Authorized by the State Council, Vice Minister of Commerce Jiang Zengwei and Macao SAR Secretary for Economy and Finance Francis Tam (Tam Pak Yuen) signed Supplement V to the Mainland and Macao Closer Economic Partnership Arrangement (Hereinafter referred to as Supplement Ⅴ to the Agreement) on July 29, 2008 in Macao. The agreement shall be officially implemented on January 1, 2009. Macao Chief Executive Ho Hau-wah, Deputy Director of Hong Kong and Macao Affairs of the State Council Zhou Bo and Guo Li, Deputy Director of the Liaison Office of the CPG in HK SAR were present at the ceremony. The Supplement Ⅴ to the Agreement, on the basis of the Arrangement and its other four supplementary agreements, shall further expand the opening-up of Macao. Regarding the trade in services, the Mainland shall take 27 specific measures in a total of 18 areas, and shall further simplify the approval procedures such as relaxing the market access conditions, abolishing the restrictions on shareholding, broadening the business scope and areas in the 16 areas including accounting, construction, medical, information technology, personnel and arrangements, printing, exhibition, distribution, environment, banking, social services, tourism, marine transport, air transport, road transport, individual industrial and commercial households, etc. on the original basis of the opening-up commitment. Meanwhile, the said agreement adds two new areas of mining-related services and consulting services related to science and technology. In addition, the two sides shall also add "brand cooperation" as a new area of cooperation in the trade and investment facilitation and increase the cooperation content. These measures shall play an active role in promoting the exchanges and cooperation between Guangdong and Macao. Since the Arrangement was signed five years ago, with the joint efforts of the people from all walks of life in Mainland and Macao, everything proceeded smoothly. The implementation of the Arrangement increased bilateral economic exchanges and cooperation level. The Supplement Ⅴ to the Agreement just signed shall benefit Macao’s multiple industry structure. It shall not only bring more development opportunities to Macao, but also bring new vitality to the mainland's economic development. In future, the mainland shall continue to implement the relevant regulations of the Arrangement in order to promote the common economic development in Mainland and Macao.