BEIJING, Dec. 26 (Xinhua) -- The National Development and Reform Commission (NDRC), China's top economic planner, proposed in a Monday-released plan to consider canceling or further loosening the qualification, equity proportion, and industry access requirements for Hong Kong and Macao investors, reported Securities Daily.
NDRC came up with these opening-up measures in its 3-year action plan to build world class business environment in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), aiming to basically establish a business environment rules system that aligns related GBA regulations with current international rules, significantly improve market inter-connectivity and craft in the GBA globally competitive business environment in three years.
NDRC said in the action plan to place the opening-up measures under the framework of the Closer Economic Partnership Agreements (CEPAs) between the Chinese mainland and Hong Kong and Macao special administrative regions for implementation.
Outlining 24 measures of seven aspects in total, the action plan also proposes to optimize market access via measures such as formulating and promulgating special measures to broaden market access for Guangdong-Macao In-Depth Cooperation Zone in Hengqin.
To expand financing channels of enterprises in the GBA, the action plan says to encourage related financial institutions to lower real lending rates and reduce unreasonable fee charging.
Bruce Pang, chief economist and head of research in Greater China of JLL, told the newspaper that further loosening or canceling market access restrictions and allowing entrance and fair competition of enterprises of varied types and other market entities will help boost corporate investment confidence and stabilize market expectations.
Pang believed that these measures are likely to attract more overseas-funded enterprises and multinational corporations to invest in the GBA and facilitate opening up in a greater scale and more fields.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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