Budget Speech

Co-operation between Guangdong, Hong Kong and Macao

50.      At the regional level, we are implementing the Outline of the Plan for the Reform and Development of the Pearl River Delta (the Outline) by drawing up a framework agreement for Hong Kong-Guangdong co-operation. This framework will translate the Outline's macro policies into concrete measures conducive to the development of both places, with a view to incorporating the related policies into the National 12th Five-Year Plan. At the same time, we are actively working with Guangdong and Macao to formulate specific regional co-operation plans on building a quality living circle and on infrastructure development.

51.      We are also in close liaison with the Guangdong Provincial Government and the Shenzhen Municipal Government to explore ways of promoting the development of service industries in Qianhai. This will allow us to tap the Greater PRD market, which has a population of 50 million, and in turn the Pan-PRD market, which has a population of more than 400 million. At the Plenary meeting of the Hong Kong/Guangdong Co-operation Joint Conference last August, a letter of intent on co-operation was signed to set up an expert group to explore how best to leverage Hong Kong's advantages as an international financial, trade and shipping centre, and to combine the strengths of the two places to promote the development of modern service industries in Qianhai. The present consensus is that the Shenzhen Municipal Government will assume the leading role in developing and managing Qianhai, and the SAR Government will render advice on planning and policy formulation.

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