Shenzhen set to lead reform and development in Greater Bay Area

In a speech marking the 40th anniversary of the Shenzhen Special Economic Zone on Wednesday, President Xi Jinping highlighted the miracle of Shenzhen, and reiterated China's commitment to forging ahead with higher-level reform and opening-up. He also emphasized the importance of building the Guangdong-Hong Kong-Macao Greater Bay Area to implement the new development philosophy.

The 13th Five-Year Plan period (2016-20) saw remarkable achievements being made in the building of the Greater Bay Area, which has become an important growth pole for the national economy even in the new era.

Guangdong province, and the Hong Kong and Macao special administrative regions have established a smooth coordination mechanism for the construction of the Greater Bay Area, which will remove the systemic and institutional hurdles that impede development and facilitate the flow of people, capital, products, services and information. The designated area has made innovations in trade and investment, and the financial sector, which will help create a high-quality opening-up hub and serve as a comprehensive high-standard pilot free trade zone.