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Nansha planned as vital platform to connect regional, global partners: Wang Jun

Nansha would be a strategic platform for global cooperation, and this platform will be jointly developed with Hong Kong and Macao, when asked about the blueprint for Nansha District of Guangzhou, said Wang Jun, Former Director of the Economic Committee of the Chinese People's Political Consultative Conference (CPPCC) Guangdong Committee.

China’s State Council recently unveiled an overall plan for Nansha on June 14, which is expected to expand opening-up in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and offer opportunities for Guangzhou to play a key functional role in the GBA and inject strong impetus into the country's economy.

“Nansha will be more open to the globe in two major fields. On the one hand, the district is planned for high-level technological cooperation. On the other, covering an area of 803 sq km, Nansha district has the space and potential to cultivate industries that can support the development of each other. For example, more financial enterprises could be introduced to support the development of the tech industry and the yacht industry.”

Auto factory in Guangzhou's Nansha [Photo/ Nanfang Daily]

According to the Nansha government, the district will put strong efforts to foster the emerging industries including intelligent connected new energy vehicles, new generation of information technology and artificial intelligence, biological medicine and health. The value-added of emerging industries exceeded 62.7 billion RMB in 2020, accounting for 40 percent of GDP in Nansha. The district plans to increase the number to 121 billion RMB by 2025.

To form a global partnership, Wang considered Nansha should put more effort into the connection of international rules, establish platforms for high-end cooperation of research and development, and facilitate its talent policies and the development of a more convenient living environment for global professionals.

“Establishing connection” will be a trend for the future development of Guangdong, according to Wang. He elaborated Guangdong has established a variety of pilot areas for strategic development and now, it needs to “establish connection” between these areas.

“This could be done through infrastructure construction and connection of rules, especially with Hong Kong and Macao considering the Greater Bay Area has the tax and legal frameworks of three jurisdictions,” he said.

Institutional opening up is a focal point in Guangdong’s future development, and will be pushed forward through the development of Nansha, Qianhai and Hengqin Free Trade Zones.

Being a subarea of the Guangdong Free Trade Zone (GDFTZ), Nansha will promote further industrial cooperation with 13 cities in Guangdong, based on a plan release by Guangdong Commerce Department on June 28 to establish coordinated development zones of the GDFTZ in Guangzhou, Shenzhen, Zhuhai, Shantou, Foshan, Shaoguan, Huizhou, Shanwei, Dongguan, Zhongshan, Yangjiang, Zhanjiang, and Maoming.

In addition, Wang considered that China’s plans for Hengqin, Qianhai and Nansha will not only bring opportunities to Hong Kong, Macao but to the global counterparts.

“If we look into the policies for Hengqin, industries conducive to the diversified economic development in Macao are subject to the preferential corporate income tax rate of 15 percent, while short-supplied employees and high-end professionals enjoy individual income tax exemptions on the part of income that exceeds the 15 percent individual income tax rate. These policies are open to all enterprises and employees no matter where they are from,” he said.

The Nansha plan indicates that enterprises specializing in the encouraged industries would enjoy a reduced corporate income tax rate of 15 percent in the three launching areas of Nansha, making Nansha the third region in the GBA to implement the 15-percent tax discount following Hengqin and Qianhai.

Author: Jasmine

Editor: Wing, Jerry


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