The Financial Services Development Council has conducted a study on the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) with the aim of enhancing the implementation of measures related to financial services under CEPA. The study found that the current CEPA framework still contains considerable room for development, and that the establishment of the Shanghai Free Trade Zone should be seen as a sign that China is willing to accelerate and deepen its economic and financial reforms, which implies that more liberalisation measures would be introduced in the future under CEPA. The report is divided into two parts: a review of CEPA and its impact on Hong Kong's economy and financial services industry, and specific recommendations for policy development.
