A comprehensive pilot program will be conducted in Guangzhou and Shenzhen to reform and expanding the service industry, according to an action plan for promoting high-quality development of service trade during the 14th Five-Year Plan period (2021-2025) which was recently announced by the People’s Government of Guangdong Province.
The plan emphasizes the need to speed up the industrial standard alignment in the service sector between Guangdong, Hong Kong, and Macau to facilitate professionals working on the Chinese mainland.
Investors of all types will be encouraged to do business in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin and the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.
According to the plan, the scale of the service sector will be further enlarged. The total volume of the service trade is projected to equal no less than 4.5 trillion yuan from 2021 to 2025, retaining its position in the top three in the country.
In a move to better advance the development of the Greater Bay Area, the plan sets out to optimize the structure of the service trade, bolster the development of emerging service trades, and ensure that the average annual growth of the emerging service trade and digital trade volume will be no less than 15%.
The plan will also continue to open up the service industry, and improve the policy system for the service trade industry, thereby gradually building an open service system in line with international standards.
In terms of the digital economy and financial services, Guangdong will facilitate the interconnection of mobile payment in the Greater Bay Area and steadily promote financial interconnectivity between Hong Kong and Macau.
Furthermore, it also puts forward that Guangdong will improve cross-boundary RMB business supporting policy system and product service system to enhance GBA’s global competitiveness in financial services.
To accelerate the digital transformation of traditional trade, the plan includes the building of a pilot zone for global digital trade in the Greater Bay Area.
With regards to transportation services, it will upgrade airport infrastructure and expand international airway networks. MDT/NewsGD
