CEPA provides boost to Macao economy

Six years ago, the Central government and the Macao Special Administrative Region signed the Closer Economic Partnership Agreement, or CEPA. Since that time, the agreement has played a significant role in boosting the region's economy.

The Ministry of Commerce says all products made in Macao now enjoy zero tariffs on the mainland under the CEPA. Macao manufacturers saved more than 23 million yuan in tariffs in the first part of the year. The agreement also opened up the mainland service industry to Macao, where the region's enterprises enjoy favorable policies like tax cuts.

The mainland is now Macao's largest trade market. Trade volume has tripled in the past 10 years. The Central government is also providing full support to the region to help it ride out the global financial crisis, and verify its economic structure.