Archive for ‘Greater Bay Area’

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29/04/2020

Coronavirus: China risks local government debt surge as Beijing tries to spur economic growth

  • Concerns are rising that China is repeating its mistake of a decade ago by pursuing short-term debt-fuelled economic growth at the cost of long-term sustainability
  • Local governments are stepping up spending on infrastructure projects in a bid to offset the slowdown caused by the coronavirus outbreak and subsequent lockdowns
Construction of high-speed railways, motorways and airports is an old tactic that Beijing dusted off after the pandemic led to a 6.8 per cent economic contraction in the first quarter. Photo: Xinhua
Construction of high-speed railways, motorways and airports is an old tactic that Beijing dusted off after the pandemic led to a 6.8 per cent economic contraction in the first quarter. Photo: Xinhua

China’s huge stockpile of local government debt, one of the biggest “grey rhino” risks threatening the Chinese economy’s future, is set to rise steeply as local authorities rush to increase capital spending to help offset the damage caused by the coronavirus outbreak.

As Beijing discusses increasing the central government budget deficit and monetary policy easing to spur economic growth, many local governments see the situation as a golden opportunity to realise their investment ambitions, fanning concerns that China is repeating its mistake of a decade ago by pursuing short-term debt-fuelled economic growth at the cost of long-term sustainability.
In one of the latest investment drives, the southeastern province of Fujian announced on Sunday that it had signed contracts for 391 new projects with a combined investment value of 783.6 billion yuan (US$110.6 billion). Projects undertaken by central government-owned companies, which received significant lending support in the first quarter, accounted for more than half of the promised investment in Fujian, some 92 projects worth 424.5 billion yuan.
The landlocked eastern province of Anhui is also planning 2,583 new projects this year at a cost of 450 billion yuan, a third of which have been created in the last two weeks.
Construction begins for major sea crossing to link Shenzhen and Zhongshan in Greater Bay Area
In addition to work on existing construction projects, costing around 850 billion yuan, the province has also prepared a list of 3,300 reserve projects with a total investment value of 5.4 trillion yuan (US$762 billion) which could theoretically be started at any point in the future, pending government approval and funding support.

“The most powerful and effective way to offset the economic slowdown is to increase the size of investments,” Wang Qikang, an official with the Anhui economic planning office said on Friday. “[We] must quicken the pace of construction, working day and night to win back the lost time [from the coronavirus lockdowns].”

Construction of high-speed railways, motorways and airports is an old tactic that Beijing dusted off after the pandemic led to a 6.8 per cent economic contraction in the first quarter.

Infrastructure construction has already been hit hard amid the lockdowns, plunging 19.7 per cent in the first three months of the year compared to a year earlier.

Many [local governments] are still striving to achieve a high growth rate without the guidance of a national [gross domestic product] target – Liu Xuezhi

“The investment stimulus mindset has hardly been eradicated at the local level,” said Liu Xuezhi, a senior researcher with the Bank of Communications in Shanghai. “In particular, many [local governments] are still striving to achieve a high growth rate without the guidance of a national [gross domestic product] target.”

Before the start of the coronavirus outbreak, Beijing was thought to be targeting a

growth rate

of around 6 per cent this year after achieving 6.1 per cent in 2019, although many local governments appear to be setting their own annual targets still using the original expected goal as a guide.

However, that target was never made public because the meeting of the

National People’s Congress (NPC)

scheduled for early March, where the growth target would normally have been released, was postponed due to the virus.

The government announced on Wednesday that the NPC will be held from May 22, when a new, likely lower, growth target could be announced.
China’s first-quarter GDP shrinks for the first time since 1976 as coronavirus cripples economy
International rating agency Moody’s warned that greater infrastructure spending would result in higher debt for regional and local governments, increasing their financial risks amid a sharp slowdown in tax revenues.

“Such investments are less likely to be a main support measure [chosen by Beijing] now given the government’s focus on avoiding a rapid increase in leverage and asset price inflation,” Moody’s analysts Michael Taylor and Lilian Li said on Tuesday.

At the end of March, local government debt stood at 22.8 trillion yuan (US$3.2 trillion), according to the Ministry of Finance. But implicit liabilities, which are hidden in local financing vehicles, state firms and public-private partnership projects, are believed to be much larger, with some estimates pointing towards an additional debt of over 30 trillion yuan.

Chinese central bank governor Yi Gang, along with other officials, have already warned against excessive economic stimulus, saying it would add risks to China’s financial system.

