Financial Secretary Paul Chan today outlined a series of measures in the Budget concerning Hong Kong’s collaboration with other cities of the Guangdong - Hong Kong - Macao Greater Bay Area (GBA) on various fronts, including youth development.

As from this year, the requirements for joining the GBA Youth Employment Scheme has been relaxed so that youngsters aged 29 or below with sub-degree or higher qualifications can join, while the limit of allowance for enterprises has been increased to $12,000 per month per person for up to 18 months.

With regard to medical co-operation, the Government is seeking to establish the Real-World Study & Application Centre for the GBA Clinical Trial Collaboration Platform by Hong Kong and Shenzhen by the end of this year.

With the data from the special measure of using Hong Kong registered drugs and medical devices used in Hong Kong public hospitals in the GBA, Mr Chan explained that the aim is to accelerate approval for the registration of new drugs in Hong Kong, the Mainland and overseas, fostering research and development, clinical trials and the application of advanced biomedical technology in Hong Kong.

On the financial front, following the signing of the Memorandum of Understanding on Cross-Boundary Credit Referencing Pilots between the Monetary Authority and the People's Bank of China, the Government will progressively expand the pilot coverage to further facilitate cross-boundary financing for enterprises.

Concerning transport and logistics, Mr Chan pointed out that 21 airlines and 125 logistics companies have participated in the sea air intermodal cargo transshipment mode under the co-operation of Hong Kong and Dongguan.

It is expected that the first phase construction of the permanent facility for the Phase 1 development of the logistics park in Dongguan will be completed within this year and the preliminary study of Phase 2 development will commence shortly.

The co-operation with GBA cities covers the construction industry as well. Mr Chan pointed out that in collaboration with Guangdong Province, the Government has successfully established the “Professional Title” evaluation mechanism for the first batch of Hong Kong engineering professionals, with the mechanism to be extended to other construction related professions with the right conditions. 

The Government will collaborate with Guangdong Province and Macau to formulate GBA standards on the skill levels for skilled workers and technicians of the construction sector, and take forward the “One Examination, Multiple Certification” arrangement.

The Financial Secretary also mentioned the development of Qianhai, saying that the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone is one of the major co-operation platforms in the bay area.

“For example, the turnover of Qianhai Mercantile Exchange, a subsidiary of Hong Kong Exchanges & Clearing, exceeded RMB100 billion over the year. It operates our country’s only offshore spot trading platform for soybeans.”

He added that the Department of Justice collaborated with the relevant Mainland authorities and achieved the extension of the measures, including the one of “allowing Hong Kong invested enterprises to choose Hong Kong as the arbitration place” to other pilot cities in the bay area, thereby providing Hong Kong investors with a more facilitative business environment.

“Hong Kong will continue to support Qianhai in trying out new policies on a pilot basis and pursuing more policy innovation and breakthroughs, with a view to promoting the successful policies to the rest of the GBA and even the entire country.”