Financial Secretary Paul Chan on Sunday hailed recent amendments to the Closer Economic Partnership Arrangement (CEPA) as a significant enhancement to Hong Kong’s competitiveness.

The changes to the free trade agreement, signed by the SAR government and the Ministry of Commerce last week, are set to take effect from March 1 next year.

“The recent amendments to the CEPA will significantly lower entry barriers to the mainland for Hong Kong enterprises and relax qualification requirements in sectors such as finance and legal arbitration,” Chan wrote on his weekly blog.

“This is expected to attract more foreign companies and professional service firms to use Hong Kong as a base for entering the mainland market.”

The finance chief also revealed that as of early October, over 48,000 applications have been submitted for a new travel permit which allows non-Chinese Hong Kong permanent residents to travel to the mainland.

According to the National Immigration Administration, around 16,000 such permits have been issued so far.

The travel document, rolled out in July, allows permit holders to enter the mainland multiple times within a five-year validity period, with each stay not exceeding 90 days.

“Providing easier entry for non-Chinese permanent residents of Hong Kong will encourage more overseas individuals to choose Hong Kong as their place of residence, facilitating their access to the mainland,” Chan said.