Nansha plan brings new opportunities for Guangzhou, Hong Kong and Macao
Release time: Jun 21, 2022
An investment and business environment seminar to promote trade cooperation between Guangzhou, Hong Kong and Macao, as well as to share major policy benefits with Hong Kong and Macao enterprises was held in Guangzhou's Nansha District on June 17. Now Guangzhou has attracted 29,151 Hong Kong-invested enterprises and 819 Macao-invested enterprises, according to the seminar.
The latest issued overall plan by China's State Council to promote comprehensive cooperation among Guangdong, Hong Kong and Macao by further deepening opening-up in Nansha (the plan) has been under much consideration and was welcomed by attendants of the event.
The plan aims to build Nansha into an important carrier and strong support for Hong Kong and Macao to better integrate into overall national development. It provides new opportunities and new engines for Nansha to develop at a higher level of open platform, said Deng Maoying, Deputy Secretary General of the Government of Guangzhou.
According to Mandy Ng, Regional Director, Southern China of the Hong Kong Trade Development Council, the plan proposes a number of policies related to Hong Kong's development, such as to deepen scientific innovation mechanism and industrial cooperation, to lower the entry threshold for professional services, and to reduce or exempt corporate income tax. "It's a great opportunity for Hong Kong companies to settle in Nansha and participate in the development of the Chinese mainland," she said.
Over the past years, Hong Kong-invested companies have been important participants in Guangzhou's economic development. According to the data from the Guangzhou Municipal Commerce Bureau, the actual use of Hong Kong investment in the city has increased from 1.57 billion USD in 1997 to 7.258 billion USD in 2021, with an average annual growth of 6.6%, and its proportion to the city's overseas investment has increased from 63.3% in 1997 to 87.8% in 2021.
Kevin Ho King Lun, President of the Industry and Commerce Association of Macao, who has set up the Guangdong-Macao Youth Innovation Technology Co., Ltd in Guangzhou in 2018, said that increasing Macao youths have entered the Chinese mainland for career development, and Guangzhou is their first choice to develop in the Greater Bay Area.
With the support of more policies, it will promote the development of Guangzhou-Macao innovation cooperation platforms, and attract more young people from Macao to invest and start businesses in Guangzhou, added Kevin Ho.