Mainland audiovisual market open wider to HK, Macao firms

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Last updated at: (Beijing Time) Tuesday, February 10, 2004

Mainland audiovisual market open wider to HK, Macao firms

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Since the beginning of 2004, Hong Kong and Macao enterprises can participate in the mainland's audiovisual product retailing through jointly-owned corporations, according to new governmental regulations.

The regulations, jointly issued by the Ministry of Culture and the Ministry of Commerce of China, allow Hong Kong and Macao firms to play dominant roles in those audiovisual joint ventures, with shareholding up to 70 percent or interest and rights up to 70 percent in cooperatively managed enterprises.

The previous regulations in this field, which were abolished on January 1, 2004, granted Hong Kong and Macao enterprises the same treatment as foreign enterprises, only permitting them to enter the mainland's audiovisual industry through jointly-operated firms, with rights and interest up to 49 percent.

The issuance of new regulations serves for the enhancement of Closer Economic Partnership Arrangement (CEPA) between the mainland and Hong Kong and Macao, said official sources.

Provincial authorities, instead of the Ministry of Culture and Ministry of Commerce, can approve the establishment of cooperatively managed enterprises in audiovisual retailing, according to the new regulations.

Source:Xinhua

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