A key risk is that local governments are front-loading China’s long-term investment plan, especially in the railway sector, with more than 357 railway projects proposed by local governments.

Shandong province, for example, is preparing to build four new railway lines, including the Shandong portion of a second high-speed railway between Beijing to Shanghai.

“There is still a chance for infrastructure investment growth to hit 10 per cent if the government releases 2 trillion yuan (US$282 billion) in funding through local special purpose bonds and special treasury bonds,” said Haitong Securities’ chief economist Jiang Chao on Monday.

However, a local government debt monitoring report issued on Tuesday by the National Institution of Finance and Development warned that China’s local government fiscal situation is worsening rapidly as expenses surge and revenues drop.

“All levels of local governments in China will face huge debt repayment pressure in five years,” warned Yin Jianfeng, deputy director of the Beijing-based think-tank.

Source: SCMP

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06/12/2019

“One country, two systems” principle proves feasible, achievable, popular in Macao SAR: liaison office director in Macao

MACAO, Dec. 6 (Xinhua) — The “one country, two systems” principle has proved to be feasible, achievable and popular in the Macao Special Administrative Region (SAR) since Macao returned to the motherland in 1999, said Fu Ziying, director of the Liaison Office of the Central People’s Government in the Macao SAR.

Fu told Xinhua in a recent interview that the Macao SAR government, along with all walks of life, has comprehensively and precisely understood and implemented the “one country, two systems” principle and strictly abided by China’s Constitution and the Basic Law of the Macao SAR since Macao’s return to the motherland.

The Macao SAR government has ensured the steady and practical implementation of the “one country, two systems” principle by devoting to developing economy, improving people’s wellbeing, upholding inclusiveness and mutual support and promoting the unity of the compatriots in Macao under the banner of loving both the motherland and the region, thus opening a new horizon in practicing the “one country, two systems” with Macao characteristics.

Fu eulogized Macao’s success in implementing the “one country, two systems” principle in three aspects.

Firstly, for the past 20 years, the authority of China’s Constitution and the Basic Law has been firmly safeguarded in Macao and the executive-led system has been running smoothly.

The Macao SAR government and all walks of life have always firmly safeguarded the authority of China’s Constitution and the Basic Law by holistically combining upholding the principle of “one country” with respecting the differences of the “two systems,” and maintaining the power of the central government with ensuring the high degree of autonomy of the Macao SAR, ushering in a new era of good political situation in Macao.

The national sovereignty, security and interests are well safeguarded and the capability and level of law-based governance has been significantly promoted in Macao, Fu said.

Secondly, Macao has witnessed rapid economic development and continued improvement of people’s livelihood, with people feeling more satisfied and happier, Fu said.

Macao, by making good use of the advantages of the “one country, two systems” principle, has achieved a leaping development in economy, Fu said.

Over the past 20 years, Macao has witnessed the fastest development in its history, with outstanding performance in various macroeconomic sectors, Fu said.

With the full efforts from the SAR government in building long-term efficient mechanisms in social security, housing, education, health, human resources and disaster prevention and reduction, the social welfare and people’s livelihood have been greatly improved since Macao’s return to the motherland, said Fu,

Thirdly, Macao’s success could be seen in its harmony and inclusiveness in society, where both loving the motherland and the region has become the mainstream value, according to Fu.

He said education on the country’s Constitution and the Basic Law is deep-rooted in the society, as the “one country, two systems,” “Macao people governing Macao” and the high degree of autonomy are well-accepted by residents in Macao.

Fu said Macao has attached great importance to cultivating patriotism among the youth, with patriotic education legalized in Macao in 2006.

The development of the socialism with Chinese characteristics had entered a new era, so is the cause of the “one country, two systems,” said Fu.

Under the leadership of Chinese President Xi Jinping, the practice of “one country, two systems” is included in the Chinese Dream.

In the future, Macao should further exploit the advantages of “one country, two systems” principle, seize the opportunities brought about by the Belt and Road Initiative and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

“We will always comprehensively and precisely understand and implement the principle of ‘one country, two systems’,” said Fu.

Fu called on Macao to participate in the country’s reform and opening-up cause more actively so as to help boost the country’s people-to-people exchanges with other countries.

He highlighted the importance of the construction of the Greater Bay Area, hoping that Macao would, by participating in the development, further expand its industries and promote people’s livelihood so as to maintain the economic and social stability.

“Remain true to the original aspiration of the principle of ‘one country, two systems,’ Macao, the land of lotus, will for ever glisten,” Fu added.

