Chinese authorities announced over the weekend that subsidies will be granted to lure talent from outside mainland China to support development of the Greater Bay Area.
The subsidies will be provided in nine cities in southern China to individuals from Hong Kong, Macao, and Taiwan and other parts of the world, Reuters reports, citing a document released by the tax bureau of China’s finance ministry.
The difference in personal income tax between the mainland and Hong Kong will be a factor determining the level of subsidy, the bureau was quoted as saying in the document on Saturday.
The Shenzhen government, along with the provincial government of the southern Guangdong province, will develop the specific regulations for identifying talent and providing subsidies.
The subsidy policy will remain in effect until the end of 2023.
The Greater Bay Area project is Beijing’s attempt to deepen links between Hong Kong, Macau and China’s southern Guangdong province.
In February, the State Council released a broad set of goals for the area to be reached by 2035. The area is home to 68 million people and has a combined gross domestic product of roughly US$1.5 trillion.
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