On 19 May 2020 at 11:30 am Hong Kong time, CW and Allinial Global co-hosted a webinar on “Building Stronger Linkages & Growth Through the Greater Bay Area”, sharing insights on the overview and development of the Greater Bay Area (“GBA”) with Allinial Global member firms from the Asia Pacific region.
As a member-based association dedicated to the success of independent accounting and consulting firms worldwide, Allinial Global now ranks as the world’s second-largest accounting association. The Regional Director of Asia Pacific, Ms. Abby Chee, is actively building relationships and expanding the association’s presence in the Asia Pacific Region.
On the introduction of the webinar, both partners of CW CPA, Mr. Thomas Wong and Ms. Rosanna Choi expressed that in the past few years, the firm has seen growing needs for entrepreneurs from around the world to explore trading and investment opportunities in the Greater Bay Area, especially in Shenzhen, Dongguan, and Guangzhou. There are more and more inquiries into the incorporation of foreign-invested enterprises (FIEs) in the above cities. The international communities have demonstrated their tremendous contributions to the local economies in South China.
One of the Region’s strategic positioning is to grow into an international scientific and technological innovation center with global influence according to the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. As talent is the fundamental driving force for science and technology development and innovation, the development of the GBA will rely on the innovative system and mechanism to stimulate the innovation vitality of talents. In this regard, CW’s China Consultancy Team presented several stimulus policies rolled by the GBA cities’ municipal governments and highlighted the benefits of doing business in the GBA. Our team has assisted many foreign investors in setting up their operations in China. And we firmly believe there would be more beneficial incentives for SMEs in the years to come as China is striving to open its domestic market to foreign investors.
As the world’s second-largest economy, China has contributed more than 30 percent of global economic growth in the past few years. Although the country has been hit hard by rising labor costs, trade tensions, and the coronavirus, its GBA Initiative is now gathering momentum across the Pearl River Delta Region, aiming at developing and deepening the connectivity with the world in infrastructure, trade, commerce, capital, culture and more. Understanding China’s action plan in developing the GBA will facilitate businesses building stronger linkages and growth in the Region. CW will continue to organize webinars in the related topics in the coming months, providing more information and updates about the development of the GBA.
About Allinial Global:
Allinial Global is a member-based association dedicated to the success of independent accounting and consulting firms. Founded in 1969, this strategic affiliation of legally independent accounting firms has a mission to foster the independence, profitability, and continuous improvement of its members. Allinial Global is one hundred and ninety-three members strong and growing, with worldwide locations generating over $3.5 billion in collective revenues. With dedicated regional liaisons who have extensive connections throughout the Americas, EMEIA (Europe, the Middle East, India, and Africa), and the Asia Pacific region, members of Allinial Global are committed to providing the most agile, flexible, and client-centric solutions anywhere, anytime.
Regional Director, Asia Pacific
Written by Delilah Li, China Consultancy Team, CW CPA