Guangdong to set up its version of Silicon Valley on the doorsteps of Hong Kong and Shenzhen

China is stepping up its promotion of the “Greater Bay Area” – its version of Silicon Valley – in Guangdong province by offering incentives to foreign capital and companies.

Ma Xingrui, the province’s governor, said that by the end of November the local government will introduce 10 policies to explain how the region will better utilise overseas capital.

“These rules will show our strong support for foreign companies and investment seeking opportunities in Guangdong,” Ma said on Tuesday in Guangzhou, during a meeting with a delegation from Hong Kong. “We will establish an open economy on a higher level.”

The Greater Bay Area, which includes nine Guangdong province cities such as Guangzhou and Shenzhen as well as Hong Kong and Macau, will come to be a centre of technology and innovation, said Ma, adding that foreign businesses will enjoy “equal treatment” with mainland, Hong Kong and Macau enterprises.

Shenzhen is also committed to attracting and serving overseas companies, especially those in Hong Kong. Qianhai, its special economic zone, will have a third of its land left for Hong Kong enterprises, the city’s Communist Party secretary, Wang Weizhong, said on Monday.

“The two cities can further cooperate with each other, combining Hong Kong’s strength in high education and fundamental research with Shenzhen’s industrial advantages,” said Wang. “We would like to provide a platform for Hong Kong’s young people to realise their dream of creating companies.”