Requirements to strengthen international economic cooperation of the Greater Bay Area | govt.chinadaily.com.cn

Requirements to strengthen international economic cooperation of the Greater Bay Area

Updated: Apr 4, 2019 govt.chinadaily.com.cn Print

The development plan of the Guangdong- Hong Kong- Macao Greater Bay Area demands the three regions fully participate in international economic cooperation.

Enterprises in the Greater Bay Area should leverage overseas commercial networks and the advantages brought about by the operational experience of companies in Hong Kong and Macao that have operations overseas, giving them a leading role in international cooperation on production capacity. 

The plan encourages overseas Chinese to participate in the development of the Greater Bay Area, enhancing links between Chinese people living overseas, as well as Hong Kong and Macao residents, and strengthening people-to-people and cultural exchanges with the relevant countries and regions.

Connections with the world’s major economies should be strengthened to attract investment into advanced manufacturing industries, modern service industries and strategic emerging industries from developed countries, as well as with multinational companies and international organizations establishing their headquarters in the Greater Bay Area.

The plan stresses the importance of attracting advanced international technology, managerial experience and highly-skilled individuals, and supports multinational companies in setting up global research and development centers, laboratories and open innovation platforms in the Greater Bay Area to enhance its ability to allocate global resources.

It also requires greater international cooperation among ports in Guangdong province, Hong Kong SAR and Macao SAR, build port industry zones with relevant countries and regions, and form regional port alliances.

The plan encourages Hong Kong and Macao to play their part in the country’s opening up, supports Hong Kong and Macao in entering into free trade agreements with external parties and participating in relevant international organizations in the name of “Hong Kong, China” and “Macao, China” or in other appropriate manners in accordance with the law. It also supports Hong Kong in playing an active role in the operation of the Asian Infrastructure Investment Bank (AIIB) and Macao in acceding to the AIIB when conditions are met, and supports the Silk Road Fund and related financial institutions to establish subsidiaries in Hong Kong and Macao.

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