A proposed free trade zone (FTZ) straddling Hong Kong, Macau and Guangdong will surpass its counterpart in Shanghai in scope and innovation, Economic Information Daily reported Wednesday, citing industry sources.
The three major cities are expected to forge closer economic cooperation, open up to more foreign interests and offer a wider range of innovative products and services.
It is in the final stages of planning after the government approved the results of public consultation, the report said.
Renminbi-related services are expected drive financial innovation in the economic zone and bolster Hong Kong’s status as the world’s leading offshore hub for the Chinese currency.
Also, it will have a shorter negative list, ensuring a more diverse mix of businesses.
However, the three local governments need to iron out differences in their regulatory regimes and governance standards, Ding Li, director of regional and corporate competitiveness research center of the Guangdong Academy of Social Sciences, was quoted as saying.
– Contact HKEJ at [email protected]