An action plan to promote high-quality development of service trade during the 14th Five-Year Plan period (2021-2025) was unveiled on January 29th, 2022 by the People's Government of Guangdong Province.
[Photo: Nanfang Plus]
According to the plan, the scale of service trades will be further enlarged. The total service trade volume will be no less than 4.5 trillion yuan from 2021 to 2025 to keep rounding out the top three in the country.
In a move to better advance the development of the Greater Bay Area, the plan sets out to optimize the structure of the service trade, bolster the development of emerging service trades, and make sure the average annual growth of the emerging service trade and digital trade volume will be no less than 15%.
It will also deepen the opening-up of the service industry, and improve the policy system for the service trade industry, thereby gradually building an open service system in line with international standards.
A comprehensive pilot reform to expand opening up of the service industry will be conducted in Guangzhou and Shenzhen. And the plan emphasizes the need to speed up the industrial standard alignment in the service sector between Guangdong, Hong Kong, and Macao to allow professionals working on the Chinese mainland.
[Photo: Nanfang Plus]
Investors of all kinds will be encouraged to do business in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin and the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.
In terms of the digital economy and financial services, Guangdong will facilitate the interconnection of mobile payment in the Greater Bay Area and steadily promote financial interconnectivity with Hong Kong and Macao.
Furthermore, it also puts forward that Guangdong will improve cross-border RMB business supporting policy system and product service system to enhance GBA's global competitiveness in financial services.
To accelerate the digital transformation of traditional trade, it will build a pilot zone for global digital trade in the Greater Bay Area.
With regards to transportation services, it will upgrade airport infrastructure building and actively expand international airway networks. Together with Hong Kong and Macao, Guangdong will build a globally competitive airport cluster in the Greater Bay Area.
Author | Fanny
Editor | Monica, Will, Jerry
