Hong Kong’s film industry leaders hail trade deal with mainland, seek clarity on details

Hong Kong’s film industry welcomed measures in the updated free-trade deal between the city and mainland China, but noted operational details needed to be ironed out, according to its leaders on Thursday.

The second amendment to the Closer Economic Partnership Arrangement (Cepa) was signed on Wednesday, with the city’s finance chief saying it would help Hong Kong companies gain a foothold across the border in seven sectors including film, banking and tourism.

In addition, companies registered in Hong Kong will no longer need to have operated in the city for three years before they are entitled to Cepa preferential treatments, which can help the city attract “enterprises and talent from around the world”.

This effectively allows more overseas investors who set up start-ups in Hong Kong to take a shorter time to be eligible for the preferential treatments.

Hong Kong-invested companies could also opt for arbitration in the city should disputes arise in the Greater Bay Area, which could help “facilitate the internationalisation of the business environment of the GBA”.

Tenky Tin Kai-man, a spokesman for the Federation of Hong Kong Filmmakers, said on Thursday the relaxation of measures was encouraging, but the effectiveness of the implementation would depend on the myriad of details, which had not yet been hammered out.