Focus on Integrating Greater Bay Area Plus Taiwan: 1+1>2

[TaiShang]

Greater Bay Area Plus Taiwan: 1+1>2

Zhu Longzhou
CGTN - 03-Jun-2019

About 300 participants collaborated on ideas for innovation and development in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Plus Taiwan in Guangzhou on Monday.

Among the participants were leaders from the Taiwan Affairs Office, Cross-Strait CEO Summit and Guangdong Province, representatives of Taiwan's industrial and commercial organizations and Taiwan-funded enterprises, and young Taiwanese representatives.

The convention heard that since the development plan for GBA and the policy for further deepening economic, social and cultural exchanges and cooperation between Guangzhou and Taiwan came out, more than 28,000 enterprises with Taiwanese investment in Guangdong have reached a total contract value of over 85 billion U.S. dollars. More than 200,000 Taiwanese businessmen have permanent residence in Guangzhou.

City view of Guangzhou. /VCG Photo

The Pearl River Delta in GBA was the earliest and most popular place for Taiwanese businessmen to invest in the Chinese mainland in the 1980s. They are still the most important cities for Taiwanese businessmen on the Chinese mainland.

Guangdong has initiated close to 100 youth entrepreneurship projects targeted at Taiwan in the last three years.

The conference also focused on further relaxing the restrictions on access to Taiwan-funded enterprises, optimizing the investment and operating environment of Taiwanese businessmen, supporting Taiwanese-funded enterprises to develop the entity economy and sharing reform opportunities with Taiwanese enterprises.

A view of Taipei. /VCG Photo

GBA contains "nine cities and two districts" covering 57,000 square kilometers with a population of 66.71 million. Siew Wanchang, chairman of Cross-Strait CEO Summit Taiwan branch said that the total GDP of Guangdong, Hong Kong and Macao was 1.3 trillion U.S. dollars in 2016, more than twice that of Taiwan.

It is predicted that by 2022, the total GDP of GBA will surpass the Tokyo Bay Area of Japan and the New York Bay Area of the United States, and rank first among four major bay areas in the world.

The economic and financial momentum from GBA could be conducive to the globalization of enterprises across the Taiwan Strait and will inevitably exert a radiating influence on Taiwan, officials say, thus promoting the transformation and upgrading of cross-strait economies and trade.

https://news.cgtn.com/news/3d3d514d7a63444d35457a6333566d54/index.html

@rott , @JSCh @DayWalker90 , @dy1022 , @bobsm

 

[rott]

Greater Bay Area Plus Taiwan: 1+1>2

Zhu Longzhou
CGTN - 03-Jun-2019

About 300 participants collaborated on ideas for innovation and development in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Plus Taiwan in Guangzhou on Monday.

Among the participants were leaders from the Taiwan Affairs Office, Cross-Strait CEO Summit and Guangdong Province, representatives of Taiwan's industrial and commercial organizations and Taiwan-funded enterprises, and young Taiwanese representatives.

The convention heard that since the development plan for GBA and the policy for further deepening economic, social and cultural exchanges and cooperation between Guangzhou and Taiwan came out, more than 28,000 enterprises with Taiwanese investment in Guangdong have reached a total contract value of over 85 billion U.S. dollars. More than 200,000 Taiwanese businessmen have permanent residence in Guangzhou.

City view of Guangzhou. /VCG Photo

The Pearl River Delta in GBA was the earliest and most popular place for Taiwanese businessmen to invest in the Chinese mainland in the 1980s. They are still the most important cities for Taiwanese businessmen on the Chinese mainland.

Guangdong has initiated close to 100 youth entrepreneurship projects targeted at Taiwan in the last three years.

The conference also focused on further relaxing the restrictions on access to Taiwan-funded enterprises, optimizing the investment and operating environment of Taiwanese businessmen, supporting Taiwanese-funded enterprises to develop the entity economy and sharing reform opportunities with Taiwanese enterprises.

A view of Taipei. /VCG Photo

GBA contains "nine cities and two districts" covering 57,000 square kilometers with a population of 66.71 million. Siew Wanchang, chairman of Cross-Strait CEO Summit Taiwan branch said that the total GDP of Guangdong, Hong Kong and Macao was 1.3 trillion U.S. dollars in 2016, more than twice that of Taiwan.

