Greater Bay Area measures to benefit both parties
- Hong Kong professionals will find it easier to operate in the economic zone, and easing of investment restrictions will help revive economies in the city and mainland China
China’s ambition to develop the Greater Bay Area into an economic powerhouse has been given another boost following the announcement of more measures. This includes fostering a “world-leading” business environment in the region and promoting the modern service industry in the neighbouring Qianhai area, a move that will open up more opportunities for Hong Kong professionals and the service industry.
The significance of the latest drive is reflected in the recent arrangement for Chief Secretary for Administration Eric Chan Kwok-ki to attend a joint press conference held by the State Council Information Office in Beijing, along with officials from the National Development and Reform Commission and governments of Guangdong province, Shenzhen and Macau.
The Qianhai blueprint is one of four recently promulgated by Beijing to enhance the breadth and depth of development in the Greater Bay Area. Covering strategic positioning, objectives, spatial layout and the governance model of the Qianhai Cooperation Zone, the plan seeks to promote the demonstrative role Qianhai plays in the development of the bay area.
The initiative is set to be a win-win for all. For instance, Qianhai will make it easier for Hong Kong enterprises and professionals in the construction and related engineering sectors, who have the relevant qualifications, to provide services at the planning and design stages, and expand the city’s management of construction and engineering on a pilot basis.
It will also support local accounting firms to launch non-audit services with Hong Kong accountants.
In another welcome move, the commission pledged to ease restrictions for investors and attract multinational companies to establish headquarters in the region under a three-year action plan. This is a timely step as much for the mainland as Hong Kong, because both are seeking to rebuild their economies following a prolonged coronavirus pandemic.
The city’s well-established financial regulations, legal system and professional services will continue to contribute to national development while tapping new opportunities arising from the strategy.
