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CE signs Bay Area deal

July 01, 2017

Chief Executive Carrie Lam has signed the Framework Agreement on Deepening Guangdong-Hong Kong-Macao Co-operation in the Development of the Bay Area.


Witnessed by President Xi Jinping, Mrs Lam signed the deal today with National Development & Reform Commission Chairman He Lifeng, Guangdong Governor Ma Xingrui and Macau Chief Executive Fernando Chui.


The framework provides that the objective of co-operation is to implement the principle of "one country, two systems" fully and accurately, improve and innovate the co-operation mechanism, establish a mutually complementary co-operation relationship, and jointly take forward the development of the Guangdong-Hong Kong-Macao Bay Area.


It also sets out the goals and principles of co-operation, including promoting infrastructure connectivity; enhancing the level of market integration, building a global technology and innovation hub; building a system of modern industries through co-ordinated development; jointly building a quality living circle to provide an ideal place for living, working and travelling; cultivating new strengths in international co-operation; and, supporting the establishment of major co-operation platforms.


The four signatories agree to improve the co-ordination mechanism and convene annual consultation meetings to co-ordinate and resolve major problems and issues of co-operation arising from the development of the Bay Area.


The four parties will table annual work plans for taking forward the development of the Bay Area, and deliver a concerted effort in their implementation once a consensus has been reached amongst the parties and Mainland authorities.


The co-operation goals include consolidating and enhancing Hong Kong's status as an international financial, transportation and trade centre; strengthening its status as a global offshore renminbi business hub and an international asset management centre; promoting the development of Hong Kong's professional services and innovation and technology industries; and establishing a centre for international legal and dispute resolution services in the Asia-Pacific Region.


Click here for the agreement.

Innovation and Technology Fund for Better Living