On 18th of Feb, 2018, the China central government issued the Outline for the Development Plan of Guangdong, Hong Kong and Macau Bay Area, the main points of the outline is listed as below:
1. Division of Great Bay Area
The “Guangdong, Hong Kong and Macao Bay Area includes the HKSAR, Macau SAR and Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, Zhaoqing of Guangdong province, with a total area of 56,000 square kilometers, and total population of about 70 million in late 2017.
This area is one of the regions with the highest degree of openness and the strongest economic vitality in China, which plays an important strategic role in the overall development of the country.
2. Finance
Gradually expand the scale and scope of RMB cross-border use in the Great Bay Area.
Promote cross-border transaction of financial products such as funds and insurance in the area in well-organized way.
Continuously enrich investment product categories and investment channels, and establish mechanisms for exchange of funds and products.
3. Airport Construction
The outline also proposes to support the construction of the third runway of HK Airport and the reconstruction and expansion of Macau Airport, and the implementation of the airport reconstruction and expansion of Guangzhou and Shenzhen.
It also proposes develop pre-research work of the new airport in Guangzhou, research and construct some feeder or general airport.
4. Intellectual Property Rights ( IPR )
Relies on the regional IP cooperation mechanism between Guangdong and Hong Kong, Guangdong and Macau and the Pan-Pearl River Delta region to comprehensively strengthen cooperation of IP protection and professional training in the area.
Strengthen administrative law enforcement and judicial protection of IP, give better play to the role of Guangzhou IP Court and other institutions, strengthen IP law enforcement in e-commerce, import and export and other key areas.
5. Communications
Will take multi-measures to achieve a reasonable decline in communication fees, promote the reduction of long-distance and roaming charges for mobile phones in the area.
Actively carry out a feasibility study to eliminate long-distance and roaming charges for mobile phones and provide infrastructure support for construction of smart cities.
6. Technical Exchanges
Promote the “Guangzhou-Shenzhen-Hong Kong-Macau” Science and Technology Innovation Corridor construction.
Explore the policy which is to the benefit of cross-border movement of talent, capital, information, technology and other innovative elements of and regional integration.
7. Science and Technology Industry
Promote the development of new generation of pillar industry, such as information technology, biotechnology, high-end equipment manufacturing, new materials.
Cultivate a number of major industrial projects in key areas, such as new display, new generation of communications technology, 5G and mobile internet, protein and other biomedical, high-end medical diagnostic equipment, genetic testing, modern Chinese medicine, intelligent robot, 3D printing, Beidou satellite applications etc.
8. Capital Market
Support Shenzhen to develop capital market with Shenzhen Stock Exchange as the core, accelerates innovation of financial openness.
9. Tourism Industry
Promote effective implementation of yacht free travel in the area, speed up improvement of hardware and software facilities.
Jointly develop high-end tourism projects. Explore the construction of an international yacht travel free port in suitable area.
10. Talent Policy
Encourages Chinese citizens in Hong Kong and Macau to hold positions in the state-owned enterprises in mainland.
Study and promote Chinese citizens in Hong Kong and Macau to apply for position of civil servants in mainland.
11. Integration
Implements the CEPA series agreements between the mainland, HK and Macau. Promote implementation of special open measures for HK and Macao in the areas of finance, education, legal and dispute resolution, shipping, logistics, railway transport, telecommunications, Chinese Medicine, construction and related projects.
Study the further abolition or relaxation of restrictions to HK and Macau investors, such as qualification requirements, shareholding ratios and Industry access, etc.
Provide one-stop service for HK and Macau investors and related practitioners.
Make sure better implementation of opening up measures for HK and Macau under the framework of CEPA.
