The report of the 20th National Congress of the Communist Party of China proposed to promote the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and support Hong Kong and Macao to better integrate into the overall development of the country. The various economic indicators of the Guangdong Free Trade Zone rank among the top among the national pilot free trade zones. It is a major platform for Guangdong-Hong Kong-Macao cooperation and a carrier to support the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area. The "Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" clearly states that by 2035, the Greater Bay Area will form an economic system and development model mainly supported by innovation, the high-level interconnection of markets in the Greater Bay Area will be basically realized, and the coordination of regional development will be remarkable. The people's lives will become more prosperous, the level of social civilization will reach a new height, and a world-class bay area suitable for living, working and traveling will be fully established. To achieve this target positioning, it is necessary to fully and accurately grasp the Chinese characteristics of "one country, two systems, three currencies, and three customs areas" in the Guangdong-Hong Kong-Macao Greater Bay Area and make full use of the institutional advantages of "one country, two systems" to strengthen the free trade zone Coordinated development with major platforms for Guangdong-Hong Kong-Macao cooperation. Specifically, focus on the following main aspects.
Relying on system supply, strengthen the docking of international rules and standards
To promote the high-quality coordinated development of free trade zones and key platforms for Guangdong-Hong Kong-Macao cooperation, on the one hand, it is necessary to accelerate the integration of the internal systems and rules of the Guangdong-Hong Kong-Macao Greater Bay Area with international rules or advanced standards; And improve the international economic and trade rules and the international economic governance system.
First, the Guangdong-Hong Kong-Macao Greater Bay Area can continue to deepen reforms and strengthen connections in areas that still have a gap with international trade and investment rules through free trade zones; it can take the lead in exploring and maturely controlling the opening up of the service industry. The second is to sum up experience as soon as possible in advantageous fields such as cross-border e-commerce and mobile payment, and actively participate in new rules for international trade and investment or new standards for industrial development. Third, the Guangdong-Hong Kong-Macao Greater Bay Area should continue to consolidate its institutional advantages of high-level opening-up. Give full play to the role of experimental fields such as free ports, free trade zones, and key cooperation platforms, reduce the risk of institutional innovation, and increase the speed of institutional innovation. Fourth, in terms of top-level design, form an organizational mechanism led by the central government and jointly participated by Guangdong, Hong Kong and Macao, with multiple functions such as formulating cooperation rules, implementing specific affairs, and providing supervision and consultation. Really break the constraints of the system and mechanism, promote the cross-border and convenient flow of people, goods, capital and information in the Guangdong-Hong Kong-Macao Greater Bay Area, and improve the level of market integration. At the same time, the Guangdong-Hong Kong-Macao Greater Bay Area should form a series of supporting policies to truly open up the "last mile" of institutional innovation.
Seize the opportunity to promote the improvement of the "quality" of the three major platforms
The Outline of the "14th Five-Year Plan" clearly states that the implementation of the free trade zone promotion strategy will build a global high-standard free trade zone network. This shows that my country's free trade zone has entered a new stage of development. The development of the free trade zone is not limited to the accumulation of "quantity", but will pay more attention to the improvement of "quality" in the future, which is of great significance for promoting the coordinated development of the free trade zone and the three major platforms. significance.
