Page 72 - 2019 White Paper on the Business Environment in China
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9 White Paper on the Business Environment in China
Policy Update Xingrui said the province will tackle such issues as the
structure of energy and issues concerning water, soil and
The National Development and Reform Commission air while raising the efficiency in the use of resources and
said several measures will be taken to build the in facilitating the work of professionals. Hong Kong also
Guangdong-Hong Kong-Macao Greater Bay into an will be using electric vehicles and ferries while taking
area with a world-leading role. The bay will be built as a into consideration sustainability and creativity. The
center of international technological innovation, with a emergence of the GBA, especially at the current level
corridor connecting Guangzhou, Shenzhen, Hong Kong of a national strategy, immediately solves HK’s problem
and Macao, the commission said. A comprehensive of limits of further economic development (in land and
transport system will be built in the area to better human resources). Further innovation in science and
connect Hong Kong and Macao with the mainland. More technology is expected to address environmental issues
effective exchanges of production will be achieved. A and raise efficiency in their economic performances
globally leading business environment will be built, with (Yang, Han, et al.).
measures to promote trade liberalization, investment
facilitation, and personnel exchanges. Meanwhile, Recent Progress
the area is set to work with Belt and Road countries in
infrastructure connectivity, finance and ecological and According to the construction plan, the inter-
environmental protection. Guangdong will be supported connectivity of infrastructures was the initial priority. The
in building industrial parks with Hong Kong and Macao construction of the Hong Kong-Zhuhai-Macao Bridge was
to expand economic cooperation, learning from pilot completed and already had the basic capacity for traffic.
zones in Qianhai in Shenzhen, Nansha in Guangzhou and The Guangzhou-Shenzhen-Hong Kong High-speed
Hengqin in Zhuhai. Public services will be strengthened Railway was also basically completed with the section
to help Hong Kong and Macao residents, especially between Guangzhou and Shenzhen already open.
young people, to study, work and start businesses on the Guangdong will use its advantages to play a coordinating
mainland. The NDRC said a number of new policies will role and strengthen the cooperation mechanism and
be released to support private enterprises in expanding communication mechanism between Guangdong and
financing channels, such as in the bond market. Hong Kong and between Guangdong and Macao. A plan
Among these measures, the commission will support for building a world-class port and airport in the GBA
private companies in the issuing of bonds, support is also planned. A challenging goal set for the GBA is to
bond issuing for startup businesses, and work with grow into the world’s leading bay area to rival New York,
financial management departments to support private Los Angeles-San Francisco and Tokyo, China Securities
enterprises in bond and equity financing. Meanwhile, the Journal reported. However, while finding solutions for
necessary fiscal support and aid will be given to private achieving inter-connectivity of infrastructure in the GBA is
enterprises, which had bond defaults due to tight cash easy, overcoming the institutional diversity between the
flow, but are in line with China’s economic restructuring. mainland and Hong Kong and Macao will be a tough task.
Registration for medical institutes and professionals will While the situation of “one country, two systems”, “three
be simplified, with a shorter period of approval time and customs” and “four core cities” is the biggest feature of
fewer documents required. the GBA, it is also where the challenge and pain point are.
Pony Ma Huateng, chairman and CEO of Tencent, and a
Green bonds, green vehicles and green energy are deputy to the 13th National People’s Congress, suggested
among the measures for sustainable developments that a coordination and planning mechanism should be
that will feature the GBA. The HKSAR government is built in the area at a national level and more convenient
hoping to issue green bonds in 2019. The SAR as a global policies should be launched to facilitate cross-boundary
financial center has been linking its finance with green flow of talents and capital according to market rules. “We
development. Recently the government came up with should encourage the joint development of industries
a certification system for green bonds and introduced in the GBA. Shenzhen and Guangzhou are leading in
subsidies for the issuance of such bonds. Leong Vai Tac, the innovative industry, Hong Kong is strong in finance
secretary for economy and finance of the Macao SAR, said industry and the other cities in the whole Pearl River
Macao pays special attention to the environment and has Delta are competitive in intelligent manufacturing and
been exploring environmental technology while working high-end manufacturing. If they combine their strengths
with the EU. The governor of Guangdong province Ma in software, hardware and service together, they will
release great power,” Ma said (Zhu, Development Plan).
