Guangdong has announced it is speeding up the deployment of
its infrastructure investment plans for this year, while adding another 100
billion yuan to build new projects related to public health, 5G networks, and
The new plan, announced yesterday by the Provincial
Development and Reform Commission, reiterated that Guangdong would proceed with
work on no fewer than 1,230 key projects this year, worth a total of 5.9
trillion yuan, which would generate spending of 800 billion yuan in the current
calendar year; about three-fourths of these are construction projects.
The announcement paid particular attention to the province’s
inter-city high-speed railway, which it said has “room for improvement”.
However, what really distinguishes the current year’s investment plan is the
rollout of 5G networks. Guangdong expects to have built 50,000 5G base stations
by the end of the third quarter, and 60,000 by the end of the year with the
number of 5G users in Guangdong reaching 20 million.
Dongguan’s Metro Line 1 extension project has begun work. The crucial project, which passes through Dalang, Huangjiang, Zhangmutou, and Tangxia, will link the city’s towns and townships more closely with Shenzhen and will also bring the Songshan Lake high-tech district into the urban transport network.
Continue reading Dongguan Metro Line 1 extension line set to start
Zhuhai’s Mayor, Yao Yisheng, turned a few heads at the Guangdong provincial congress’ media session yesterday when he called out to Guangzhou’s deputy mayor, saying “I want to connect with you!”
He was not referring to their personal guanxi, of course, but to the stalled plan for Guangzhou’s Line 18 to be extended further southwards once it opens in Nansha later this year. Zhuhai and Zhongshan have been eagerly awaiting news of progress on the line, which has not been forthcoming since around September last year, according to local media.
Continue reading Zhuhai mayor speaks out on Line 18
Chen Rugui, Shenzhen’s mayor, would not have said this without clearing it with someone higher up, so we have to assume that it’s being taken seriously: The GBA’s intercity railway network could be redesigned to run across the border to Hong Kong, linking all three of the region’s major international airports. Or, a new high-speed railway could be built, which would make travel time between the three nodes even faster.
Continue reading Intercity railway could run between three GBA airports
As the Asian Financial Forum (AFF) gets under way in Hong Kong today, the government’s investment-promotion agency, InvestHK, is banging the drum about the city’s potential in fintech, announcing that it has set November 2-6 for the next edition of Hong Kong Fintech Week 2020.
The event will be held again at the AsiaWorld Expo next to the airport, which is more spacious, suggesting the agency expects growth in the number of exhibitors this year. Last year’s Fintech Week drew more than 12,000 attendees, up about 50 per cent from the figure in the previous year, and there were 150 exhibitors and 18 trade delegations. That performance was somewhat surprising, given that it happened amid the Hong Kong protests, which had been keeping business visitors away from Hong Kong.
Continue reading InvestHK upbeat on Fintech Salon and Fintech Week
Guangdong has launched an innovative new SME financing and regulatory system built on blockchain technology, in which companies may register their assets, liabilities and transactions in real time with a wide range of government departments and, in return, gain easier access to credit from banks and other financial institutions.
“Guangdong’s battle against financial risks has been strengthened as powerful weapons have been added,” Li Tengfei, deputy director of the Guangdong Local Financial Supervision and Administration Bureau, was quoted as saying by local media.
Continue reading Guangdong puts SMEs on blockchain
Guangzhou Pharmaceuticals Group, a major player in China’s drugs industry, has announced it is investing US$200 million into establishing its international headquarters in Macau.
The company’s chairman, Li Chuyuan, gave a speech today at a launch ceremony attended by many of Macau’s political and business elite. He pointed out that the new venture “Combines the resources of Guangdong and Macau together in an innovative collaboration of systems and mechanisms.”
The company is being positioned as the “external window” of Guangzhou Pharmaceuticals’ business, to “accelerate the group’s internationalization”. Sources suggested its focus will be on markets in the Lusophone community of Portuguese-speaking countries.
Macau’s Secretary for Finance and Economy, Lei Wai Nong, said the project will support the Guangdong-Macau Chinese Medicine Science and Technology Industrial Park. Guangzhou Pharmaceuticals is expected to introduce new drug research and development there.
The new Hengqin Port was supposed to have opened on December 20, the same day as Macau’s 20th anniversary celebrations, but it appears that it will be ready only sometime in the first quarter. Macau’s new Secretary for Administration and Justice, Andre Chong, announced that work on the new facility was ongoing, and specific legislation still needs to be passed by the Legislative Assembly to govern how the Macau side of the port will be operated.
good news is, however, that the Macau government is already planning to license
tourist buses to go across the Lotus Bridge and pick up passengers there once
the port is ready. It was not made clear whether this includes shuttle buses
operated by the Macau casinos, or only coaches run by tourist agencies. The current
situation at the Macau side of the Hong Kong-Macao-Zhuhai Bridge (HZMB) has two
joint-service shuttles to take visitors to designated spots (at the two ferry
terminals) for transfer to casino shuttles, while non-casino tour buses run
current single shuttle bus running between Hengqin and the existing Macau
immigration facility at the Macau side of the Lotus Bridge is obviously not
going to be good enough once the new Hengqin Port opens, as its new high-speed
railway station will bring in a flood of new arrivals. The question is only
whether the casinos will be able to run their own shuttles or will be forced to
share a publicly run service. The new problem-plagued LRT system has not yet
been extended out to the Hengqin Port, so buses are the only mode of transport
for the foreseeable future.
The eagerly awaited “Insurance Connect” scheme remains on hold, with no indication of when it might be launched. However, Hong Kong’s Insurance Authority (IA) and the central government’s China Banking and Insurance Regulatory Commission (CBIRC) are inching forward with cross-border initiatives to spur integration within the Greater Bay Area.
This was made apparent by comments from senior officials and executives at recent forums, in Hong Kong and Shenzhen. Most prominent of these were speeches given by IA chairman Moses Cheng Mo-chi and CBIRC Chief Counsel Liu Fushou.
Speaking at the Asian Insurance Forum in Hong Kong on December 10, Liu said that the key would be to establish regional regulatory mechanisms for insurance institutions to operate across the GBA. “Our next step is to facilitate the set-up of insurance institutions in the GBA through various approaches, particularly to help those with the expertise and features suited for GBA development.”
Continue reading ‘Insurance Connect’ delays; GBA integration goes on
Zhuhai’s biggest state-owned conglomerate, Huafa Group, has just given Macau a vote of confidence, becoming the first non-Macau company to issue a publicly traded bond on the city’s nascent exchange.
Huafa group announced the successful issue at the weekend, saying it is the first publicly offered bond registered and issued by the Macau Financial Assets Exchange (MOX).
Continue reading Publicly traded bond debuts in Macau