The Guangdong-Hong Kong-Macao Greater Bay Area (the GBA) is a national-level strategy proposed and implemented by President Xi Jinping. The ongoing construction of the GBA has brought benefits for the development of Guangdong and its enterprises.
The GBA, under the “One Country, Two Systems” policy, has generated an agglomeration effect, according to Guangdong Governor Ma Xingrui who added that GBA development brings great opportunities for the high-quality growth of Guangdong.
Under the Outline Development Plan, the GBA will become a dynamic world-class city cluster, a global technology and innovation hub, a key component of the Belt and Road initiative, a showcase for in-depth cooperation between the Chinese mainland, Hong Kong and Macao, and an ideal place for living, working and traveling.
With an area of 56,000 square kilometers and a population of more than 70 million, the GDP of the GBA generated 10 trillion yuan in 2018. The GBA also has the potential for hosting world-class airport clusters, and a number of colleges and universities. The GDA is also expected to support an expanding consumer market and improve the consumption capacity of residents in Guangdong.
Guangdong has introduced preferential policies for the development of enterprises and human resources including subsidies for overseas top talent whose tax revenues exceed 15 percent of the taxable income. According to this policy, an annual salary of 2 million yuan, requires less than 300,000 yuan except for relevant fees, which is half of the original payable tax.
Authors: Will, Pu EnlingEditor: Chris