72
Policy Update Xingrui said the province will tackle such issues as the
structure of energy and issues concerning water, soil and
The National Development and Reform Commission air while raising the efficiency in the use of resources and
said several measures will be taken to build the in facilitating the work of professionals. Hong Kong also
Guangdong-Hong Kong-Macao Greater Bay into an will be using electric vehicles and ferries while taking
area with a world-leading role. The bay will be built as a into consideration sustainability and creativity. The
center of international technological innovation, with a emergence of the GBA, especially at the current level
corridor connecting Guangzhou, Shenzhen, Hong Kong of a national strategy, immediately solves HK’s problem
and Macao, the commission said. A comprehensive of limits of further economic development (in land and
transport system will be built in the area to better human resources). Further innovation in science and
connect Hong Kong and Macao with the mainland. More technology is expected to address environmental issues
effective exchanges of production will be achieved. A and raise efficiency in their economic performances
globally leading business environment will be built, with (Yang, Han, et al.).
measures to promote trade liberalization, investment
facilitation, and personnel exchanges. Meanwhile, Recent Progress
the area is set to work with Belt and Road countries in
infrastructure connectivity, finance and ecological and According to the construction plan, the inter-
environmental protection. Guangdong will be supported connectivity of infrastructures was the initial priority. The
in building industrial parks with Hong Kong and Macao construction of the Hong Kong-Zhuhai-Macao Bridge was
to expand economic cooperation, learning from pilot completed and already had the basic capacity for traffic.
zones in Qianhai in Shenzhen, Nansha in Guangzhou and The Guangzhou-Shenzhen-Hong Kong High-speed
Hengqin in Zhuhai. Public services will be strengthened Railway was also basically completed with the section
to help Hong Kong and Macao residents, especially between Guangzhou and Shenzhen already open.
young people, to study, work and start businesses on the Guangdong will use its advantages to play a coordinating
mainland. The NDRC said a number of new policies will role and strengthen the cooperation mechanism and
be released to support private enterprises in expanding communication mechanism between Guangdong and
financing channels, such as in the bond market. Hong Kong and between Guangdong and Macao. A plan
Among these measures, the commission will support for building a world-class port and airport in the GBA
private companies in the issuing of bonds, support is also planned. A challenging goal set for the GBA is to
bond issuing for startup businesses, and work with grow into the world’s leading bay area to rival New York,
financial management departments to support private Los Angeles-San Francisco and Tokyo, China Securities
enterprises in bond and equity financing. Meanwhile, the Journal reported. However, while finding solutions for
necessary fiscal support and aid will be given to private achieving inter-connectivity of infrastructure in the GBA is
enterprises, which had bond defaults due to tight cash easy, overcoming the institutional diversity between the
flow, but are in line with China’s economic restructuring. mainland and Hong Kong and Macao will be a tough task.
Registration for medical institutes and professionals will While the situation of “one country, two systems”, “three
be simplified, with a shorter period of approval time and customs” and “four core cities” is the biggest feature of
fewer documents required. the GBA, it is also where the challenge and pain point are.
Pony Ma Huateng, chairman and CEO of Tencent, and a
Green bonds, green vehicles and green energy are deputy to the 13th National People’s Congress, suggested
among the measures for sustainable developments that a coordination and planning mechanism should be
that will feature the GBA. The HKSAR government is built in the area at a national level and more convenient
hoping to issue green bonds in 2019. The SAR as a global policies should be launched to facilitate cross-boundary
financial center has been linking its finance with green flow of talents and capital according to market rules. “We
development. Recently the government came up with should encourage the joint development of industries
a certification system for green bonds and introduced in the GBA. Shenzhen and Guangzhou are leading in
subsidies for the issuance of such bonds. Leong Vai Tac, the innovative industry, Hong Kong is strong in finance
secretary for economy and finance of the Macao SAR, said industry and the other cities in the whole Pearl River
Macao pays special attention to the environment and has Delta are competitive in intelligent manufacturing and
been exploring environmental technology while working high-end manufacturing. If they combine their strengths
with the EU. The governor of Guangdong province Ma in software, hardware and service together, they will
release great power,” Ma said (Zhu, Development Plan).
72
