The Central Government of China has recently promulgated the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (the “Outline Plan”), initiating a new phase of greater economic and social integration for the Pearl River Delta region. The Outline Plan is an ambitious blueprint aimed at linking Hong Kong, Macao, and nine cities in Guangdong Province, including Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, to form an international innovation and technology hub through innovation, reforms and opening-up.
The Outline Plan lays important policies for the furtherance of the flow of capital, goods, services, information and talents across the Greater Bay Area (“GBA”). It is expected that the GBA initiative will attract significant foreign business and professional to the region, making it a growth engine to compete with similar bay clusters in New York and Tokyo.
Overview of the key elements of the Outline Plan:
- Developing an international innovation and technology hub
- Expediting infrastructural connectivity
- Building a globally competitive modern industrial system
- Taking forward ecological conservation
- Developing a quality living circle for living, working and traveling
- Strengthen cooperation and jointly participating in the Belt and Road Initiative
- Jointly developing Guangdong-Hong Kong-Macao cooperation platforms
More importantly, Hong Kong, Macao, Guangzhou, and Shenzhen are identified in the Outline Plan as the four “core cities” of the GBA, each with its defined specific development objectives:
Hong Kong –
to consolidate and enhance its status as international financial, transportation and trade centres as well as an international aviation hub, strengthen its status as a global offshore Renminbi (RMB) business hub and its role as an international asset management centre and a risk management centre, etc.
to fully leverage its leading function as a national core city and an integrated gateway city, comprehensively strengthen its functions as an international commerce and industry centre and integrated transport hub, enhance its function as technological, educational and cultural centres, etc.
to leverage its leading role as a special economic zone, a national economic core city and a national innovation city, expedite its transformation into a modern and international city, and strive to become a capital of innovation and creativity with global influence.
to develop into a world-class tourism and leisure centre and a commerce and trade cooperation service platform between China and Lusophone countries, promote an appropriate level of diversified economic development, etc.
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t hkMS, we are delighted and ready to help you seize the possible business opportunities brought about by the GBA initiative. We are experienced in advising clients on corporate structures, setting up companies in Hong Kong and wholly foreign-owned enterprise (WFOE) in the GBA.
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