RESTRICTED WT/TPR/S/402 10 November 2020 (20-8006) Page
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RESTRICTED WT/TPR/S/402 10 November 2020 (20-8006) Page: 1/126 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT MACAO, CHINA This report, prepared for the fifth Trade Policy Review of Macao, China, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Macao, China on its trade policies and practices. Any technical questions arising from this report may be addressed to Angelo Silvy (tel.: 022 739 5249), Martha Lara Fernández (tel.: 022 739 6033), Xinyi Li (tel.: 022 739 5579), and Takako Ikezuki (tel.: 022 739 5534). Document WT/TPR/G/402 contains the policy statement submitted by Macao, China. Note: This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on Macao, China. This report was drafted in English. WT/TPR/S/402 • Macao, China - 2 - CONTENTS SUMMARY ........................................................................................................................ 7 1 ECONOMIC ENVIRONMENT ........................................................................................ 13 1.1 Main Features of the Economy .....................................................................................13 1.2 Recent Economic Developments ...................................................................................16 1.2.1 Real sector ..............................................................................................................16 1.2.2 Fiscal policy ............................................................................................................18 1.2.3 Monetary and exchange rate policy ............................................................................22 1.2.4 Balance of payments ................................................................................................23 1.3 Developments in Trade and Investment ........................................................................25 1.3.1 Trends and patterns in merchandise and services trade ................................................25 1.3.1.1 Merchandise trade .................................................................................................25 1.3.1.1.1 Overview ..........................................................................................................25 1.3.1.1.2 Composition of trade ..........................................................................................26 1.3.1.1.3 Direction of merchandise trade ............................................................................27 1.3.1.2 Trade in services ...................................................................................................27 1.3.2 Trends and patterns in FDI .......................................................................................29 2 TRADE AND INVESTMENT REGIMES........................................................................... 32 2.1 General Framework ....................................................................................................32 2.2 Trade Policy Formulation and Objectives ........................................................................32 2.3 Trade Agreements and Arrangements ...........................................................................35 2.3.1 WTO ......................................................................................................................35 2.3.2 Regional preferential agreements ..............................................................................37 2.3.3 Bilateral agreements ................................................................................................38 2.3.3.1 Closer Economic Partnership Arrangement with Mainland China (CEPA) .......................38 2.3.3.2 The Closer Economic Partnership Arrangement (CEPA) between Hong Kong, China and Macao, China ..............................................................................................................40 2.3.3.3 Cooperation arrangements in the region ..................................................................41 2.4 Investment Regime ....................................................................................................42 3 TRADE POLICIES AND PRACTICES BY MEASURE ........................................................ 44 3.1 Measures Directly Affecting Imports ..............................................................................44 3.1.1 Customs procedures, valuation, and requirements .......................................................44 3.1.2 Customs valuation ...................................................................................................48 3.1.3 Rules of origin .........................................................................................................48 3.1.4 Tariffs ....................................................................................................................48 3.1.5 Other charges affecting imports .................................................................................49 3.1.5.1 Import licensing ....................................................................................................49 3.1.5.2 Other restrictions ..................................................................................................52 3.1.6 Anti-dumping, countervailing, and safeguard measures ................................................52 3.2 Measures Directly Affecting Exports ..............................................................................53 3.2.1 Customs procedures and requirements .......................................................................53 WT/TPR/S/402 • Macao, China - 3 - 3.2.2 Taxes, charges, and levies ........................................................................................54 3.2.3 Export prohibitions, restrictions, and licensing .............................................................54 3.2.4 Export support and promotion ...................................................................................55 3.2.5 Export finance, insurance, and guarantees ..................................................................55 3.3 Measures Affecting Production and Trade .......................................................................55 3.3.1 Taxation and incentives ............................................................................................55 3.3.1.1 Taxation ..............................................................................................................55 3.3.1.1.1 Direct taxes .......................................................................................................57 3.3.1.1.2 Indirect taxes ....................................................................................................57 3.3.1.2 Incentives ............................................................................................................59 3.3.1.2.1 Tax incentives....................................................................................................59 3.3.1.2.2 Financial incentives and other forms of assistance ..................................................60 3.3.2 Standards and other technical requirements ...............................................................63 3.3.3 Sanitary and phytosanitary requirements ....................................................................67 3.3.4 Competition policy and price controls .........................................................................70 3.3.4.1 Competition policy ................................................................................................70 3.3.4.2 Price controls........................................................................................................71 3.3.5 State trading, state-owned enterprises (SOEs), and privatization ...................................71 3.3.6 Government procurement .........................................................................................72 3.3.6.1 Overview .............................................................................................................72 3.3.6.2 Procedures ...........................................................................................................75 3.3.7 Intellectual property rights ........................................................................................76 3.3.7.1 Overview .............................................................................................................76 3.3.7.2 Industrial property ................................................................................................77 3.3.7.2.1 Patents .............................................................................................................77 3.3.7.2.2 Trademarks .......................................................................................................79 3.3.7.2.3 Other industrial property rights ............................................................................80 3.3.7.2.3.1 Names and emblems of establishments ..............................................................80 3.3.7.2.3.2 Geographical indications and denominations of origin ...........................................81 3.3.7.2.3.3 Layout designs of integrated circuits ..................................................................81