Source: Xinhua

Posted in "one country, two systems", achievable, Belt and Road Initiative, Belt and Road Initiative (BRI), Central People's Government, Chinese President Xi Jinping, feasible, Greater Bay Area, Guangdong-Hong Kong-Macao Greater Bay Area, Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Macao SAR, motherland, popular, The Chinese Dream, the land of lotus, Uncategorized, Xinhua | Leave a Comment »

01/11/2019

Vladimir Putin says Russia is helping China build a missile early warning system

  • Kremlin says project highlights the growing closeness between the two countries
  • Military observers argue cooperation between the two sides helps provide counterbalance to American military might
Vladimir Putin disclosed the project at a forum in Sochi. Photo: Sputnik/AFP
Vladimir Putin disclosed the project at a forum in Sochi. Photo: Sputnik/AFP

Russia is helping China to build an early warning system to counter missile attacks, Vladimir Putin said on Thursday.

Speaking at an international affairs conference in the resort town of Sochi, he said Moscow was helping China increase its missile defence capability, Russian state-owned news agency Sputnik reported.

“This is a very serious endeavour that will fundamentally and radically increase the defence capability of the People’s Republic of China because only the United States and Russia have such a system at present,” the Russian leader said.

Kremlin spokesman Dmitry Peskov declined to say when the system would be operational, but told reporters on a conference call that the move highlighted Russia’s close ties with China.

“Russia has special relations with China of advanced partnership … including the most sensitive [areas] linked to military-technical cooperation and security and defence capabilities,” Peskov said.

Macau-based military observer Antony Wong Dong said Putin’s remarks indicated that military cooperation between Beijing and Moscow may have evolved from the previous “model alliance” to a “real alliance” with the US as their common target.

“Such changes will likely further fuel the strategic arms race, which is already evident from the missile tests [that we have witnessed] and the recent military parade,” said Wong in a reference to the grand parade held in Beijing on Tuesday when China celebrated the 70th anniversary of the founding of the People’s Republic.

Russian President Vladimir Putin welcomes China’s defence minister Wei Fenghe (right) to a base in Orenburg at the start of a joint exercise. Photo: Handout
Russian President Vladimir Putin welcomes China’s defence minister Wei Fenghe (right) to a base in Orenburg at the start of a joint exercise. Photo: Handout

Hong Kong-based military analyst Song Zhongping said the system would help Beijing and Moscow set up a joint early ballistic missile network to counter “American global hegemony”.

“If the US wants to attack China [with its ICBMs], their missiles are likely to be launched from the Arctic, and that will be covered by Russia’s early warning system, and that means Moscow will have the capability to alert Beijing,” said Song who added that the Chinese military could provide reciprocal help to Russia.

Beijing-based military expert Zhou Chenming said Putin’s remarks served as a veiled warning to US President Donald Trump who has taken the unilateral step of withdrawing from the Intermediate Range Nuclear Forces Treaty, a cold war-era pact signed between the US and Russia in 1987.

“Joint cooperation will help both Russia and China to save costs because early warning ballistic missile systems are very expensive,” Zhou said,

However, he said Moscow was unlikely to share its most advanced technologies with China.

“For example, Russia’s missile defence system just covers Moscow and St Petersburg, so China’s network will properly just cover Beijing, Tianjin, Hebei province, the Yangtze River Delta area, the Greater Bay Area in South China, as well as a number of key cities in the centre.”

Putin also told the forum that the two countries would continue to work together on space exploration.

Last month, the Ministry of Defence of the Russian Federation announced that Moscow and Beijing have developed a plan for cooperation between military departments for next year and 2021.

Last month 1,600 members of the Chinese military arrived at a Russian training base in the Orenburg oblast for a large-scale joint training exercise.

Source: SCMP

Posted in 70th anniversary of the founding of the People's Republic of China (PRC), Arctic, Beijing, build, China alert, China’s defence minister, cold war-era pact, early warning system, General Wei Fenghe, Greater Bay Area, Hebei province, helping, ICBMs, Intermediate-Range Nuclear Forces Treaty, Kremlin, Ministry of Defence of the Russian Federation, Missile, Moscow, Orenburg, People’s Republic of China, Russia, Sochi, Sputnik, St Petersburg, Tianjin, Uncategorized, United States, US, US President Donald Trump, Vladimir Putin, Yangtze River Delta | Leave a Comment »

06/10/2019

Xinhua Headlines: China’s Greater Bay Area busy laying foundation for innovation

As China aims to develop its Greater Bay Area into an international innovation and technology hub, innovation and entrepreneurship resources are shared in the area to provide more opportunities for young Hong Kong and Macao entrepreneurs.

