Page 138 - 2021 Special Report
P. 138
and accurate implementation of the principles for China's further reform and opening-up,
o f " O n e C o u n t r y, Tw o S y s t e m s ", " H o n g K o n g and a key direction for Hong Kong to restore
people gover ning Hong Kong", "M acau people economic momentum after the outbreak of
governing Macau" and a high degree of autonomy, COVID-19. By further deepening cooperation
adherence to the principle of governing Hong between Guangdong, Hong Kong and Macau,
Kong and Macau in accordance with the law, the goal of the Greater Bay Area is to promote
safeguarding the constitutional order of the the coordinated economic development of the
Special Administrative Region as defined in Greater Bay Area, leverage its complementary
the Constitution and the Basic Law, ensuring advantages, and build a world-class bay area
the Central Government’s exercises of overall suitable for living, working and traveling.
governance over the Special Administrative Region,
implementing the legal system and enforcement The People's Bank of China and the Hong
mechanism for safeguarding state security in the Kong Monetary Authority renewed and expand-
Special Administrative Region, and safeguarding ed their currency swap agreements
China's sovereignty, security and development
interests as well as the overall social stability of In November 2020, the People's Bank of
the Special Administrative Region. Support the China and the Hong Kong Monetary Authority
Special Administrative Region in consolidating and renewed the currency swap agreement,
enhancing its competitive advantages, building an expanding the scale of the swap from 400 billion
international center for innovation and technology, RMB / 470 billion Hong Kong dollars to 500
and building a "Belt and Road" functional platform billion RMB / 550 billion Hong Kong dollars. The
to achieve diversified and sustainable economic swap agreement is valid for five years and can
development. Supporting Hong Kong and Macau be extended with the consent of both parties.
in better integrating into the overall development The two sides agreed that the renewal of the
of the country, developing the Guangdong-Hong swap agreement is conducive to maintaining
Kong-Macau Greater Bay Area with high quality, financial stability in Hong Kong and the region,
and perfecting policies and measures to make facilitating trade and investment between the
it easier for Hong Kong and Macau residents to two places, and promoting the development of
develop on the mainland. Enhancing the national the offshore RMB market in Hong Kong.
awareness and patriotism of our compatriots
in Hong Kong and Macau. Supporting Hong Special Economic Zones
Kong and Macau in conducting exchanges and
cooperation with other countries and regions. The Lok Ma Chau Loop “Hong Kong/Shen-
Resolutely guarding against and containing outside zhen Innovation andTechnology Park”
interference in Hong Kong and Macau affairs.
The Lok Ma Chau Loop (an area south of
Hong Kong establishes the Guangdong- Shenzhen River and near the Lok Ma Chau
Hong Kong-Macau Greater Bay Area De- control point in Hong Kong) was earmarked
velopment Office in March 2017 to be developed into the Hong
Kong/Shenzhen Innovation and Technology Park
On 23 November 2020, the Constitutional following a Memorandum of Understanding
and Mainland Affairs Bureau of the HKSAR signed by the Hong Kong and Shenzhen
Government announced the formal governments in January 2017 for cross-border
establishment of the Guangdong-Hong Kong- collaboration.
Macau Greater Bay Area Development Office to
enhance the promotion and coordination of the At 87 hectares, it is anticipated to be the
HKSAR government's work on the Greater Bay largest innovation and technology platform ever
Area. A spokesman for the Constitutional and established in the history of Hong Kong and will
Mainland Affairs Bureau said that development act as a key base for cooperation in innovation
of the Guangdong-Hong Kong-Macau Greater and technology research to attract top-tier
Bay Area is a major development strategy
138
o f " O n e C o u n t r y, Tw o S y s t e m s ", " H o n g K o n g and a key direction for Hong Kong to restore
people gover ning Hong Kong", "M acau people economic momentum after the outbreak of
governing Macau" and a high degree of autonomy, COVID-19. By further deepening cooperation
adherence to the principle of governing Hong between Guangdong, Hong Kong and Macau,
Kong and Macau in accordance with the law, the goal of the Greater Bay Area is to promote
safeguarding the constitutional order of the the coordinated economic development of the
Special Administrative Region as defined in Greater Bay Area, leverage its complementary
the Constitution and the Basic Law, ensuring advantages, and build a world-class bay area
the Central Government’s exercises of overall suitable for living, working and traveling.
governance over the Special Administrative Region,
implementing the legal system and enforcement The People's Bank of China and the Hong
mechanism for safeguarding state security in the Kong Monetary Authority renewed and expand-
Special Administrative Region, and safeguarding ed their currency swap agreements
China's sovereignty, security and development
interests as well as the overall social stability of In November 2020, the People's Bank of
the Special Administrative Region. Support the China and the Hong Kong Monetary Authority
Special Administrative Region in consolidating and renewed the currency swap agreement,
enhancing its competitive advantages, building an expanding the scale of the swap from 400 billion
international center for innovation and technology, RMB / 470 billion Hong Kong dollars to 500
and building a "Belt and Road" functional platform billion RMB / 550 billion Hong Kong dollars. The
to achieve diversified and sustainable economic swap agreement is valid for five years and can
development. Supporting Hong Kong and Macau be extended with the consent of both parties.
in better integrating into the overall development The two sides agreed that the renewal of the
of the country, developing the Guangdong-Hong swap agreement is conducive to maintaining
Kong-Macau Greater Bay Area with high quality, financial stability in Hong Kong and the region,
and perfecting policies and measures to make facilitating trade and investment between the
it easier for Hong Kong and Macau residents to two places, and promoting the development of
develop on the mainland. Enhancing the national the offshore RMB market in Hong Kong.
awareness and patriotism of our compatriots
in Hong Kong and Macau. Supporting Hong Special Economic Zones
Kong and Macau in conducting exchanges and
cooperation with other countries and regions. The Lok Ma Chau Loop “Hong Kong/Shen-
Resolutely guarding against and containing outside zhen Innovation andTechnology Park”
interference in Hong Kong and Macau affairs.
The Lok Ma Chau Loop (an area south of
Hong Kong establishes the Guangdong- Shenzhen River and near the Lok Ma Chau
Hong Kong-Macau Greater Bay Area De- control point in Hong Kong) was earmarked
velopment Office in March 2017 to be developed into the Hong
Kong/Shenzhen Innovation and Technology Park
On 23 November 2020, the Constitutional following a Memorandum of Understanding
and Mainland Affairs Bureau of the HKSAR signed by the Hong Kong and Shenzhen
Government announced the formal governments in January 2017 for cross-border
establishment of the Guangdong-Hong Kong- collaboration.
Macau Greater Bay Area Development Office to
enhance the promotion and coordination of the At 87 hectares, it is anticipated to be the
HKSAR government's work on the Greater Bay largest innovation and technology platform ever
Area. A spokesman for the Constitutional and established in the history of Hong Kong and will
Mainland Affairs Bureau said that development act as a key base for cooperation in innovation
of the Guangdong-Hong Kong-Macau Greater and technology research to attract top-tier
Bay Area is a major development strategy
138
