(Yicai Global) Feb. 19 -- Chinese authorities aim to deepen the removal of restrictions on investors based in Hong Kong and Macao as part of efforts to boost trade liberalization and the exchange of personnel and goods.
China's mainland will bolster efforts to open-up the special administrative regions' finance, education, legal, shipping, logistics, railway transportation, telecommunications, Chinese medicine, construction and engineering sectors, according to a new outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area released by the country's State Council yesterday.
Authorities will also cancel or ease restrictions on Hong Kong and Macao investors' qualifications, shareholding ratio and industry access.
The exchange of information, mutual recognition of supervision mechanisms and mutual assistance of enforcement among regulatory authorities in China and the two regions will also be promoted. China will use information-driven methods to make it easier for residents of Hong Kong and Macao to visit the mainland.
The outline plan refers to the nine cities and two regions in the Greater Bay Area as a unified market, and aims to better distribute commodities, human resources and goods, Guangdong Academy of Social Sciences International Economic Research Institute Deputy Director Deng Jiangnian told Yicai Global.
The local governments of Guangdong, Hong Kong and Macao are in the process of carrying out systematic reforms and innovations to promote the integration of their markets. For example, Guangdong authorities are stepping up efforts to streamline administration, delegate power and optimize the business environment to strengthen its competitiveness in terms of attracting investment.
"The Guangdong government will focus on bringing its market rules in line with those of Hong Kong and Macao this year," said Ge Changwei, head of the Guangdong Provincial Development and Reform Commission. "This will further optimize market access, as well as property and legal protections and government services, while deepening cooperation with Hong Kong and Macao in terms of personnel training, mutual recognition of qualifications and standard setting."
The Guangdong-Hong Kong-Macao Greater Bay Area covers nine cities including Guangzhou and Shenzhen in Guangdong province, as well as Hong Kong and Macao. It boasts one of the highest levels of openness among China's regions and the strongest economic climate. According to the Chinese government's plan, the Guangdong-Hong Kong-Macao Greater Bay Area will be built into a world-class urban agglomeration, becoming the world's fourth-largest bay area following New York, San Francisco and Tokyo.