Hong Kong Chief Executive Carrie Lam stated during a media briefing before attending the Executive Council on the 18th that the "Agreement II on Amending the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Service Trade Agreement" will be officially implemented on March 1st. The Ministry of Commerce and the SAR government will jointly hold a briefing in Hong Kong on the 19th to provide detailed information on the opening measures and implementation arrangements to the industry. The Hong Kong Special Administrative Region Government and the Ministry of Commerce of China jointly signed Agreement II on the Revision of the CEPA Service Trade Agreement in Hong Kong on October 9, 2024. This agreement shall come into effect from the date of signing and will be officially implemented on March 1, 2025. Li Jiachao stated that the newly revised agreement further lowers the threshold for Hong Kong enterprises and professionals to enter the mainland service industry market, and adds opening measures in multiple service sectors where Hong Kong has special advantages. In most service sectors, the three-year requirement for Hong Kong service providers to engage in substantive operations in Hong Kong has also been abolished. We have also added "Hong Kong Capital Hong Kong Law" and "Hong Kong Capital Hong Kong Arbitration". Qualified Hong Kong funded enterprises can choose to use Hong Kong law as the applicable law for contracts and choose Hong Kong as the place of arbitration. The Ministry of Commerce and the Special Administrative Region Government will jointly hold a briefing in Hong Kong on the 19th. Representatives from more than 10 central ministries and commissions, including the Ministry of Commerce, the Central Propaganda Department, the Cyberspace Administration of China, the Hong Kong and Macao Affairs Office, and the Ministry of Industry and Information Technology, will work with the Special Administrative Region Government to provide detailed information on the opening measures and implementation arrangements for different service industries to the industry. In addition to business, Li Jiachao also stated that the upcoming March will be a "Shenghui Super March", with popular cultural, artistic, and sports events coming one after another, as well as multiple large-scale conferences and exhibitions. In terms of people's livelihood, the waiting time for public housing in Hong Kong has once again decreased. By the end of 2024, the average waiting time for general applicants for public housing has dropped to 5.3 years, further shortened by 0.2 years, which is the lowest year-end figure in 6 years. (New Society)