China's cabinet will develop measures to allow Hong Kong and Macao enterprises to invest in more sectors in the Chinese mainland, and the Ministry of Commerce (MOFCOM) will promote the flow of goods, services, personnel and funds. 

Gao Feng, spokesman of MOFCOM (Photo: mofcom.gov.cn)

Gao Feng, spokesman of MOFCOM, said in a regular press conference on Thursday in Beijing that Hong Kong and Macao enterprises will enjoy national treatment. 

Under the framework of the Closer Economic Partnership Arrangement (CEPA), a special seal for the Guangdong-Hong Kong-Macao Greater Bay Area. Service trade will be further opened up to Hong Kong and Macao to enhance the level of market integration and shape up a world-class business environment.

MOFCOM will support Hong Kong and Macao enterprises to communicate with overseas economic and trade cooperation zones, jointly explore the international market. Ultimately the Greater Bay Area will serve as an important support area for the Belt and Road initiative, Gao said. 

The ministry will coordinate the development of the Greater Bay Area. The market system will be established while building up the Guangdong Pilot Free Trade Zone, organizing the Macao-China-Portugal Forum and the cross-border e-commerce comprehensive pilot zone.

The Greater Bay Area will establish a new open-ended economic system in line with international standards and forge a new platform for high-level international economic cooperation, Gao noted. 

CPEA was signed on December 12, 2018 between the Chinese mainland and China's Macao Special Administrative Region (SAR) on the trade of goods.

Cover image: The Hong Kong-Zhuhai-Macao Bridge on July 17, 2018. (File photo: VCG)