The provincial government of Guangdong has stepped up efforts to improve basic research capability, considered the backbone of an international innovation and technology hub, by building large scientific installations and launching provincial labs.

by Xinhua writers Liu Yiwei, Quan Xiaoshu, Wang Pan, Jing Huaiqiao

GUANGZHOU, Oct. 5 (Xinhua) — Hong Kong man Andy Ng was surprised his shared workspace Timetable was rented out completely only six months after it had started operation in Guangzhou, capital of south China’s Guangdong Province.

While studying economics at City University of Hong Kong, Ng set up his first business, developing an online education platform, but soon realized the Hong Kong market was too small. After earning a master’s degree in the UK in 2017, Ng returned to China and chose Guangzhou as his new base.

Timetable is now accumulating popularity and even fans in Dianping.com, China’s major online consumer guide. Ng feels lucky that his business caught the implementation of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development plan.

The bay area, covering 56,000 square km, comprises Hong Kong and Macao, as well as nine cities in Guangdong. It had a combined population of about 70 million at the end of 2017, and is one of the most open and dynamic regions in China.

Aerial photo taken on July 11, 2018 shows the Hong Kong-Zhuhai-Macao Bridge in south China. (Xinhua/Liang Xu)

In July 2017, a framework agreement on the development of the bay area was signed. On February 18 this year, China issued the more specific Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. One of its major aims is to develop the area into an international innovation and technology hub.

OPPORTUNITIES FOR YOUTH

The plan proposes that innovation and entrepreneurship resources be shared in the bay area to provide more opportunities for young Hong Kong and Macao entrepreneurs.

An incubator for entrepreneurship, Timetable is home to 52 companies, including 15 from Hong Kong and Macao, such as Redspots, a virtual reality company that won the Hong Kong Information and Communications Technology (ICT) Awards 2019.

“I persuaded them one by one to come here,” Ng said. “I told them of my own experience that the GBA is a great stage for starting a business with ever-upgrading technologies, ever-changing consumer tastes and a population 10 times that of Hong Kong.”

Timetable is a startup base of the Guangzhou Tianhe Hong Kong and Macao Youth Association, which has assisted 65 enterprises founded by Hong Kong and Macao young people since its establishment in October 2017.

The association and its four bases provide a package of services from training and registering to policy and legal consultation, said Chen Jingzhan, one of the association founders.

Tong Yat, a young Macao man who teaches children programming, is grateful the association encouraged him to come to Guangdong, where young people enjoy more preferential policies to start their own businesses.

“The GBA development not only benefits us, but paves the way for the next generation,” Tong said. “If one of my students were to become a tech tycoon in the future and tell others that his first science and technology teacher was me, I would think it all worthwhile.”

In the first quarter of this year, there were more than 980 science and technology business incubators in Guangdong, including more than 50 for young people from Hong Kong and Macao, said Wu Hanrong, an official with the Department of Science and Technology of Guangdong Province.

INNOVATION HIGHLAND

As the young entrepreneurs create a bustling innovative atmosphere, the Guangdong government has stepped up efforts to improve basic research capability, considered the backbone of an international innovation and technology hub, by building large scientific installations and launching provincial labs.

Several large scientific facilities have settled in Guangdong. China Spallation Neutron Source (CSNS) operates in Dongguan City; a neutrino observatory is under construction in Jiangmen City; a high intensity heavy-ion accelerator is being built in Huizhou City.

Aerial photo taken on June 23, 2019 shows the construction site of the Jiangmen Underground Neutrino Observatory (JUNO) in Jiangmen, south China’s Guangdong Province. (Xinhua/Liu Dawei)

Guangdong also plans to build about 10 provincial labs, covering regenerative medicine, materials, advanced manufacturing, next-generation network communications, chemical and fine chemicals, marine research and other areas, said Zhang Yan, of the provincial department of science and technology.

Unlike traditional universities or research institutions, the provincial labs enjoy a high degree of autonomy in policy and spending. A market-oriented salary system allows them to recruit talent from all over the world, and researchers from other domestic organizations can work for the laboratories without giving up their original jobs, Zhang said.

The labs are also open to professionals from Hong Kong and Macao. Research teams from the universities of the two special administrative regions have been involved in many of the key programs, Zhang said.

For example, the provincial lab of regenerative medicine and health has jointly established a regenerative medicine research institute with the Chinese University of Hong Kong, a heart research center with the University of Hong Kong, and a neuroscience research center with the Hong Kong University of Science and Technology (HKUST).

