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- 6 -there are other factors that give Hong Kong an edge andunderpin our past and future success.We have a clean and efficient government with strong respectfor the rule of law and an unwavering commitment to creatinga business-friendly environment. We have a tried and trustedlegal system, upheld by an independent judiciary. Ourcommon law system provides a secure environment and alevel playing field for business. Hong Kong has also beendeveloping its role as a regional centre for dispute resolution.Certainly, since China’s accession to the WTO, Hong Konghas become the venue for regional arbitration. Today, awardsmade in Hong Kong can be enforced in more than 130jurisdictions, while wards made in Hong Kong or MainlandChina are reciprocally enforceable.Our business environment is welcoming and friendly. HongKong has been rated the world’s freest economy by theHeritage Foundation every year since the index was firstpublished in 1995. We believe in free trade and the free flowof capital. We do not have any foreign exchange control andour currency is freely convertible. Our taxes are low and ourtax system simple. Profits tax is only 17.5%, while salaries tax
- 7 -is on a sliding scale capped at 16%. We don’t have anyvalue-added or sales tax, nor any capital gains tax. And, onlyHong Kong-sourced income is taxable.Hong Kong is not just a platform for international businesseswanting to enter the China market; we are also the location ofchoice for Chinese enterprises wanting to enter the globalmarket. So, you get the best of both worlds in Hong Kong. Wehave a huge pool of entrepreneurs with experience inMainland China and a strong international business network;they are ready and able to bring together Chinese enterprisesand foreign trading partners, and create opportunities for bothparties.Another advantage that only Hong Kong offers is ourenhanced access to the Mainland in terms of goods andservices. In 2004 we implemented a Closer EconomicPartnership Arrangement with China, commonly known asCEPA. This is just like a free trade agreement between HongKong and China. Under CEPA, Mainland China imposes zerotariffs on Hong Kong manufactured goods, and enhancedaccess in 27 services areas. Because we have a level playingfield for business, CEPA is ‘nationality neutral’. For
Page 2 and 3: - 2 -Mainland China routed through
Page 4 and 5: - 4 -Firstly, we have a strong tran

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