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Hong Kong, Guangdong outline cooperation plan at conference

Hong Kong's Chief Secretary for Administration Carrie Lam (right) and Vice-Governor of Guangdong Province Zhao Yufang co-chaired the 19th Working Meeting of the Hong Kong/Guangdong Cooperation Joint Conference in Hong Kong.

The Chief Secretary for Administration of the Hong Kong Special Administration Region Government (HKSARG), Carrie Lam, and the Vice-Governor of Guangdong Province, Zhao Yufang, co-chaired the 19th Working Meeting of the Hong Kong/Guangdong Cooperation Joint Conference in Hong Kong on March 10.

The two sides signed the 2014 Work Plan for Hong Kong/Guangdong Cooperation based on the consensus reached at the 16th Plenary of the Hong Kong/Guangdong Cooperation Joint Conference held last year.

The progress and direction for future cooperation are set out below:

  • The two sides agreed to resolve problems arising from the implementation of CEPA (the Mainland and Hong Kong Closer Economic Partnership Agreement) in Guangdong.

  • The two sides agreed to focus on seeking permission for Mainland individuals to invest directly in overseas markets; introducing cross-border renminbi (RMB) remittance services for individuals; and obtaining support from the Central Government for lowering the thresholds applicable to entry of Hong Kong property insurance companies into Guangdong.

  • Guangdong will implement pilot measures to allow Mainland and Hong Kong law firms to set up partnerships; and Guangdong law firms can second Mainland lawyers to work as consultants on Mainland law in representative offices set up by Hong Kong law firms in Guangdong.

Key cooperation areas

Hong Kong Chief Secretary Carrie Lam (center) gives opening remarks at the 19th Working Meeting of the Hong Kong/Guangdong Cooperation Joint Conference. 

In respect of Nansha, the two sides will step up cooperation in financial and accounting services, including permission for enterprises and financial institutions in Guangzhou to issue RMB bonds in Hong Kong to support the development of Nansha; and allowing Hong Kong accounting professionals to become partners of accounting firms in Nansha, Guangzhou.

For Hengqin, the two sides will enhance support for industries associations and agencies from Hong Kong and Guangdong to practice and set up branch offices there; and encourage enterprises of both places to participate in the development of cultural and creative industries in Hengqin.

In respect of Qianhai, the two sides will focus efforts on implementation of the policy to allow Hong Kong professionals to provide engineering consulting, design, surveying, construction and related services directly in Qianhai.

“Go global” through Hong Kong

Hong Kong and Guangdong will continue to encourage Guangdong enterprises to establish a foothold in Hong Kong to speed up the “go global” process, and leverage Hong Kong’s talents and advantages in the financial and information sectors, to pursue investment as well as merger and acquisition activities in overseas markets.

Environmental protection

The two sides will continue to implement strengthened emission control measures to improve air quality in the Pearl River Delta region. They also will conduct a joint study on fine suspended particulates (PM2.5) in the region to provide a scientific basis for the formulation of strategies to further improve regional air quality.

 


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