2017-February-24 Source: Newsgd.com
The Nansha International Cruise Terminal [File Photo]
Guangdong Free Trade Zone (FTZ) has been called as "the NO. 1 project for the province's reform" even before its official inauguration in 2015. Since Guangdong is one of the largest economies with international influence in China, what role will its No. 1 project act to further its economic development?
Last December at Guangdong Provincial Economic Work Conference, Hu Chunhua, Party Chief of CPC Guangdong Committee, indicated that the zone should be developed into a hub for high-level opening up.
According to the conference, Guangdong FTZ would be constructed as an international shipping center, an international trade center, an international financial center and a lead in high-level international urban development.
Cao Dahua, Director General of the General Affairs Office of Guangdong FTZ, has recently illustrated that the zone would speed up its industrial planning to gather world-class global companies and bridge international and domestic market to fulfill the target Hu has indicated.
Qianhai & Shekou Area of Shenzhen. [File Photo]
FTZ to gather world-class global companies
According to Cao, a hub for high-level opening up means a lot for the country. Guangdong FTZ should become an international base for global companies, promoting the cross-border flow of commodity, capital, information, personnel and technology.
For the zone, cooperation with Hong Kong and Macao should be given priority. New opportunities can be found in the construction of a world-class city cluster in Guangdong-Hong Kong-Macao Big Bay Area, which will also be a global shipping center, the aviation hub, the trading center, the financial center and the international city cluster.
Also, the Bay Area should focus on cooperation connecting world’s advanced economies, Portuguese & Spanish-speaking countries and mainland.
Guangdong FTZ construction will take advantage of the Belt and Road Initiative, supporting global companies to establish their headquarters here and expand their business.
Bridging global and domestic companies
Though Guangdong FTZ is enjoying many preferential policies and multi-facet support, it is facing many problems and its global influence has not met the expectation.
"To overcome these problems and become the international hub, firstly FTZ should speed up the construction of the shipping and trading and other above-mentioned centers." Cao said.
The Bay Area should form a bidirectional channel via FTZ, so that the international market can reach domestic areas and domestic companies can reach global market.
The Hengqin Chimelong Ocean Kingdom. [File Photo]
Key projects & pillar industries in FTZ
In the part of constructing the international shipping center, a Pearl River Delta super port group will be formed with Nansha area of Guangzhou, Qianhai & Shekou Area of Shenzhen working as the lead and other ports such as Zhanjiang Port, Shantou Port, etc working as the supporting parts.
In future an international transportation hub based in Guangdong FTZ with the integration of the land, sea and air transportation will be gradually formed, Coordination mechanism between Guangzhou and Shenzhen airports should be established.
Meanwhile, FTZ will establish a platform for international trade service together with Hong Kong and Macao. To better the regional investment and trade environment, Nansha Area and Qianhai & Shekou Area will join hands with Hong Kong, and Hengqin Area will pair up with Macao.
Also, the FTZ will work with Hong Kong and Macao to build national demonstration zone of cross-border finance, providing international standard finance services. Qianhai & Shekou Area will further tie with Hong Kong to build a financial center, Nansha Area will develop shipping-business-related finance, and Hengqin Area will develop tailored financial service for local business.
For urban construction, Nansha area will learn from New York City for urban planning; Qianhai and Shekou Area will focus on developing its legal system to match the advanced international standard; and Hengqin will develop itself into an green and low carbon island for leisure tourism.
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