Photo taken on July 24, 2019 shows a rapid cycling synchrotron at the China Spallation Neutron Source (CSNS) in Dongguan, south China’s Guangdong Province. (Xinhua/Liu Dawei)

Guangdong has been trying to break down institutional barriers to help cooperation, encouraging Hong Kong and Macao research institutions to participate in provincial research programs, exploring the cross-border use of provincial government-sponsored research funds, and shielding Hong Kong researchers in Guangdong from higher mainland taxes.

NANSHA FOCUS

Located at the center of the bay area, Guangzhou’s Nansha District is designed as the national economic and technological development zone and national free trade zone, and is an important pivot in building the area into an international innovation and technology hub.

The construction of a science park covering about 200 hectares started on Sept. 26. Gong Shangyun, an official with the Nansha government, said the park will be completed in 2022.

Jointly built by the Guangzhou government and the Chinese Academy of Sciences (CAS), the science park will accommodate CAS research institutes from around Guangzhou, including the South China Sea Institute of Oceanology, the South China Botanical Garden (SCBG) and the Guangzhou Institute of Energy Conversion.

Ren Hai, director of the SCBG, is looking forward to expanding the research platforms in Nansha. “We will build a new economic plant platform serving the green development of the Pearl River Delta, a new botanical garden open to the public, and promote the establishment of the GBA botanical garden union.”

Wang Ying, a researcher with the SCBG, said the union will help deepen the long cooperation among its members and improve scientific research, science popularization and ecological protection. “Predecessors of our botanical garden have helped the Hong Kong and Macao counterparts gradually establish their regional flora since the 1950s and 1960s.”

HKUST also started to build a new campus in Nansha the same day as the science park broke ground. “Located next to the high-speed rail station, the Guangzhou campus is only a 30-minute journey from the Hong Kong campus. A delegation from the HKUST once paid a visit to the site and found it very convenient to work here,” Gong said.

Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam hoped the new campus would help create a new chapter for the exchanges and cooperation on higher education between Guangzhou and Hong Kong, and cultivate more talents with innovative capabilities.

Nansha’s layout is a miniature of the provincial blueprint for an emerging international innovation and technology hub.

“We are seeking partnership with other leading domestic research institutions and encouraging universities from Hong Kong and Macao to set up R&D institutions in Guangdong,” said Zhang Kaisheng, an official with the provincial department of science and technology.

“We are much busier now, because research institutes at home and abroad come to talk about collaboration every week. The GBA is a rising attraction to global scientific researchers,” Zhang said.

Source: Xinhua

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29/09/2019

China expands access to public services for travellers from Hong Kong and Macau

  • New system to enable businesses and government agencies to verify mainland-issued travel permits
The new system is expected to expand access to the public transport system on the mainland. Photo: Roy Issa
The new system is expected to expand access to the public transport system on the mainland. Photo: Roy Issa

Hong Kong and Macau residents and “overseas Chinese” may soon be able to have full access to public services on the mainland using their China-issued travel documents, state news agency Xinhua reported.

Xinhua reported on Wednesday that the National Immigration Administration was putting a platform in place to enable government agencies and businesses to verify mainland-issued travel permits for Hong Kong and Macau residents.

“As soon as the platform becomes operational, these overseas travellers can, from October, have access to 35 public services, ranging from transport, to finance, education, communications, medical care and accommodation,” the report said.

According to the report, “overseas travellers” cover Hong Kong and Macau residents and ethnic Chinese living overseas.

But it did not say why the new measures did not apply to people from Taiwan.

The administration did not respond to requests for comment on Thursday.

Will Hong Kong anti-government protests ruin city’s role in Beijing’s Greater Bay Area plan? Depends on whom you ask

The new measure appears to be part of a long-term strategy by Beijing to foster closer ties between the mainland and Hong Kong and Macau.

In the last few years, the central government has launched a host of incentives for Hong Kong and Macau residents and businesses, including opportunities in the Greater Bay Area development plan in southern China.

Ivan Zhai, executive director of the Hong Kong Chamber of Commerce in China-Guangdong, welcomed the new measure.

“If such an arrangement can be fully implemented, Hong Kong businesspeople who operate on the mainland will be thrilled,” Zhai said.

The Hong Kong business community has long lobbied for relaxation over areas such as train ticketing and hotel registration.

Zhai said that although Hong Kong and Macau residents could now book high-speed train tickets with their mainland-issued travel permits, there were few ticket machines that could automatically read the permits, complicating the process.

