China to strengthen Belt and Road cooperation in developing Greater Bay Area

Cooperation will intensify in the framework of the Belt and Road Initiative as China presses ahead with developing the Guangdong-Hong Kong-Macao Greater Bay Area.

Cars run on the Hong Kong-Zhuhai-Macao Bridge, Oct 24, 2018. [File Photo: Xinhua]

That came from the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area China released Monday.

Efforts should be made to create a globally competitive business environment, increase the level of market integration, and jointly expand opening-up, said the plan.

Cooperation among Guangdong, Hong Kong and Macao should be deepened, the plan said, calling for efforts to improve investment and business environment in the nine Pearl River Delta cities and to raise the level of market integration in the Greater Bay Area.

Measures should be taken to ensure alignment with advanced international market norms and regulatory standards, expedite the establishment of new institutional arrangements for an open economy, and create an environment for opening-up on all respects, according to the plan.

It called for joint efforts to develop new strengths in international economic and trade cooperation, which will provide solid support to the Belt and Road Initiative.

In these regards, investment facilitation and trade liberalization should be promoted and the flow of people and goods should be facilitated, the plan said, urging efforts to fully participate in international economic cooperation and jointly expand international markets.

The plan, an important document guiding the current and future cooperation and development of the Greater Bay Area, covers the period from the present to 2022 in the immediate term and extends to 2035 in the long term.