Six Major Works in the Construction of the Guangdong-Hong Kong-Macau Greater Bay Area

Date: 2018-11-16   Author:    Source:

By Xinhua News Agency comprehensive news, November 15th, Meng Wei, the press spokesperson of National Development and Reform Commission, stated in the press conference on15th that in order to fully develop the advantage of the Guangdong-Hong Kong-Macau, build a world-class bay area with vitality and international competiveness, six major works will be promoted actively.

First, to create an international scientific and technological innovation center. Actively attract and connect global innovation resources, and build the Guangdong-Hong Kong-Macau Greater Bay Area development and innovation pole with ‘Guangzhou-Shenzhen-Hong Kong-Macau’ as the main axis of scientific innovation corridor.

Second, to promote the connectivity of infrastructure. Strengthen the transportation links between mainland China, Hong Kong and Macau and construct an efficient and convenient modern and integrated transportation system.  Focus on playing the demonstration effect of Hong Kong-Zhuhai-Macau Bridge and promoting the infrastructure connectivity of Guangdong, Hong Kong and Macau. Currently, related authorities are making specialized planning in infrastructure field including transportation and energy.

Third, to accelerate the convenience and efficiency of element flow. Further promote the investment facilitation, trade liberalization, personnel and vehicle passing and customs facilitation, and improve the level of market integration. Explore and implement a more convenient and efficient supervision mode in people, material, capital and information flow, and create a business environment with global competitiveness.

Fourth, to cultivate a new international cooperation advantage. Accelerate the building of a new open economic structure with international standard, and construct a new international economic cooperation platform with high level. Deepen the cooperation with countries participating in the ‘Belt and Road’ initiative in the area of infrastructure connectivity, economy and trade, finance, eco-environment protection and cultural and educational exchange, etc. to jointly create a key supporting area in promoting ‘Belt and Road’ construction.

Fifth, to accelerate the construction of major platforms. Fully play the experiment and demonstration effect of major platforms such as Shenzhen Qianhai, Guangzhou Nansha and Zhuhai Hengqin, etc. Support the nine cities in Pearl River Delta to play their own advantages, jointly construct multiple cooperation zones with Hong Kong and Macau and expand economic cooperation and development space.

Sixth, to jointly build a high-quality life circle. Focus on improving people’s livelihood and increase the supply of premium public service and production and living products. Making complete policies that facilitate Hong Kong and Macau citizens to develop in mainland China.  Provide a more convenient condition for Hong Kong and Macau citizens (especially young people) for studying, working, starting business and living in mainland China, and make joint effort in building a high-quality life circle that is good for living, working and traveling.

Market Access Negative List (2018 Version) has been amended and submitted.

Meng Wei said that after seeking for opinions in different areas and authorities, Market Access Negative List (2018 Version) has finished amendment and has submitted to the Party Central Committee and the State Council for approval. National Development and Reform Commission and the Ministry of Commerce will follow the requirement in related deployment and focus on three aspects.

First, to fully implement the Market Access Negative List System. When approved by the Party Central Committee and the State Council, Market Access Negative List (2018 version) will be printed and distributed officially and fully implemented national wide.

Second, to establish an information disclosure mechanism. When Negative List being released, list item setting rules, handling procedure and other related information will be disclosed to the public for market main-body to have convenient real time inquiry. Continue to promote the transparency of market access policy and the convenience of using the list.

Third, to establish a dynamic regulation system. National Development and Reform Commission and the Ministry of Commerce will follow the situation of overall reform progress, economic structural adjustment and laws and regulation revision to make dynamic adjustment and improvement of Market Access Negative List in due time. Further strengthen the scientificity and standardability of the List.

Work out and introduce the financing policy that is benefit for private enterprise bonds market.

Meng Wei revealed that in order to solve the financing difficulties for private enterprises, National Development and Reform Commission is actively working out and introducing policies that is benefit for private enterprises to conduct market-based financing through bonds market, and to expand financing channels for private enterprises.

Firstly is to actively support quality private enterprises for debt financing. Support quality private enterprises with good credit, prudent operation and leading effect to industrial structure transformation and upgrading or regional economic development to apply issuing corporate bonds with following related policies that support quality corporate direct financing. For quality private enterprises that fulfill requirements, Positive and Negative List management should be conducted to the bond funds use. It is encouraged to use funds raised from bonds for national major strategies, fields and projects.

Secondly is to strengthen the support of small-micro enterprise credit-added collective bonds to private enterprises. Encourage local large and medium enterprises as the main body to issue small-micro enterprise credit-added collective bonds; and raised funds will be on-lending by custodian commercial banks to promising private enterprises that fulfills economic structure optimization and upgrading direction. Properly optimize related rules in managing the issuing of small-micro enterprise credit-added collective bonds, and to meet the actual financing needs of private enterprises.

Thirdly is to support the issuing of venture capital corporate bonds. Support qualified enterprise to issue venture capital fund bonds, and funds raised will be used for setting up or capital increasing of venture capital fund in promoting mass entrepreneurship and innovation.  Set or capital increased venture capital fund from bonds raised funds will eventually be invested to unlisted growth start-ups in the form of equity.

Fourthly is to coordinate and promote the private enterprises defaulted bonds disposal and to provide relief to private enterprises. For private enterprises which have bonds default due to tight cash flow but still promising with conforming to economic structure optimization and upgrading direction, provincial development and reform bureau should be urged to organize all forces and under the premise of strictly prevent illegal borrowing and loss of state capital, to provide necessary financial support and help to private enterprises. With the principle of marketization and legalization to dissolve defaulted bonds risk and to provide relief to key private enterprises such as industry leader, big employers and emerging industry in the region.

Fifthly is to cooperate with financial management bureau to implement private enterprises bonds financing support plan and equity financing support plan.

(Editor: Liu Zeqi)

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