The central government has indicated that one of its policy objectives is to enhance cooperation among the cities within the Greater Bay Area to develop a “high standard marketization system” in the country.
Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued a plan which provides guidance to local governments of different tiers in mainland China to marketize the country’s economic system.
The document does not outline any practical steps, nor a schedule for the plan.
However, in it, the central government proposes to take special measures to open the market of the “Greater Bay Area Deep Cooperation Zone”.
In addition to laying out the blueprints for a more open market within the Greater Bay Area, the Central Government is also seeking to authorize an increase in accessibility for businesses to go to Hainan and Shenzhen.
The plan indicates that the Central Government chose not only the Greater Bay Area, but also Hainan free trade port and Shenzhen as experimental regions where they will lift the country’s restrictions on market entry.
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