China unveils plan to boost business environment in the Greater Bay Area
- The plan by the National Development and Reform Commission pledges to increase the area’s appeal to international investors
- The blueprint also seeks to attract more international firms to the hub, which includes Hong Kong and Macau
Beijing has drawn up a blueprint designed to foster a world-leading business environment in its Greater Bay Area of Guangdong, Hong Kong and Macau.
The release of the three-year action plan by the National Development and Reform Commission, the country’s top economic planner, comes as the world’s second-largest economy is grappling with a dip in foreign investment as the economy slows and external de-risking efforts.
In the plan, the commission pledged to further ease restrictions for investors and attract multinational companies and international organisations to establish their headquarters in the technology and innovation hub.
We must align to high-standard international trade rules
“We must increase [our] attractiveness for inward investors,” the document, published on Monday, said.
“We must align to high-standard international trade rules such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.”
The Greater Bay Area consists of nine cities in the southern province of Guangdong, along with Hong Kong and Macau – an area that is home to more than 68 million people.
It is positioned as a world-class city cluster to rival those surrounding Tokyo, New York and San Francisco and is one of President Xi Jinping’s three key regional development areas along with Beijing-Tianjin-Hebei in the north and the Yangtze River hub centred around Shanghai.
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