China’s cabinet on Monday issued guidelines for developing a “Greater Bay Area” around the Pearl River Delta, in a bid to spur growth and transformation in Guangdong province and the cities of Hong Kong and Macau, Trend reports referring to Reuters.
The area is home to some 68 million people with a combined GDP of $1.5 trillion, roughly that of Australia or South Korea.
Authorities will expand and upgrade airports in Hong Hong, Macau, Guangzhou and Shenzhen, and accelerate construction of large-scale oil reserves bases in the Pearl River Delta area, the Xinhua news agency said, citing the cabinet’s guidelines.
Financial institutions in the Greater Bay Area will be allowed to conduct spot and forward yuan trading and yuan derivatives and conduct cross-border yuan lending, Xinhua said.