Excavate the offshore service function of Hengqin to promote the economic development of the west bank of the Pearl River. Comparing the cities on the west bank of the Pearl River with Hong Kong, Shenzhen, Dongguan and other cities on the east coast of the Greater Bay Area, the overall strength of foreign trade is relatively weak, which is mainly restricted by the international trade infrastructure and trading capabilities of Zhuhai and Macao. To this end, the Hengqin Guangdong-Macao Deep Cooperation Zone should be based on its functional orientation of "promoting moderately diversified economic development in Macau", explore its offshore service functions through accurate system design, and strive to build a business transaction center. By building a consumption center in the zone , Purchasing Center, Offshore Financial Service Center, Transnational Technology Transfer and Trading Center and Cultural Exchange Center, serving the business transactions on the west bank of the Pearl River in the Guangdong-Hong Kong-Macao Greater Bay Area, combined with Macao's existing advantages in tourism and exhibition industries, resulting in a strong drive and influence. In addition, provincial overall coordination should be strengthened to accelerate the interconnection between the east and west sides of the strait. Accelerate the construction of the Shenzhen-Zhongshan Corridor and the intercommunication transportation network with various cities along the line, and orderly promote the construction of coastal high-speed rail, Zhongshan Western Outer Ring Expressway to the Hong Kong-Zhuhai-Macao Bridge connection line. Accelerate the construction of logistics channels and logistics centers in the Greater Bay Area, especially on the west bank of the Pearl River, build a logistics information platform, and improve the level of multimodal transport services.
Qianhai is used as a platform to promote the interconnection of capital markets in the Greater Bay Area. The essence of capital market integration in the Guangdong-Hong Kong-Macao Greater Bay Area is the interconnection of capital markets in Hong Kong, Macau and the nine cities in the Pearl River Delta. According to the 31st Global Financial Center Index (GFCI 31) ranking, the Greater Bay Area cities Hong Kong, Shenzhen, and Guangzhou were selected and ranked 3rd, 10th, and 24th respectively. The ranking results reflect the degree of development of Hong Kong's capital market and the degree of financial resource convergence significantly higher than other cities. The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone shoulders important and historical missions in accelerating the interconnection of the Shenzhen-Hong Kong capital market and building the regional capital market of the Greater Bay Area. It should actively seize the development opportunities given by the times and introduce Hong Kong resources to promote the integrated development of Shenzhen and Hong Kong capital markets. The first is to promote the Hong Kong Stock Exchange to set up a corporate service agency in Qianhai. Strive to introduce the Hong Kong Stock Exchange to set up institutions in Qianhai Financial City, and encourage the Hong Kong Stock Exchange to use this as a platform to serve mainland companies that go public in Hong Kong and issue bonds. The second is to continue to improve the level of cross-border investment and financing facilitation. To facilitate the opening of FT accounts for mainland companies that go public in Hong Kong and issue bonds, and further simplify the process of raising funds from the Hong Kong market and using them in the mainland. Facilitate the listing and exit of investment projects of domestic venture capital institutions in the Hong Kong market. The third is to promote cooperation between the securities regulatory systems of Shenzhen and Hong Kong. Explore the establishment of the Shenzhen-Hong Kong Securities Regulatory Bureau in Qianhai, and use this to strengthen the interaction between the mainland and Hong Kong in securities regulation, further optimize cross-border regulation and law enforcement procedures, and improve the level of regulation and law enforcement efficiency in the two places. Fourth, encourage various securities-related associations to develop in Qianhai. Allow qualified Hong Kong associations to set up branches in Qianhai and develop mainland members, and in this way strengthen the exchanges and interactions between practitioners in the two places, and cultivate more financial talents who are familiar with the capital markets of the two places.
