SCIO press conference on Master Plan of Guangzhou Nansha on Deepening Comprehensive Cooperation between Guangdong, Hong Kong and Macao with Global Perspective

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Southern Metropolis Daily:

The Nansha plan put forward supportive policies in taxation and funding, among others. What are the main considerations here? Thank you.

Wang Jianfan:

The building of the Guangdong-Hong Kong-Macao GBA is a major strategy made by the CPC Central Committee, and Nansha is one of the major cooperation platforms for that. To promote the development of Nansha in deepening the comprehensive cooperation between Guangdong, Hong Kong and Macao, the State Council released the Nansha plan — an overall plan for the development of Nansha — and made related fiscal and tax policy arrangements. Our considerations are in the following aspects:

First, to attract factors of innovation to gather in Nansha and boost the building of a sci-tech innovation hub in the area. Preferential tax policies will be in place. We will extend the loss carryforward period for high-tech enterprises in key industries. The enterprise income tax rate will be reduced to 15% for enterprises in encouraged industries in Nansha's pioneering zones. We will support eligible one-stop business start-up platforms to enjoy tax-preferential policies for incubators of sci-tech companies in accordance with the rules. We will work to implement the import tariff policies that support sci-tech innovations and encourage Nansha to further gather innovation resources and boost the vitality for innovation.

Second, to better take advantage of Nansha's location and create favorable conditions for residents from Hong Kong and Macao to work and live in Nansha. For residents from Hong Kong and Macao who work in Nansha, we will exempt the portion of income tax exceeding that in Hong Kong or Macao, helping our compatriots from Hong Kong and Macao to enjoy more convenience in starting businesses, getting jobs, and living in Nansha. Efforts will be made to support Hong Kong and Macao in integrating their own development into overall national development. 

Third, given the expenditures arising from Nansha's rapid development, we will guarantee financial support for the high-quality building of the district. To support the accelerated development of Nansha, from 2022 to 2024, the Ministry of Finance will set the ceiling for newly-incurred local government debt at 10 billion yuan on an annual basis, which will be dedicated to five major building tasks of Nansha. Support will be given to major projects that are expected to enjoy better benefits and growth prospects and will take a demonstrative and leading role. At the same time, based on the fiscal strength of local governments, debt risks, and the financing needs of projects, Guangdong province will weigh its supporting policies toward Nansha while allocating relevant fiscal budgets and new quotas of local government bonds. The funds will be devoted to developing infrastructure and public service facilities in Nansha.

Next, the Ministry of Finance, together with other departments, will work out detailed policies clearly outlined in the Nansha plan, ensure them to be well implemented, and give play to the role of policies in helping build Nansha into a major global-oriented strategic platform in the GBA that brings together Hong Kong and Macao. Thank you.

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