“There are also hotels on the mainland that can only entertain guests with Chinese identity cards and currently Hong Kong travellers can only go to hotels that are authorised to accept the mainland-issued travel permits,” he said.

China’s regulator relaxes currency conversion rules throughout Shenzhen, sharpening city’s edge in Greater Bay Area

According to the report, there will be stiff penalties for departments or businesses misusing information collected through the platform.

Zhai said Hong Kong businesspeople who travelled to the mainland often were more likely to be concerned about convenience than the risk of invasion of privacy.

“If you are a frequent traveller in China, you would have expected that the relevant departments of the Chinese government already have information about you anyway,” he said.

Source: SCMP

Posted in access, accom­mo­dation, automatically, businesses, China alert, China-Guangdong, chinese government, communications, currency conversion, departments, education, ethnic Chinese, expands, Finance, government agencies, Greater Bay Area, Greater Bay Area plan, high-speed train tickets, Hong Kong, Hong Kong Chamber of Commerce, hotel registration, Macau, mainland, medical care, operational, Overseas Chinese, overseas travellers, penalties, platform, Public services, public transport system, residents, Shenzhen, Taiwan, ticket machines, train ticketing, Transport, travel documents, travel permits, travellers, Uncategorized, verify, Xinhua News Agency | Leave a Comment »

20/09/2019

Across China: Guangzhou incubator gives HK and Macao entrepreneurs a leg-up

GUANGZHOU, Sept. 19 (Xinhua) — After exploring registering a company in Shenzhen and Zhuhai in 2013 and 2015, ChiMan Chan, a Hong Kong entrepreneur, finally made the plunge and launched a business on the Chinese mainland in 2017 when he came across the Tianhe District Service Center for Hong Kong and Macao Youth Entrepreneurship.

The service center, a non-profit organization which acts as an incubator for emerging enterprises, is located in the heart of Guangzhou’s bustling CBD, Zhujiang New Town.

Since it was established in 2017, the center has embraced more than 2,200 young entrepreneurs from the two Special Administrative Regions, and 45 Hong Kong and Macao enterprises have settled down at the center.

Thanks to the assistance from the center, Chan is now the founder and chief executive officer of Deming ProDevelop, an engineering consultant agency with four offices scattered across the Guangdong-Hong Kong-Macao Greater Bay Area.

In Chan’s view, the service center played an instrumental role in his company’s current success. “Without the help of the service center, there is no way we could have thrived to such an extent on the Chinese mainland,” Chan said.

Establishing a business is tough in itself, but for newcomers to the mainland, the application and registration process can especially present a massive initial hurdle, according to Chan. Luckily, the service center reduced some of that pressure for him.

Chen Jingzhan, director of the center’s entrepreneurship and innovation department, said many Hong Kong and Macao entrepreneurs that have set their eyes on development on the mainland often face similar headaches.

“It’s not just a matter of investing enough time to complete the registration process. Without professional guidance, many Hong Kong and Macao newcomers to the mainland simply do not know where to start,” said Chen, adding that is where the service center comes in.

Not only does the center help entrepreneurs get started, but it also offers support as they continue to develop through free registration, entrepreneurship, policy, intellectual property rights, law, and market resource consulting services.

To enterprises that meet specific requirements, the center even provides office space for two to three people free of charge, with aims of “reducing the operational costs associated with startups, and offering more development opportunities to Hong Kong and Macao enterprises,” said Chen.

Since the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area was released in February, more and more youths from Hong Kong and Macao have set their sights on Guangdong.

Ye Zhengqiao, a young entrepreneur from Hong Kong, is one of them. Drawn to the Greater Bay Area after graduating from university in the U.S., Ye now is the founder of Geometry Technology Co., Ltd., a company that has launched an online intelligent pet platform. Ye’s platform lists pet-related service providers and product sellers in a one-stop online solution for pet owners in China.

Ye said the construction of the Guangdong-Hong Kong-Macao Greater Bay Area has given young people like him “more confidence and opportunity.” He said he believes “the rate of success in Guangdong is higher than in Hong Kong,” and that the Greater Bay Area gives young people “more room to try new things with lower capital requirements.”

The concept behind the Greater Bay Area also provided the inspiration for ChiMan Chan’s business. While working on a project related to the construction of the Hong Kong-Zhuhai-Macao Bridge, the Greater Bay Area’s most iconic feat of engineering, Chan saw the potential for deepened cooperation and wanted to build a bridge of his own: a platform to connect Chinese mainland engineers and their Hong Kong, Macao and overseas counterparts.

