Ministries respond to Greater Bay Area, financing for private firms

Guangdong, HK and Macao to be center of world innovation

The National Development and Reform Commission said on Nov 15 six measures will be taken to build the Guangdong-Hong Kong-Macao Greater Bay into an area with a world-leading role.

The bay will be built as a center of international technological innovation, with a corridor connecting Guangzhou, Shenzhen, Hong Kong and Macao, the commission said. A comprehensive transport system will be built in the area to better connect Hong Kong and Macao with the mainland.

More effective exchanges of production will be achieved. A globally leading business environment will be built, with measures to promote trade liberalization, investment facilitation, and personnel exchanges.

Meanwhile, the area is set to work with Belt and Road countries in infrastructure connectivity, finance and ecological and environmental protection.

Guangdong will be supported in building industrial parks with Hong Kong and Macao to expand economic cooperation, learning from pilot zones in Qianhai in Shenzhen, Nansha in Guangzhou and Hengqin in Zhuhai. Public services will be strengthened to help Hong Kong and Macao residents, especially young people, to study, work and start businesses on the mainland.

Private enterprises to get support in financing channels

The National Development and Reform Commission said a number of new policies will be released to support private enterprises in expanding financing channels, such as in the bond market.

Among these measures, the commission will support private companies in the issuing of bonds, support bond issuing for startup businesses, and work with financial management departments to support private enterprises in bond and equity financing.

Meanwhile, the necessary fiscal support and aid will be given to private enterprises, which had bond defaults due to tight cash flow, but are in line with China’s economic restructuring.

Access to be eased for medical institutes and professionals

Registration for medical institutes and professionals will be simplified, with a shorter period of approval time and fewer documents required, said a notice released last week by the National Health Commission and the State Administration of Traditional Chinese Medicine.

Medical institutes, doctors and nurses can register online, and they can check how the procedures are being done, the notice said.

Starting on Nov 10, profit-making medical institutes, including those solely owned by businesses from Hong Kong, Macao and Taiwan, saw setup approval time cut to 20 days from the previous 30 days. The approval time for medical institute registration was cut to 30 days from 45 days. The approval time for practice registration for doctors and nurses was shortened to 12 days from 20.

Weather risks to be dealt with in major areas of production

Measures to ensure safety in production to combat risks arising from bad weather, low temperatures, rain and snow, were issued in an urgent notice from the Work Safety Commission of the State Council last week.

The notice said some companies did not make adequate investment in work safety and relevant equipment, while iron and steel factories are more vulnerable when prices are surging amid short supplies of coal, concrete, and other basic chemical products. These problems might become more prominent at the end of the year and key sectors must be checked to avoid overproduction, it added.