THE Macau SAR Government ordered the publication of the Framework Agreement for Strengthening Co-operation between Guangdong-Hong Kong-Macau and the Promotion of Construction of the Greater Bay Area in the Official Gazette yesterday.
The signing of the framework agreement took place in early July, with the text promulgated on July 19.
The Greater Bay Area Plan is co-ordinated by the National Commission for Development and Reform (NCDR).
According to the text, the Framework seeks to maximise the global benefits for Guangdong, Hong Kong and Macau’s respective populations by deepening mutual and bilateral co-operation.
Overall, it is set to foster high level international co-operation, enhancing the guiding role in national economic development and the country’s openness to the outside world.
In particular, it seeks to inject new life into the development of Macau and Hong Kong while maintaining conditions for long-term prosperity and stability in the two Special Administrative Regions (SARs).
The framework establishes five main principles for co-operation between the Province and the SARs.
First, it aims to open up the economies of the Delta by improving and boosting innovation in trading and investment practices.
Secondly, it seeks to maximise the use of the relative advantages of all parties by innovating and improving co-operation systems and mechanisms, strengthening co-ordination and the co-ordination of policies and plans.
Thirdly, the plan frames the allocation of production resources throughout the region under the guidance of market principles and promotion by the government.
Moreover, the framework aims to foster systems’ innovation and co-operation mechanisms by enabling the implementation of pilot projects and the resolution of crucial problems affecting the populations of the area such as the question of retirement benefits.
Finally, ecological priorities and green development have been inked as sustainable development goals guiding construction, industrial production, and the framing of ways of life in the metropolitan region.
Seven priority areas of co-operation
– Boosting infrastructure links
– Raising the level of market integration
– Creating an international centre for technological innovation
– Building a system of modern industries of co-ordinated development
– Collectively building a community with good quality of life, praised for good living, working and tourism standards
– Fostering a new advantage in international co-operation
– Supporting the construction of important co-operation platforms