A THREE-YEAR action plan was released Monday by China’s economic planner to foster a world-leading business environment in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which covers nine cities in Guangdong Province and the Hong Kong and Macao special administrative regions.

Sources with the National Development and Reform Commission (NDRC) said the move is to deepen cooperation within the GBA and enhance market integration and international competitiveness in the area.

After three years of hard work, the GBA is expected to be at the forefront of the world in terms of its competitiveness in business environment, according to the plan.

Relevant policies and mechanism should be basically established in line with internationally recognized rules, which can fully unleash market vitality and social creativity, and allow the area to better attract and mobilize resources worldwide, said the plan.

The plan encourages the GBA to become an international hub for talent, introduce innovative talent policies, and work out supportive policies to attract talent from Hong Kong and Macao.

It also proposes to provide convenient long-term visas for foreigners holding permanent residency cards from Hong Kong and Macao to conduct businesses and engage in scientific, educational, cultural, and health care exchanges in Guangdong.

The plan was another move the Central Government has taken in a week to boost the development of the GBA.

On Thursday, the NDRC unveiled a plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, which stated China expects Qianhai to play its leading role in developing the GBA and broadening Hong Kong’s development space.

By 2035, the 120.56-sqkm zone in Shenzhen shall have established an innovation-driven development model featuring industrial synergy and market connectivity with Hong Kong and Macao, and become a new international trade center, an international high-end shipping service center, and an engine for high-quality development, said the document.

In a separate statement, the NDRC also released a plan for the Guangdong-Macao in-depth cooperation zone in Hengqin, Zhuhai.

(SD-Xinhua)