's status as an export hub.

Secretary for Commerce, Industry and Technology John Tsang Chun-wah  said the  rules would simplify procedures and lead to a transparent system whereby mainland enterprises could  apply to set up shop in Hong Kong.

'The new policy allows the mainland enterprises more freedom in making decisions on investment in Hong Kong and Macau based on commercial considerations,' Mr Tsang said.

'We have noticed increased interest from mainland companies in using Hong Kong as a springboard to overseas markets.'

He said  the mainland's  Ministry of Commerce had already delegated authority to enable provincial bureaucrats to take the first steps.

The new rules are part of a group of measures Hong Kong and the mainland agreed to last year under the Closer Economic Partnership Arrangement to aid the city's economic recovery.

The government's investment-promotion arm, InvestHK, estimates inward investment projects brought $2.5 billion and 2,450 jobs to the local economy last year, of which 12 per cent were linked to the mainland.

Under the policy,  Hong Kong will assist mainland companies in promoting themselves to overseas markets. These efforts will include establishing one-stop business consultation services, an investment-services centre and publishing brochures and booklets explaining regulations concerning trade, taxation and visa policies.

'We will continue to commit our efforts to attracting more mainland enterprises to use Hong Kong as a springboard to go regional and global,' said Ophelia Tsang Oi-lin, director-general of investment promotion at InvestHK.



Easier path to HK for mainland companies