China to support Greater Bay Area

China to provide financial support to fuel the development of the Greater Bay Area, which includes Guandong, Hong Kong and Macau.

China.- Greater Bay Area will receive financial support from China to fuel economic development and growth post Covid-19.

The Greater Bay Area includes the two Special Administrative Regions of Hong Kong and Macao, and the nine municipalities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province.

The total area is around 56 000 km2 and, at the end of 2018, the total population was more than 71 million, with a gross domestic product of US$23,342 per capita.

The new measures are intended to improve trade, infrastructure and connectivity in southern China and should provide a huge boost for Macau’s economy.

Macau’s authorities have been planning to boost tourism development in the Greater Bay Area following the Coronavirus pandemic.

The SAR has been using the Great Bay Area’s aircraft networks to promote joint-tourism products with the other cities.

The support will be jointly issued by the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange, according to local media reports.

The funds will be used to deploy 26 specific measures including: promoting the Greater Bay Area’s cross-border trade and facilitating investment and financing, expanding the opening-up of the financial sector, promoting the connectivity of financial markets and financial infrastructure, boosting innovation of the Greater Bay Area’s financial services, and preventing cross-border financial risks.