18 November 2018
The Central Committee of the Communist Party of China ("CPC") and the State Council have distributed the Opinions on establishing more effective new mechanisms on Regional Coordinated Development (the "Opinions") on 18 November 2018. The Opinions arrange tasks in eight aspects, including "setting up a mechanism for overall planning of regional strategies" and "optimizing the mechanism on integrated market development". Significant strategies include strategical integrated development of Guangdong-Hong Kong-Macao Greater Bay Area.
The Central Committee of the Communist Party of China ("CPC") and the State Council have distributed the Opinions on Establishing More Effective New Mechanisms on Regional Coordinated Development (the "Opinions") on 18 November 2018. The Opinions arranged tasks in eight aspects, including establishing regional strategic coordination mechanisms, improving integrated market development mechanisms, deepening regional cooperation mechanisms, optimizing regional mutual assistance mechanisms, enhancing inter-regional interest compensation mechanisms, improving essential public services equalization mechanisms, innovating regional policy regulatory mechanisms and enhancing regional development guarantee mechanisms.
The Opinions set goals of creating a new mechanism on regional coordinated development, by 2020, which is suitable for the mission of building a moderately prosperous society in all aspects, establishing a new mechanism on regional coordinated development, by the middle of this century, which is compatible with the mission of building China into a modern socialist powerhouse in all aspects, more effective in respect of improving the regional governance system, boosting the capacity for regional governance and achieving common prosperity for the whole people, and capable of providing a strong guarantee for building China into a modern socialist powerhouse.
Moreover, the Opinions expressly state that, led by significant strategies, including the "Belt and Road Initiative", the coordinated development in the Beijing-Tianjin-Hebei Region, the development of the Yangtze River Economic Zone and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and with the focus on the western, northeast, middle and eastern areas, measures will be taken to push ahead the strategical integrated development of key areas of the country, and facilitate the inter-regional integration and mutual complement.