Relying on Nansha, deepen the comprehensive cooperation between Guangdong, Hong Kong and Macao facing the world. The "Overall Plan for Deepening Guangdong-Hong Kong-Macao Comprehensive Cooperation Facing the World in Nansha, Guangzhou" proposes to accelerate the deepening of comprehensive cooperation between Guangdong, Hong Kong and Macao in Nansha, Guangzhou, and build it into a major strategic platform based in the Bay Area, coordinating with Hong Kong and Macao, and facing the world. The first is to build a scientific and technological innovation industry cooperation base, strengthen the joint innovation of science and technology in Guangdong, Hong Kong and Macao, and create a major scientific and technological innovation platform. Guided by the construction of an international science and technology innovation center and a comprehensive national science center in the Greater Bay Area, strengthen the joint innovation of science and technology in Guangdong, Hong Kong and Macao, and build a whole-process innovation ecological chain of "basic research + technological breakthroughs + industrialization of achievements + technology finance + talent support". Make full use of the preferential tax policies for enterprises in encouraged industries in the pioneering start-up zones, and vigorously promote the gathering of high-tech enterprises and talents. The second is to accelerate the gathering of high-quality public resources such as education and medical care, and expand the space for innovation and entrepreneurship for young people in Hong Kong and Macao. Promote "one-stop" innovation and entrepreneurship platforms to enjoy preferential tax policies for technology business incubators in accordance with regulations, vigorously improve the level of employment guarantees for Hong Kong and Macao youth internships, and improve policy support and service systems such as accommodation, transportation, and children's enrollment in kindergartens. The third is to rely on Nansha's industry and market foundation, and join hands with Hong Kong and Macao to continuously deepen foreign economic and trade cooperation. Strengthen the function of international shipping logistics hub. Focusing on the implementation of the "Regional Comprehensive Economic Partnership Agreement" (RCEP), comprehensively strengthen and deepen economic and trade cooperation with Japan, South Korea, and ASEAN countries, and create a new platform for international economic cooperation in the Greater Bay Area to connect with the "Belt and Road".
Optimizing the world-class business environment and ecological environment governance
The Guangdong-Hong Kong-Macao Greater Bay Area is not only one of China's three major economic core areas, but also a pioneer in my country's internal reforms and an important window for opening up to the outside world. As an international financial, shipping, trade center and international aviation hub, Hong Kong is one of the freest economies in the world. As a world center of tourism and leisure and a business and trade cooperation service platform between China and Portuguese-speaking countries, Macao has increasingly demonstrated its function of diverse exchanges. The nine cities in the Pearl River Delta are the most outward-oriented economic regions in the Mainland and an important window for opening up to the outside world. They play an important role in accelerating the establishment of a new open economic system across the country. The Guangdong-Hong Kong-Macao Greater Bay Area should refer to the latest Business Enabling Environment (BEE) index evaluation system released by the World Bank, from the aspects of enterprise access, acquisition of business premises, access to municipal public services, financial services, international trade, taxation, and promotion Market competition and other fields will benchmark against the world-class Bay Area one by one, and gradually form an international, legalized, and convenient business environment.
Optimizing the management of the ecological environment and creating a high-quality living circle are the key contents of the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. Establish a cooperation mechanism for ecological environment conservation and carry out joint protection across administrative regions. Explore the establishment of a "carbon neutral" pilot zone, and explore institutional innovations related to finance and carbon trading. Explore unified ecological environment standards and a unified environmental monitoring and monitoring system, establish a regional ecological environment and pollution source monitoring and monitoring platform, and promote information exchange, mutual recognition of results, and platform sharing.
The production system, circulation system, and consumption system of green and low-carbon circular development not only conform to the overall positioning of a "livable bay area", but will also become one of the key areas of in-depth cooperation between Guangdong, Hong Kong, and Macao. Each cooperation platform can develop green technology enterprises according to their own positioning. By attracting green technology enterprises to gather, they can provide green project information exchange, technology evaluation, credit research, financing and other docking services to promote green technology R&D and green technology development by enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area. transfer and green technology cooperation. On the one hand, it will enhance the overall green technology strength of the Guangdong-Hong Kong-Macao Greater Bay Area and support the national green and low-carbon circular development strategy. On the other hand, actively realize the need to open up the external circulation, and participate in the construction of global cooperation on issues such as ecological protection, energy conservation and emission reduction, and marine development.
Authors: Xie Baojian and Huang Fengyu are respectively the deputy director of the Hong Kong and Macau Economic Research Institute of Jinan University and the doctoral students of the School of Economics of Jinan University
This article is the result of the National Social Science Fund's major project "Research on the Innovation of the Governance System of World-Class Urban Groups in the Guangdong-Hong Kong-Macao Greater Bay Area"