It is of a guiding significance for the signing of the Closer Economic Partnership Arrangement （CEPA） in 2003 and the annual subsequent supplementary agreements. Ten years since the implementation of CEPA，the economic and commercial exchanges between the Mainland and Macau has deepened. Macau was able to gain new motives for development. This article summaries the contents and main points of CEPA，and analyses the impact of the Arrangement to the economy of Macau，in terms of commodity trade，service trade and the gaming and tourism sectors. This article finally proposes that the Arrangement should define measures to open up markets for certain service industries with Macau’s local characteristics.