Authorized by the State Council, Vice Minister of Commerce Jiang Zengwei and the Hong Kong SAR Government Financial Secretary John Tsang (Tsang Chun-wah) signed Supplement V to the Mainland and Hong Kong Closer Economic Partnership Arrangement (Hereinafter referred to as Supplement Ⅴ to the Agreement) on July 29, 2008 in Hong Kong. The agreement shall be officially implemented on January 1, 2009. Hong Kong SAR Chief Executive Zeng Yinquan, Deputy Director of Hong Kong and Macao Affairs of the State Council Zhou Bo and Guo Li, Deputy Director of the Liaison Office of the CPG in HK SAR were present at the ceremony.

The Supplement Ⅴ to the Agreement, on the basis of the Arrangement and its other four supplementary agreements, shall further expand the opening-up of Hong Kong. Regarding the trade in services, the Mainland shall take 29 specific measures in a total of 17 areas, and shall further simplify the approval procedures such as relaxing the market access conditions, abolishing the restrictions on shareholding, broadening the business scope and areas in the 15 areas including accounting, construction, medical, personnel and arrangements, printing, exhibition, distribution, environment, banking, social services, tourism, marine transport, air transport, road transport, individual industrial and commercial households, etc. on the original basis of the opening-up commitment. Meanwhile, the said agreement adds two new areas of mining-related services and consulting services related to science and technology. In addition, the two sides shall also add "brand cooperation" as a new area of cooperation in the trade and investment facilitation and increase the cooperation content besides the original e-commerce and intellectual property protection. These measures shall play an active role in promoting the exchanges and cooperation between Guangdong and Hong Kong.

Since the Arrangement was signed five years ago, with the joint efforts of the people from all walks of life in Mainland and Hong Kong, everything proceeded smoothly. The implementation of the Arrangements increased bilateral economic exchanges and cooperation level. The Supplement Ⅴ to the Agreement just signed shall benefit Hong Kong in playing its advantages and supporting it as an international finance, trade and shipping center. It shall not only bring more development opportunities to Hong Kong, but also bring new vitality to the mainland's economic development. In future, the mainland shall continue to implement the relevant regulations of the Arrangement in order to promote the common economic development in Mainland and Hong Kong.