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Guangdong FTZ is to be Built into a Guangdong-Hong Kong-Macao Greater Bay Area Cooperation Demonstration Zone
font size: Biginsmall date:2018-06-04 [Print this page]    [Close]

timedg.com news  A few days ago, the state Council issued the Plan to Further Deepen the Reform and Opening-up of the China (Guangdong) Pilot Free Trade Zone  (hereinafter referred to as the Deep Reform Plan), clarifying the strategic positioning of Guangdong FTZ: "two zones and one hub", that is to build a new open economic system leading zone, a gateway and hub for high-level opening-up and a Guangdong-Hong Kong-Macao Greater Bay Area cooperation demonstration zone.

The free trade zones of Guangdong, Tianjin and Fujian are China's second batch of free trade test zones, which have been approved for three years. As the forefront of reform and opening up, the construction of the free trade zone has attracted much attention. With the historic opportunity presented by the Guangdong-Hong Kong-Macao Greater Bay Area, Guangdong FTZ will have great development potential.

Further expand market access and financial opening-up

Since its birth, the FTZ has been entrusted by the central government with the mission of "boldly test to make a breakthrough, and autonomously improve to form a batch of new replicable and promotable systems as soon as possible". Now, the release of a new batch of 30 replicable pilot reform experiences prove that after three years of development, the three free trade zones of Guangdong, Tianjin and Fujian have handed in an excellent answer sheet.

Next, how should Guangdong FTZ find a correct position? The Deep Reform Plan clearly proposes that by 2020, China (Guangdong) Pilot Free Trade Zone should take the lead in benchmarking international investment and trade rules, establish a system compatible with international shipping hubs, international trade centers, and financial opening-up pilot windows, and build a new open economic system leading zone, a gateway and hub for high-level opening-up and a Guangdong-Hong Kong-Macao Greater Bay Area cooperation demonstration zone

For the construction of an international shipping hub, an international trade center, and a financial opening-up pilot windows, the Deep Reform Plan puts forward a series of innovative measures, including building a global port chain, a global trade shipping logistics supply chain, a south China international ship bonded oil supply base, and a high-end shipping service gathering area.

What is worth paying attention to is that on the third anniversary of the establishment of Guangdong FTZ, it has been allowed to further expand market access and financial opening-up, a policy that Guangdong has been looking forward to for a long time. Lin Jiang, professor from Economic department of Lingnan college of sun Yat-sen university, said, " judging from the content of the Deep Reform Plan,  Guangdong FTZ will play a further role in deepening financial reform and expanding financial opening-up, which is the most impressive point in the plan. He believes that this is the central government's further affirmation of the orientation of Guangdong FTZ in the system innovation.

This means that a new version of the negative list of FTZ will be issued in 2018. While deepening opening up foreign investment in advanced manufacturing, finance and other fields, foreign investment will be encourage to increase in the form of equity investment and thus realize equal treatment between domestic and foreign investment.

New opportunities for Guangdong-Hong Kong-Macao Cooperation

In fact, after recent years of development, Nansha, Qianhai and Hengqin areas in Guangdong FTZ, as the cooperation gateway of the Pearl river delta to Hong Kong and Macao and the bridgehead of the “Belt and Road" have become the three core pivot points of the cities in Guangdong-Hong Kong-Macao Greater Bay Area. Thanks to these, Guangdong-Hong Kong-Macao Greater Bay Area cooperation demonstration zone will have a promising future.

In the past, Guangdong FTZ has always been an important starting point for exploring the cooperation among Guangdong, Hong Kong and Macao. With the clear role of the "Guangdong-Hong Kong-Macao Greater Bay Area cooperation demonstration zone" in the Deep Reform Plan, the cooperation among Guangdong, Hong Kong and Macao has ushered in a new opportunity.

The reporter learned from the Deep Reform Plan that around the Guangdong-Hong Kong-Macao Greater Bay Area cooperation demonstration zone, the Deep Reform has formulated specific measures for further opening up in the areas of finance, commerce, law, shipping, etc.

The Guangdong FTZ will give full play to the advantages of system innovation. under the framework of CEPA, it will take the lead in further opening up Hong Kong and Macao's service industry, expanding the scope of Hong Kong and Macao's financial, accounting, lawyers, construction and other professional services, introducing Hong Kong’s construction project management mode, managing Hong Kong and Macao's routes as special domestic routes, continuously breaking through the institutional barriers of Guangdong, Hong Kong and Macao's in-depth cooperation, and playing a leading role in the demonstration of the construction of Guangdong-Hong Kong-Macao Greater Bay Area.

Liang Haiming, dean of the China Silk Road iValley Research Institute, said in an interview with a reporter from the Securities Daily that the relevant departments of the state will re-examine the detailed rules for the planning of Guangdong-Hong Kong-Macao Greater Bay Area according to the content of the Guangdong Pilot Free Trade Zone, so as to ensure that the policy conditions given to the Bay Area are more open, more beneficial to the people, more conducive to the development of scientific and technological innovations, and more conducive to providing fertile ground for the future development of young people of Guangdong-Hong Kong-Macao Greater Bay Area. ”

The total area of Guangdong FTZ is 116.2 square kilometers, covering Nansha new district area in Guangzhou, Shekou area in Qianhai of Shenzhen and Hengqin new district area in Zhuhai. Dongguan is located on the east coast of the Pearl river estuary. It borders Nansha and Qianhai free trade areas and it has an inherent location advantage to strengthen its ties with Hong Kong and Macao. And Dongguan has been actively docking with the FTZ, hoping to enjoy the dividends of reform.

Taking the Marina Bay New District as an example, it mainly focuses on financial industry, modern service industry and so on in cooperation with Qinghai of Shenzhen. It undertakes its industrial overflow and learns to duplicate its outstanding policy innovations. In addition, Dongguan has signed three strategic framework cooperation agreements with Guangzhou, focusing on strengthening the regional cooperation among Marina Bay New District and Nansha and Guangzhou ports. In the future, the Marina Bay New District will also carry through the positioning of the "pilot area for the coordinated development of Guangdong, Hong Kong and Macao" and participate fully in the cooperation among Guangdong, Hong Kong and Macao, becoming a new carrier for the cooperation among Guangdong, Hong Kong and Macao. According to Securities Daily and The Time Weekly

Source:www.timedg.com

 

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