Page 70 - 2020 Special Report on the State of Business in South China
P. 70
capital institutions, and (ii) opening up of high-tech optimized industrial structure, smooth flow of
enterprises, technology-based small and medium- resources and a pleasant and beautiful ecological
sized enterprises and financial undertakings in environment should be in place.
key areas of provincial R&D projects to financial
institutions and venture capital institutions. It By 2035, the Greater Bay Area should see:
encourages banks to develop special services for (i) the formation of an economic system and
science and technology credit. Eligible prefectures development pattern with innovation being its
are encouraged to (i) provide appropriate rewards key pillar; (ii) significant elevation of its economic,
for newly registered private equity and venture scientific and technological strengths; and
capital management companies through listing, (iii) further enhancement of its international
(ii) play a guiding role in provincial innovation and competitiveness and influences. High-level
entrepreneurship funding, (iii) focus on investing interconnectivity of markets inside the Greater
in start-up technology companies, and (iv) guide Bay Area should be realized, and resources
more social funds to promote innovation and should flow in a highly efficient and convenient
entrepreneurship. Eligible prefectures are also manner. Coordination of regional development
encouraged to (i) vigorously develop the fintech should be improved, and its driving role in
industry through listing, and (ii) attract fintech promoting development in surrounding areas
companies and talents to settle in and support should also be enhanced.
the application of new technologies such as cloud
computing, big data, blockchain and artificial The Guangdong Outline gives instructions
intelligence in finance. on spatial layout, science and technology,
transportation, and finance, which include:
Outline of the Development Plan
for the Guangdong-Hong Kong-Macao I. Clarification of the position of the city and
Greater Bay Area formation of a radiation network
On February 18, 2019, the Central Committee of Maintain an approach that is driven by
the CPC and the State Council released the “Outline poles and supported by axes while radiating to
of the Development Plan for the Guangdong-Hong surrounding areas, promote the rational division of
Kong-Macao Greater Bay Area” (the “Guangdong labor and complementary functions among large,
Outline”). The Guangdong Outline proposed that medium-sized and small cities, further increase
since the commencement of reform and opening- the level of coordinated regional development,
up, especially after the return of Hong Kong and facilitate integrated urban-rural development and
Macao to Mainland China, cooperation among build a development structure for the Greater Bay
Guangdong, Hong Kong and Macao has deepened, Area that is scientifically structured, intensive and
and the economic strength and regional highly efficient.
competitiveness of the Greater Bay Area has
seen a significant upsurge, with the fundamental The Guangdong Outline clarifies the functions
conditions to build a global first-class bay area and of important cities in the Greater Bay Area:
city cluster having already materialized.
- Guangzhou: Give full play to its leading role as
The Guangdong Outline proposes that by 2022: a national core city and a comprehensive gateway
(i) the comprehensive strength of the Guangdong- city, comprehensively enhance its functions as an
Hong Kong-Macao Greater Bay Area should see international commerce center and an integrated
a significant increase; (ii) the cooperation among traffic hub, cultivate and promote its functions as
Guangdong, Hong Kong and Macao should become a scientific, technological, educational and cultural
deeper and more extensive; (iii) endogenous center, and build Guangzhou into a metropolis
development should be further promoted; and (iv) with an excellent international reputation.
the framework of an international first-class bay
area and world-class city cluster featuring robust - Shenzhen: Leverage its leading role as a
development, remarkable innovative capabilities, special economic zone and a nationwide well-
70
enterprises, technology-based small and medium- resources and a pleasant and beautiful ecological
sized enterprises and financial undertakings in environment should be in place.
key areas of provincial R&D projects to financial
institutions and venture capital institutions. It By 2035, the Greater Bay Area should see:
encourages banks to develop special services for (i) the formation of an economic system and
science and technology credit. Eligible prefectures development pattern with innovation being its
are encouraged to (i) provide appropriate rewards key pillar; (ii) significant elevation of its economic,
for newly registered private equity and venture scientific and technological strengths; and
capital management companies through listing, (iii) further enhancement of its international
(ii) play a guiding role in provincial innovation and competitiveness and influences. High-level
entrepreneurship funding, (iii) focus on investing interconnectivity of markets inside the Greater
in start-up technology companies, and (iv) guide Bay Area should be realized, and resources
more social funds to promote innovation and should flow in a highly efficient and convenient
entrepreneurship. Eligible prefectures are also manner. Coordination of regional development
encouraged to (i) vigorously develop the fintech should be improved, and its driving role in
industry through listing, and (ii) attract fintech promoting development in surrounding areas
companies and talents to settle in and support should also be enhanced.
the application of new technologies such as cloud
computing, big data, blockchain and artificial The Guangdong Outline gives instructions
intelligence in finance. on spatial layout, science and technology,
transportation, and finance, which include:
Outline of the Development Plan
for the Guangdong-Hong Kong-Macao I. Clarification of the position of the city and
Greater Bay Area formation of a radiation network
On February 18, 2019, the Central Committee of Maintain an approach that is driven by
the CPC and the State Council released the “Outline poles and supported by axes while radiating to
of the Development Plan for the Guangdong-Hong surrounding areas, promote the rational division of
Kong-Macao Greater Bay Area” (the “Guangdong labor and complementary functions among large,
Outline”). The Guangdong Outline proposed that medium-sized and small cities, further increase
since the commencement of reform and opening- the level of coordinated regional development,
up, especially after the return of Hong Kong and facilitate integrated urban-rural development and
Macao to Mainland China, cooperation among build a development structure for the Greater Bay
Guangdong, Hong Kong and Macao has deepened, Area that is scientifically structured, intensive and
and the economic strength and regional highly efficient.
competitiveness of the Greater Bay Area has
seen a significant upsurge, with the fundamental The Guangdong Outline clarifies the functions
conditions to build a global first-class bay area and of important cities in the Greater Bay Area:
city cluster having already materialized.
- Guangzhou: Give full play to its leading role as
The Guangdong Outline proposes that by 2022: a national core city and a comprehensive gateway
(i) the comprehensive strength of the Guangdong- city, comprehensively enhance its functions as an
Hong Kong-Macao Greater Bay Area should see international commerce center and an integrated
a significant increase; (ii) the cooperation among traffic hub, cultivate and promote its functions as
Guangdong, Hong Kong and Macao should become a scientific, technological, educational and cultural
deeper and more extensive; (iii) endogenous center, and build Guangzhou into a metropolis
development should be further promoted; and (iv) with an excellent international reputation.
the framework of an international first-class bay
area and world-class city cluster featuring robust - Shenzhen: Leverage its leading role as a
development, remarkable innovative capabilities, special economic zone and a nationwide well-
70