Chen hopes more services like those on offer at the Tianhe District Service Center for Hong Kong and Macao youth entrepreneurship will be offered to young Hong Kong entrepreneurs, both in the mainland and in Hong Kong itself.

Ye Zhengqiao agrees that the mainland offers new pathways to Hong Kong and Macao youths, adding that he hopes more young people from the two SARs can latch on to the new possibilities provided by the Greater Bay Area, and “come to the mainland more often to appreciate the opportunities available.”

Source: Xinhua

Posted in Chinese mainland, Deming ProDevelop, Geometry Technology Co., Ltd, Greater Bay Area, Guangdong-Hong Kong-Macao Greater Bay Area, Guangzhou, HK entrepreneurs, Hong Kong-Zhuhai-Macao Bridge, incubator, leg-up, Macao entrepreneurs, Outline Development Plan, pet owners, Shenzhen, special administrative regions, Tianhe District Service Center, Uncategorized, Zhuhai | Leave a Comment »

28/02/2019

HKSAR gov’t sees Greater Bay Area development as golden opportunity

HONG KONG, Feb. 27 (Xinhua) — The financial secretary of China’s Hong Kong Special Administrative Region (HKSAR) government delivered Hong Kong’s annual budget on Wednesday, saying the Guangdong-Hong Kong-Macao Greater Bay Area offers golden opportunities for Hong Kong to explore new directions and open up new horizons.

To support implementation of various measures, the budget, themed “supporting enterprises, safeguarding jobs, stabilizing the economy, strengthening livelihoods,” provides new resources ready for use of about 150 billion HK dollars (about 19.1 billion U.S. dollars), with additional resources earmarked for various purposes.

“This demonstrates our determination to enhance public services, support enterprises, relieve people’s burden and invest for the future,” Financial Secretary of the HKSAR government Paul Chan said.

Under mounting external pressures, Hong Kong’s economic growth moderated from 4.1 percent in the first half of 2018 to 2.1 percent in the second half of the year, with growth for the fourth quarter at a mere 1.3 percent, the lowest since the first quarter of 2016, he said.

Overall, Hong Kong’s economy grew by 3 percent in 2018, at the lower end of the range projected in last year’s Budget but still higher than the trend growth rate of 2.8 percent over the past decade, he added.

Chan forecast a surplus of 58.7 billion HK dollars for 2018-19. Fiscal reserves are expected to reach 1,161.6 billion HK dollars by March 31, 2019; economic growth of 2 to 3 percent in real terms for Hong Kong in 2019.

He said the development of innovation and technology (I&T) will bring huge economic benefits to Hong Kong, adding that sufficient resources, with a commitment of over 100 billion HK dollars has been allocated in this area so far.

More efforts will be made to support scientific research and I&T sectors by developing I&T infrastructure, promoting research and development (R&D), pooling talent, supporting enterprises and promoting reindustrialization.

Talking about national development strategy, Chan emphasized that the Greater Bay Area development and the Belt and Road Initiative are providing rare opportunities for Hong Kong.

Chan said that the outline development plan for the Greater Bay Area, promulgated last week, is a milestone setting out the development directions for the Greater Bay Area up to 2035.

Hong Kong, positioned as international financial, transportation and trade centers as well as an international aviation hub in the Greater Bay Area, will strengthen its roles as a global offshore Renminbi business hub and an international asset and risk management center; and will devote great efforts to develop I&T industries as well as international legal and dispute resolution services, the financial chief said.

Meanwhile, the Belt and Road Initiative will create greater room for Hong Kong’s economic and social development. There has been positive outcomes in areas such as supporting industries in exploring markets, establishing business matching platforms for enterprises and encouraging Hong Kong’s professional services sector to participate in Belt and Road projects.

As for land supply, Chan said, the HKSAR government will ensure that adequate resources are provided to support fully the short, medium and long-term measures to increase land and housing supply.

The estimated public housing production for the next five years is about 100,400 units and the supply of first-hand private residential units is expected to remain at a relatively high level in the coming three to four years at about 93,000 units, according to Chan. (1 U.S. dollar = 7.84 HK dollars)

Source: Xinhua

Posted in Belt and Road Initiative, China alert, enterprises, financial, financial secretary, Greater Bay Area, Guangdong-Hong Kong-Macao, HKSAR government, Hong Kong, Hong Kong Special Administrative Region (HKSAR), Infrastructure, national development strategy, new horizons, Paul Chan, private residential units, professional services, public housing, reindustrialization, Renminbi, research and development (R&D), trade centers, transportation, Uncategorized | Leave a Comment »

19/02/2019

Building greater bay area presents new opportunities: People’s Daily

BEIJING, Feb. 18 (Xinhua) — The development plan of the Greater Bay Area in southern China has presented new opportunities for the deepening of cooperation within the region, said a commentary to be published Tuesday on People’s Daily.

