GBA becomes important power base to lead China’s high quality development
Time：2022-12-26 23:01:04
Source：newsgd.com
With less than 1% of China's land area and 5% of its population, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) contributes 12% of the country's total economic aggregate. It has become an important power base to lead China's high quality development, said Zhu Wei, Deputy Director-General of Guangdong Provincial Development and Reform Commission at the 2022 Global Investment Promotion Conference on December 21.
Zhu mainly introduced the favorable policies for the development of the GBA highlighting tax environment, innovation development, convenient investment and financing environment, and a better environment for public services.
In terms of individual income tax, for overseas high-end and urgently-needed talent working in the GBA mainland cities, subsidies will be given for the portion of their income tax exceeding the tax in Hong Kong.
According to Zhu, over 20,000 residents from Hong Kong and Macao have applied for preferential income tax subsidies from GBA mainland cities in 2021, and the subsidy volume was over 5 billion RMB.
The GBA has made steady progress in developing an international innovation and technology hub. It has pursued a development pattern with "two hubs" (the Lok Ma Chau Loop, which occupies a strategic location on the border of Shenzhen and Hong Kong, and Guangdong-Macao In-depth Cooperation Zone in Hengqin) and "two corridors" (the Guangzhou - Shenzhen - Hong Kong and the Guangzhou - Zhuhai - Macao innovation and technology corridors).
The connectivity of the financial markets in the GBA is also enhanced with the pilots of Shenzhen-Hong Kong Stock Connect, Southbound Bond Connect and Cross-border Wealth Management Connect.
Guangdong, Hong Kong and Macao are taking more cooperation in various fields to facilitate the efficient flow of people, logistics, capital and information. For instance, mutual recognition of professional qualifications has been given support in 8 fields including education, medical care and legal. More fields will be expanded in the future, said Zhu.
In terms of social security, a "social security pass" was launched in Guangdong, allowing Hong Kong and Macao residents to buy pension, work injury, unemployment insurance in the province.
