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Details and Impacts of 16 Measures to Benefit Hong Kong in the Greater Bay Area Development

On November 6, the Leading Group for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area announced 16 measures that benefit the people of Hong Kong. This article will analyze the background, main content and impacts of these measures.

I. Background of measures

1. Policy extension

The Outline Development Plan for the Greater Bay Area was officially introduced on February 18 this year. Subsequently, 8 measures involving tax calculation, youth entrepreneurship, facilitating convenient flow of people and goods, etc. were announced after the second plenary meeting of the Leading Group on March 1. These 16 new measures are indeed the extension of the Greater Bay Area policies introduced by the Central Government in recent years.

2. Overall considerations

21 ministers and commissions in the Mainland, including the Taiwan Affairs Office of the State Council, jointly announced 26 measures on Taiwan affairs just two days before the launch of the 16 measures to benefit Hong Kong. These latest measures were regarded as the expansion and extension of the 31 measures on Taiwan affairs introduced last year, which responded to the key concerns by Taiwanese people and enterprises, as well as focused on economic and social hotspots. At the same time, measures to benefit Macao have been highly noted in the local community, and different sectors across the community expressed that they would render full support for implementation of the measures. Under the basic principle of the “one country, two systems”, the Central Government has successively introduced measures to benefit Hong Kong, Macao and Taiwan, reflecting considerations of overall national development.

3. Response to difficult time

The controversy of extradition bill since June has triggered discussions on various issues such as housing and land, youth upward mobility, wealth inequality, industrial structure, etc. The Hong Kong SAR Government has successively rolled out a series of relief measures to support enterprises and individuals. The latest Policy Address also proposed some ideas and measures, which were different from the past. The latest 16 measures aim to address the aforementioned problems, and provide Hong Kong more development opportunities in the Greater Bay Area.

 

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Content provided by Bank of China (Hong Kong)
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