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Category: Greater Bay Area

guangzhou city
Greater Bay Area

Guangzhou is Building A Wealth and Asset Management Center in the Guangdong–Hong Kong–Macao Greater Bay Area

On 8 June 2022, Guangzhou officially launched the construction of a Cross-border Wealth Management and  Asset Management Center in the Guangdong-Hong Kong-Macao Greater Bay Area with a ceremonial event held in Guangzhou. The ceremony marks the start of a new journey for Guangzhou to fully build a Greater Bay Area wealth management and asset management center. Earlier this year in April, the General Office of the Guangzhou Municipal Government issued the “Implementation Plan for the Construction of the Guangdong-Hong Kong-Macao

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Greater Bay Area

CW Promoting HK 2022-23 Budget in the Spanish and Portuguese-Speaking countries

On 25 March 2022, CW held a live streaming session highlighting the Hong Kong 2022-23 Budget for Latin American companies. Our colleagues Delilah Li (Senior Manager, Greater China), Victor Herrera (Latam Focus), and Kemelly Vera (Brazil Focus) hosted the live session. Below are the key takeaways from the Hong Kong 2022-23 Budget highlighted in our live session.  Tax Reduction To reduce profits tax for the year of assessment 2021/22 by 100 percent, subject to a ceiling of $10,000. Salaries tax

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bird's-eye view photography of city buildings
Greater Bay Area

Hong Kong Budget for Fiscal Year 2022-23 During a Critical Time

On 23 February 2022, Hong Kong’s Financial Secretary, the Hon Paul MP Chan, delivered the 2022-23 Budget Speech. Mr. Chan expects Hong Kong to have a surplus of HK$18.9 billion for 2021-2022 and a deficit of HK$56.3 billion for 2022-23, but the fiscal reserves will gradually rebound to over HK$1 trillion from 2023-24 to 2026-27. With the impacts of the recent worsening of the COVID-19 pandemic, the 2022-23 budget is focused on relieving people’s hardship, supporting enterprises, development industries, and

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Hong Kong- 16 October 2018: Shenzhen Bay Bridge
Greater Bay Area

How Hong Kong Keeps Pace with the Development of Greater Bay Area

In recent years, regional economic integration has accelerated, resulting in a new form of competition among countries and territories. A notable example is China’s Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”), wildly regarded as the next world-class metropolitan cluster to compete against other renowned bay areas. The GBA has been an integral part of Mainland China’s continued “opening up” strategy to the world. Together with Macao, Guangzhou and Shenzhen, Hong Kong is considered a core city in the Outline Development Plan

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Hong Kong
Greater Bay Area

Expanding Your Business in Hong Kong

Doing Business in Hong Kong Hong Kong has maintained its position as part of the world’s most competitive economies with its open business environment for local and overseas enterprises. The International Institute for Management Development (IMD) World Competitive Yearbook 2020 ranked Hong Kong 5th out of 63 economies. Highlights of doing business in Hong Kong include: Enjoying the unrivaled access to the market of Mainland China through the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development Tapping

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landscape photo of a city skyline
Greater Bay Area

Shenzhen Becoming a World-Class Smart City Benchmark

In an unprecedented fashion, Shenzhen is currently striving to become a world-class new-type smart-city benchmark by increasing digitalization in social governance. In 2019, Shenzhen was ranked first among Chinese cities in terms of smart city development, according to the Information Research Center of the Chinese Academy of Social Sciences. It superseded the others, such as Hangzhou, Shanghai, Beijing and Guangzhou, with flying colours, having earned a comprehensive score of 77.4 points and been awarded a prize for taking the lead

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aerial view of city buildings during daytime
Greater Bay Area

Shenzhen Ranked 11th amongst Global Financial Centers

Among 108 global cities, Shenzhen was ranked 11th in the Global Financial Centers Index (GFCI) 27 Report published by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen. The index evaluates thoroughly and ranks the world’s major financial centers in terms of business environment, human resources, infrastructure, development level and reputation. As mainland China’s first-tier cities, Beijing, Shanghai, Shenzhen and Guangzhou have entered the top 20 in the world.  Shenzhen came first among mainland Chinese cities in the Greater Bay Area and has played

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city skyline during day time
Greater Bay Area

Hong Kong budget for Fiscal Year 2020-21 during the times of uncertainties

On 26 February 2020, the Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2020-21 Budget Speech. Faced with the Sino-US trade conflict, other external factors and unexpected outbreak of the novel coronavirus, the Financial Secretary’s 2020-21 budget is focused on supporting enterprises, safeguarding jobs, stimulating the economy and relieving people’s burden. 2020-21 Budget Highlights We summarize the 2020-21 budget’s key highlights relating to salaries tax, profits tax, measures to smoothen livelihoods, support enterprises

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brown building during daytime
Greater Bay Area

Macao advantages as a bridge between China and Lusophone countries

The Macao Special Administrative Region may only have gained worldwide prominence with the advent of the liberalization of the gaming industry (casino) less than two decades ago, but it is important not to devalue what was and still represents Macao: a trading post. Macao’s history as a colony dates back to the 18th century. XVI when it was voluntarily ceded by China to the Portuguese to facilitate trade. Since then, this peaceful coexistence between East and West has defined Macao,

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Macao
Greater Bay Area

Macau is exploring a yuan-based stock exchange market

In an attempt to shift Macau’s economy away from gambling, Macau’s Monetary Authority has started feasibilities studies for a yuan based securities market. Under China’s Greater Bay Area plan, Macau, like Hong Kong, would be a free economy. Carlos Alvares, Chief Executive at Banco Nacional Ultramarino (BNU), said that creating a securities market in Macau which targets Portuguese speaking countries, would be complementary to Hong Kong’s market. . In addition, Macau’s proximity to Hong Kong and Shenzhen would allow them

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