Getting good bargains on Hong Kong products no longer means having to go there and shop 'til you drop. Nearly all Hong Kong-made goods sent to the Chinese mainland will now come free of tariffs. CGTN's Li Jiejun shows us what it will mean for people living in the mainland and for the economy.

Food, medicine, jewelery, all products made in Hong Kong can now enter the Chinese mainland with zero-tariffs.

As of January 1st, the Mainland and Hong Kong Closer Economic Partnership Arrangement, or CEPA, permits goods of Hong Kong origin imported into the mainland to enjoy zero tariffs.

And all goods within the Greater Bay Area of Guangdong-Hong Kong-Macao will be subject to streamlined import and export procedures.

Experts say this liberalizes the trade in goods between the two locations.

OPHELIA TSANG, DEPUTY DIRECTOR-GENERAL TRADE & INDUSTRY DEPARTMENT "The new agreement will boost Hong Kong domestic exports to the mainland because it enhances the competitiveness of Hong Kong products. Back in 2006, the share of the mainland in Hong Kong's total domestic was 30 percent. But the figure has risen to 40 percent in 2017. We believe that with the implementation of  the agreement on trading goods, it will further rise."

In the long run, CEPA's zero import tariff treatment aims to facilitate trade creation and assist Hong Kong brands to establish themselves in the mainland market.

Since the 1980s, when Hong Kong began its outward processing in the mainland, its domestic exports there had declined dramatically.

LI JIEJUN HONG KONG "The manufacturing sector has shrunk greatly in Hong Kong since many of the factories have moved to the mainland to save costs. Experts say the new policy may encourage re-industrialization in Hong Kong and thus maintain a source of growth for the city's economy."

While Hong Kong is a service-oriented economy, high-end and high-value manufacturing has a promising prospect.

DENNIS W.P. NG, PRESIDENTCHINESE MANUFACTURERS' ASSOC. OF HK "Land and labor costs are very high in Hong Kong. Though it's tariff-free for Hong Kong products, the overall competitiveness of Hong Kong's small and medium-sized enterprises is still not strong. Products with value-added in terms of brand, design, technology, rather than the labor-input, can enter the mainland market competitively. It's estimated that the exports to the mainland will enjoy double-digit growth after the new policy takes effect."

Analysts say with the opening of both the Guangzhou-Shenzhen-Hong Kong Express Rail Link, and the Hong Kong-Zhuhai-Macao Bridge, the flow of goods will accelerate production in the Greater Bay Area, which will further facilitate trade and economic cooperation. LJJ, CGTN, HK.