The Ministry of Commerce stated that it is promoting the joint construction of a single free trade zone between mainland China, Hong Kong, and Macau
2023-04-17
On April 15th, during the 133rd Canton Fair, Wang Shouwen, the International Trade Negotiator and Vice Minister of the Ministry of Commerce, attended the "Building an Innovation Highland Forum for Investment System in the Guangdong Hong Kong Macao Greater Bay Area" in Guangzhou, stating that the Guangdong Hong Kong Macao Greater Bay Area has now become one of the most dynamic and open regions in China's economy. The Ministry of Commerce actively supports the construction of the Guangdong Hong Kong Macao Greater Bay Area, and has introduced policy measures in the commercial sector to support the construction of the Guangdong Hong Kong Macao Greater Bay Area, covering key areas such as consumption, circulation, trade and investment, and economic cooperation. It is promoting the joint construction of a single free trade zone among the mainland, Hong Kong, and Macau. The growth momentum of the Guangdong Hong Kong Macao Greater Bay Area is strong. In 2019, the Central Committee of the Communist Party of China and the State Council issued the "Outline of the Development Plan for the Guangdong Hong Kong Macao Greater Bay Area", opening a new chapter in comprehensively promoting the construction of the Greater Bay Area. After several years of construction, the Guangdong Hong Kong Macao Greater Bay Area has become one of the most dynamic and open areas in China's economy. In 2022, the total economic output of the Greater Bay Area exceeded 13 trillion yuan. Wang Shouwen introduced that the total economic size of the Greater Bay Area has exceeded that of countries such as South Korea, Australia, and Brazil. Research shows that the R&D investment in the Greater Bay Area accounts for 3.7% of GDP, which is about 1 percentage point higher than the average level of OECD countries. "Compared with the major bay areas in the world, such as Tokyo, New York and San Francisco Bay Area, the Guangdong Hong Kong Macao Greater Bay Area has an excellent harbor with a wide and deep water depth, a modern transportation system, perfect infrastructure and a good investment environment. More importantly, relying on the Chinese market, the Guangdong Hong Kong Macao Greater Bay Area has strong growth momentum, huge potential for transformation and innovative development, and will bring infinite opportunities for global investors," Wang Shouwen said. Wang Shouwen said that the Ministry of Commerce supported the construction of Guangdong Pilot Free Trade Zone and Shenzhen Demonstration Zone of Socialism with Chinese Characteristics, supported Guangzhou to expand the comprehensive pilot program of opening up the service industry, promoted the deep integration of Guangdong, Hong Kong and Macao into the joint construction of the "the Belt and Road", and promoted the docking and cooperation with the regional comprehensive economic partnership agreement (RCEP) market. I hope that the Guangdong Hong Kong Macao Greater Bay Area will lead the trend of the new economy, open up innovative opportunities for outward development, and become an international science and technology innovation center with global influence, a world-class advanced manufacturing industry, and a strategic emerging industry cluster area. Actively promoting the upgrading of digital empowerment to comply with the new trend of digital development in the economy and society. In recent years, China has accelerated the improvement of top-level design and seized opportunities for the development of the digital economy and digital trade. Wang Shouwen stated that in recent years, the Ministry of Commerce, together with relevant departments, has actively promoted the construction of a single window, formulated a plan for the construction of a global trade digital navigation zone in the Guangdong Hong Kong Macao Greater Bay Area, conducted research on the trade digital indicator system, and achieved positive results in promoting the digital development of goods trade. Wang Shouwen introduced that the Ministry of Commerce adheres to the principle of "allowing data to run more and enterprises to run less". While deepening the digitization of trade management and trade methods, it will also conduct in-depth research and actively promote the digital empowerment and upgrading of trade links, trade services, and trade entities. China is actively promoting its accession to the Digital Economy Partnership Agreement (DEPA), while also advancing the accession process to the Comprehensive and Progressive Trans Pacific Partnership Agreement (CPTPP), "Wang Shouwen said. As for DEPA, Wang Shou
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：China Secruities Dairy
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