It is predicted that by 2022, the total GDP of GBA will surpass the Tokyo Bay Area of Japan and the New York Bay Area of the United States, and rank first among four major bay areas in the world.

The economic and financial momentum from GBA could be conducive to the globalization of enterprises across the Taiwan Strait and will inevitably exert a radiating influence on Taiwan, officials say, thus promoting the transformation and upgrading of cross-strait economies and trade.

https://news.cgtn.com/news/3d3d514d7a63444d35457a6333566d54/index.html

@rott , @JSCh @DayWalker90 , @dy1022 , @bobsm

Bro, do you speak Hakka by any chance? Just asking.

 

[TaiShang]

Bro, do you speak Hakka by any chance? Just asking.

闽南话。South of Taiwan is heavily Minnan-speaking. Of course, almost everybody also understands Putonghua.

 

[bobsm]

Greater Bay Area Plus Taiwan: 1+1>2


The economic and financial momentum from GBA could be conducive to the globalization of enterprises across the Taiwan Strait and will inevitably exert a radiating influence on Taiwan, officials say, thus promoting the transformation and upgrading of cross-strait economies and trade.

Good, the sooner the better.

 

[Stranagor]

New policies set to promote Greater Bay Area development

By CHAI HUA in Shenzhen and CHEN JIA in Beijing | China Daily | Updated: 2020-05-16

Workers construct a railway bridge in Guangzhou, Guangdong province, which is a key project relating to the Guangdong-Hong Kong-Macao Greater Bay Area development. XINHUA

China has announced new policies and pilot programs to promote the financial opening-up and integration of the Guangdong-Hong Kong-Macao Greater Bay Area, as part of the efforts to help the area play a lead role in the nation's economic development, experts said.

The People's Bank of China, the central bank, and regulators of the banking, insurance, securities and forex sectors jointly issued 26 new measures late on Thursday to guide financial reforms in the area.

Under the measures, pilot schemes would be started for qualified foreign limited partner, qualified domestic limited partner, and qualified domestic investment enterprises, enabling institutional investors in Hong Kong and Macao to participate in private equity and venture capital funds in the Greater Bay Area through the QFLP scheme, said a statement on the PBOC website.

The area, which includes nine Guangdong cities and the Hong Kong and Macao special administrative regions, is one of the regions with highest opening-up level and the most dynamic economy in the nation, said noted economist Song Qinghui.

He said the new policies will further stimulate market vitality and boost high-quality economic development in the region. Moreover, it will also help transform the area into a world-class city cluster and pioneer the nation's economic advancement, he said.

Xing Yujing, president of the Shenzhen Central Subbranch of the PBOC, said the new measures will help the social and economic development of the region as it recovers from the novel coronavirus epidemic.

The guidelines also called for the setting up of funds for key projects in the Greater Bay Area, allowing capital from insurance firms and bank's wealth management units in the Chinese mainland and the two SARs to participate.

Channeling funds from the overseas and domestic markets for infrastructure construction in the Greater Bay Area will be an effective measure to speed up cross-border financial connections, said Yu Lingqu, deputy director of the Department of Finance and Modern Industries at Shenzhen-based think tank the China Development Institute.

He said the area could form a first-class innovative capital funding center with each city bringing its advantages into full play, such as Hong Kong's initial public offering market and Shenzhen's high-tech industries.

In the banking sector, a joint account system combining Chinese and foreign currencies is in the pipeline to promote cross-border trade and investment in the area. Local residents will be able to invest in wealth management products issued by mainland, Hong Kong and Macao lenders.

Song Yuesheng, vice-chairman and chief executive of Hang Seng Bank (China) Ltd, said such an account system will function as "a financial cross-border bridge" and release substantial cross-border financing demand.

"The expected growth in cash flow will help financial institutions to innovate their services and products," he said.

Buoyed by the record surge in cross-border financial exchanges last year, the bank in April launched online capital checking and transfer services for customers with two accounts across the border.

In addition, a Guangdong-Hong Kong-Macao Greater Bay Area international commercial bank will be set up in the Guangdong Pilot Free Trade Zone, regulators said. Commercial banks will be encouraged to set up financial asset investment companies and wealth management companies in the area, without any caps on foreign ownership.

http://www.chinadaily.com.cn/a/202005/16/WS5ebf3a37a310a8b2411561ef.html