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Guangdong FTZ promises deeper connections within GBA

09/24/2021 Source: newsgd.com

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On September 22, Guangdong released the 14th Five-year Plan for China's (Guangdong) Pilot Free Trade Zone (FTZ), which aims to create within 5 years (2021-2025) a high-level open economic hub, and also a pilot area with leading systems, a world-class business platform, a demonstration zone of integrated development of the Greater Bay Area, and a pioneering area of modern industry development.

(Photo / Nanfang Daily)

The Plan includes goals that, by 2025, total exports and imports of the FTZ will reach RMB 400 billion; the annual container throughput will go up to 3700 TEUs; the annual increase rate of tax revenues will stand at 5%; aggregate foreign direct investment will reach $ 40 billion, and direct investment from Hong Kong and Macao will reach $ 35 billion.

In terms of the deeper cooperation with Hong Kong and Macao, the Plan proposes that the three places should deepen mutual connections and cooperation by sharing rules, regulations and systems.

For instance, the FTZ is going to bring in the administration model of Hong Kong and Macao, and build industrial parks and communities with social insurance, education, health-care, and environment parallel to those in the two SARs.

It's also noteworthy that the three sub-zones — Nansha Area of Guangzhou, Qianhai-Shekou Area of Shenzhen, and Hengqin Area of Zhuhai, are taking on distinctive responsibilities.

Nansha Area, already blessed with the policy advantages of being a state-level economic and technological development zone and bonded port area, will further undertake the construction of a national technological center, an international talent base as well as a representative zone of import trade and Guangdong-Hong Kong-Macao cooperation.

Qianhai-Shekou Area will mainly focus on international trade, high-end shipping services as well as international legal services and commercial dispute resolution. It is expected to enhance the opening-up of national financial industry and the functions of cross-border RMB business pilot area, and to build a comprehensive innovation platform that deepen the reforms in Shenzhen and the GBA.

Hengqin New Area is to accelerate the construction of the Guangdong-Macao In-depth Cooperation Zone, the convergence of rules in Guangdong and Macao, as well as the establishment of a joint management mechanism of the two areas. Thus, a new platform for Guangdong-Macao multiple economic development will be built in hope of bringing more convenience to residents' life and work, providing an exemplar of "One country, two systems" policy, and boosting the development of the GBA.

Author: Ray (intern)

Editor: Will, Jerry