Mainland and Macau Closer Economic Partnership Arrangement

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Mainland and Macau Closer Economic Partnership Arrangement
Chinese name
Traditional Chinese: 內地與澳門關於建立更緊密經貿關係的安排
Simplified Chinese: 内地与澳门关于建立更紧密经贸关系的安排
Short Chinese name
Traditional Chinese: 更緊密經貿關係
Simplified Chinese: 更紧密经贸关系
Portuguese name
Portuguese: Acordo de Estreitamento das Relações Económicas e Comerciais entre o Continente Chinês e Macau

The Mainland and Macau Closer Economic Partnership Arrangement, or Closer Economic Partnership Arrangement (CEPA) for short, is an economic agreement between the Government of the Macau Special Administrative Region and the Central People's Government on October 18, 2003. A similar agreement, known as Mainland and Hong Kong Closer Economic Partnership Arrangement, was signed between the Government of the Hong Kong Special Administrative Region and the Central People's Government of the People's Republic of China, signed on June 29, 2003. Under the CEPA, 272 Macau products are exempted from import customs, which help promote the development of manufacturing and tourism industries.

Annual supplements with further liberalisations have been signed between the Mainland and Macau governments. The most recent, Supplement IV (often referred to as CEPA V), was signed July 2, 2007.

The two agreements and additional supplements were signed in the Chinese language; the Chinese text is therefore the authoritative text.

[edit] Bridge project

Edmund Ho Hau Wah, the Chief Executive, has expressed his Government's "unconditional" support to build a super-bridge (mega-project) between the east and west banks of the Pearl River Delta. Whatever its final design and routing, the bridge is seen by economists as a great chance to turn the Pearl River Delta into a super-development zone on a global scale. This will require close co-operation among the estuary's starkly different jurisdiction - Macau, Guangdong and Hong Kong - in a wide range of business-related activities, such as the flow of public and private transport via the bridge and co-ordination in the movement of people, goods and services within the region that comprises some 40 million people.

The mega-project's social and economic impact on Macau will be tremendous. For the first time in its long history as a Chinese harbour and meeting place between East and West, Macau will have a direct road, and possibly rail, link with Hong Kong. Macau's relatively small size and unique Sino-Latin heritage call for special measures by all parts involved to tackle the multifarious challenges expected to follow the opening of the bridge.

The bridge project, which promises to be one of the world's greatest engineering challenges at the start of the 21st century, should also be seen as part of Mainland China's Closer Economic Partnership Arrangements CEPA with both Hong Kong and Macau, which will entail an ever-growing demand for more efficient transport networks within the delta.

The bridge project i.e. Hong Kong-Zhuhai-Macau Bridge is just one facet of Macau's promising development in the coming years, including an innovative trans-border park in conjunction with the adjacent Zhuhai Municipality and a host of large-scale infrastructure and entertainment projects, such as a two-level bridge between the Macau Peninsula and Taipa Island and several mega-casino resorts, convention centres and de luxe hotels.

Following its return to the China, Macau has become an integral part of the transformation of the Pearl River Delta into one of the world's so-called "super zones." Macau is charging ahead to become important player in the New Pearl River Delta Super Zone, based on its centuries-long experience as a hub for trade, business services and cultural ties between China and the rest of the world.

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