The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area was released on Monday, which includes the strategic positioning, development objectives, the spatial layout and other aspects of the project.

Following the programmatic plan, the building of a dynamic and internationally competitive bay area and a world-class city cluster will be realized through hard work, said the commentary.

The plan was designed to facilitate overall and long-term development.

The development of the Greater Bay Area will facilitate the implementation of the new concept of development, the further deepening of reform and opening up, the building of a new system of open economy in line with international standards, and the development of a new platform for high-level international cooperation, said the article.

Developing the Greater Bay Area is also a major decision to maintain the long-term prosperity and stability of the Hong Kong and Macao special administrative regions (SARs).

The project will facilitate the enrichment of the implementation of the “one country, two systems,” create more opportunities for the socio-economic development of the two SARs and for Hong Kong and Macao compatriots wishing to develop careers on the mainland, said the commentary.

It called for innovation in building the Greater Bay Area, as it will be carried out under “one country, two systems,” involving three customs territories using three different currencies, without any precedent to follow.

We must “free our minds, make active explorations and bold trials, and strive to play a pioneering role,” said the article.

Source: Xinhua

Posted in China alert, Greater Bay Area, Guangdong-Hong Kong-Macao, mainland, Outline Development Plan, SARs, southern China, special administrative regions, Uncategorized | Leave a Comment »

07/02/2019

Spotlight: Cross-border infrastructure helps promote tourism in Hong Kong and Greater Bay Area

HONG KONG, Feb. 6 (Xinhua) — Benefiting from the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macao Bridge, China’s Hong Kong Special Administrative Region (SAR) witnessed a record high of tourist arrivals last year.

Data released by the Hong Kong Tourism Board showed that the overall tourist arrivals soared to around 65.1 million in 2018, up 11.4 percent from that of 2017. Among the overall growth, visitor arrivals from the mainland saw a rise of 14.8 percent to 51 million.

As the cross-border infrastructure further ties up the Hong Kong SAR and the mainland, Hong Kong will further promote tourism in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area), said tourism industry insiders.

“From the latter half of 2017, Hong Kong began to see an upturn in tourism, and witnessed a continuous increase in the number of tourists in 2018,” said Yiu Si-wing, member of the Legislative Council of the HKSAR.

“Since the operation of the Express Rail Link and the bridge, we see an apparent growth in visitor arrivals to Hong Kong.” Yiu pointed out.

He viewed tourists from the mainland as the driving force to push Hong Kong’s visitor arrivals to a new high. “It takes less time and fewer procedures for those visitors to Hong Kong via the Express Rail Link than before when they need to transfer to Hong Kong after first arriving at Shenzhen,” said Yiu.

Cross-border infrastructure has facilitated the transportation between the mainland and Hong Kong by integrating the SAR into the national high-speed railway network.

An increasing number of tourists traveled by the Express Rail Link to Hong Kong, and to meet their demand for in-depth tour, new routes featuring natural and cultural characteristics have been introduced, said Ng Hi-on from China Travel Service.

The Hong Kong Tourism Board has promoted “Old Town Central” and “Hong Kong Neighborhoods” as tailored tours for travelers to experience Hong Kong.

Besides, tourists can enjoy festivals and events in Hong Kong, such as night parade, horse racing and flower markets.

Cruise tour is another product the Hong Kong Tourism board has promoted. After the launch of the Express Rail Link in September 2018, the Dream Cruises company introduced a “rail cruise” route in November, welcoming more than 1,000 tourists from Hubei and Yunnan provinces and Guangxi Zhuang Autonomous Region to Hong Kong for a land-sea trip.

Tourism in the Greater Bay Area has huge potential, as cities in the area can work with one another to develop multi-destination travel with cross-border infrastructure, according to Anthony Lau, the executive director of the Hong Kong Tourism Board.

Yiu said that travelers can travel through cities in the Greater Bay Area via transport links and the tour pattern enriches their trip.

He called for more efforts by Guangdong Province, and the Hong Kong and Macao SARs to forge closer bonds so as to build the Greater Bay Area into a tourism brand.

Source: Xinhua

Posted in China alert, Greater Bay Area, Hong Kong, Infrastructure, Tourism, Uncategorized | Leave a Comment »

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