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Guangdong and Hong Kong agree to build new World-Class Economic Zone

April 8, 2010

On Wednesday, the Guangdong Provincial People’s Government and the Government of Hong Kong Special Administrative Region signed the Guangdong and Hong Kong Cooperative Framework Agreement at the Great Hall of the People in Beijing. The 10-year agreement aims to create a new world-class economic zone, with plans to create an advanced global manufacturing and modern services base, an international aviation, shipping and logistics hub and a high quality living area.

The agreement seeks to leverage on the advantages of both provinces – manufacturing in Guangdong and the robust financial and services industries in Hong Kong. It is also an initiative by the government to attract increased investments from Hong Kong into the mainland. A majority of Hong Kong businesses are eager to do business in the mainland. According to a HSBC survey, every three in ten Hong Kong enterprises have plans to increase their investment in the Chinese mainland in the following two years.

According to a PRC website the Framework Agreement of the two places includes six aspects:

  1. To boost the common development of Guangdong and Hong Kong economic society and promote a deep cooperation with Fujian and Taiwan and the Beibu Gulf area.
  2. To raise Hong Kong’s status as an international financial center and speed up the development of Guangdong financial services industry.
  3. To leverage on the joint advantages of the Hong Kong service industry and Guangdong manufacturing industry.
  4. To accelerate the cross-border infrastructure network construction and optimize regional business environment.
  5. To build a leading national regional environment and ecological conservation system and make an effort to develop greenery.
  6. To speed up the convergence of urban public service systems for the free flow of people, goods, information and capital.
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