New development plans for Qianhai and Hengqin are set to inject strong impetus into the next stage of high-quality development of GBA and deepen opening-up. Let's check how they will spur the area.
On Thursday, the State Council Information Office held a news conference on the development of Hengqin in Zhuhai and Qianhai in Shenzhen, introducing new plans.
Officials said the new plans mark the country's latest move to further deepen reforms and opening-up, providing ample opportunities for the long-term development of the Bay Area.
Cong Liang, deputy head of the National Development and Reform Commission (NDRC), said that Hengqin Plan (横琴方案) is focused on promoting diversified development of Macao and Qianhai Plan (前海方案) is focused on expanding existing zone and further opening-up.
According to the Qianhai plan, the total area of the cooperation zone will be expanded from 14.92 square kilometers to 120.56 sq km.
"The expansion will be conducive to promoting institutional innovation and industrial upgrading in Qianhai as well as piloting the reform policies," Cong said.
After the expansion, the land available for industrial development will increase substantially in Qianhai. Here are some benefits:
Better leverage Hong Kong's advantages
Strengthen the cooperation between Shenzhen and Hong Kong
Provide strong support for Hong Kong's economic development
Push the further integration of Hong Kong into the national development
As for the new Hengqin plan, it aims to help Macao nurture a more diversified economy and leverage its advantages in industries like technological research and development, high-end manufacturing, cultural tourism, exhibition, trade and finance.
Cong said the NDRC will work with Guangdong, Macao and other relevant departments to formulate a catalog of industries that will be encouraged as well as a master development plan for Hengqin.
The central authorities will implement preferential tax policies for building the Guangdong-Macao in-depth cooperation zone in Hengqin, said Vice-Minister of Finance Xu Hongcai.
In the cooperation zone, specific policies have been employed for:
All industries conducive to the diversified economic development in Macao are eligible for the preferential corporate income tax rate of 15%, which is lower than the general level of 25%.
More and more preferential policies will be launched and will largely benefit the Guangdong-Hong Kong-Macao Greater Bay Area by offering strong support and new opportunities.
We will keep following the updates on the latest preferential policies for businesses here in GD. Stay tuned!
If you have any questions about doing business in China, please feel free to contact HACOS!
In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!
Share to let your friends know!
SOURCE | 光明网 / China Daily
