Guangdong adjusts to encourage Bay Area growth

Guangdong province has introduced a series of preferential policies and measures to promote the Guangdong-Hong Kong-Macao Greater Bay Area.

The changes — which mainly involve investment, trade, shipping, logistics, financial innovation and entrepreneurship — will make it more convenient for business representatives from Hong Kong and Macao to start businesses and work in Bay Area cities, Guangdong authorities have said.

Hong Kong and Macao residents can participate in social security in Guangdong and enjoy the same treatment as mainland residents in housing purchases and education when they start business and work in Guangdong. They can also set up eldercare services.

Zheng Renhao, deputy secretary-general of the Guangdong provincial government, said the new policies and measures will help Guangdong attract more talent from Hong Kong and Macao and further expand cooperation and exchanges between cities in the Bay Area in the months ahead.

He also promised that Guangdong would expand investment in infrastructure to further strengthen connectivity and accelerate the integrated development of the cities.

According to Zheng, railways are expected to expand to 4,700 kilometers by 2025 and to 5,700 kilometers by 2035 in the area, covering all cities at or above county level.

Zheng made the remarks at a news conference earlier this year.

Deng Maoying, deputy director-general of the Guangzhou municipal government, said the city has also introduced special policies and measures to encourage young people from Hong Kong and Macao to establish businesses and work in the city.

In addition to further lowering the threshold for startups, Hong Kong and Macao residents can participate in local medical insurance and social security on the same terms as local residents.

Guangzhou's Zengcheng district has begun providing living allowances to young Hong Kong and Macao professionals employed there.

Shenzhen's Qianhai pilot free trade zone has also allowed professionals from Hong Kong and Macao, including lawyers, accountants and tour guides to practice in the zone.

A recent report released by the China Development Research Foundation, said the Bay Area's GDP is expected to reach 14.76 trillion yuan ($2.29 trillion) this year.

The Greater Bay Area includes nine Guangdong cities — Guangzhou, Shenzhen, Foshan, Zhuhai, Dongguan, Zhongshan, Huizhou, Jiangmen and Zhaoqing, plus the Hong Kong and Macao special administrative regions.

The city clusters are linked by advanced rail and expressway networks.