The concept of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) was first raised in 2016 as part of China’s 13th Five Year Plan. The GBA comprises the two Special Administrative Regions of Hong Kong and Macau, as well as the nine municipalities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province. The GBA’s mission is to deepen cooperation amongst Guangdong, Hong Kong and Macau, integrating them into an international bay area.
The Chinese central government plans to build Hainan Island into an international trade port on par with leading ports globally, and in 2020 released the Master Plan for the free trade port (FTP) construction. The Plan sets forth a package of tailor-made policy concessions on trade, investment and financing, and so on. The opening-up strategy of Hainan FTP is expected to bring a new wave of business opportunities for multinational companies doing business in China, as well as Chinese companies looking to expand their domestic footprint.