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Three-year Action Plan for Advancing the Belt and Road Initiative (2018-2020)

Guangzhou has officially adopted a three-year action plan as the blueprint for its ongoing contribution to the Belt and Road Initiative (BRI). Formulated by the Guangzhou Municipal Government, the proposed strategy – outlined in the recently-published Three-year Action Plan for Advancing the Belt and Road Initiative (2018-2020) – details five key objectives, all of which are seen as vital if the province is to properly fulfil its role as one of the BRI’s key hubs.

Trade and Investment Liberalisation and Implementation
In line with this, greater efforts are to be made to promote innovation across all the province’s institutions and trading mechanisms, with greater cooperation with Hong Kong and Macau also to be factored in. Additionally, the facilities and opportunities offered by the Nansha New Area and the Nansha Pilot Free Trade Zone are to be fully-utilised.

Increasing Investment, Trade and Co-operation
In order to deliver on this particular objective, the relevant municipal government bodies will actively seek to secure investment in certain designated sectors, while also looking to enhance production capacity cooperation at an international level and taking every opportunity to develop the trade in services among the BRI-connected nations.

Optimising Infrastructure Connectivity
In order to play a leading role within the BRI’s agreed six economic corridors, six routes and multiple countries and ports framework, every effort will be made to optimise the development of the province’s seaports, airports and innovation centres, while accelerating the construction work on its maritime hub infrastructure will also be prioritised.

Financial Cooperation and Technological Innovation
Particular emphasis will be placed on aligning the provision of BRI-related financial services with the existing BRI Technological Innovation Action Plan, with the adoption of advanced provincewide financial services systems and the launch of a national innovation centre seen as having a major contribution to make here. Additionally, increased efforts will be made to spur the development of the province’s financial institutions and its technological innovation platforms.

Facilitate Wider Co-operation and Maximise Personnel Exchange
In order to build closer ties and boost mutual understanding, greater cooperation with key individuals in BRI nations will be fostered, while a comprehensive personnel exchange programme will also be initiated. In a complementary move, every effort will be made to raise the profile of Guangzhou on an international basis as a means of boosting its reputation and expanding its sphere of influence.

The action plan was formally adopted at an executive meeting of the Guangzhou Municipal Government on 22 May this year.

Click here for further details (in Chinese).

Content provided by Picture: HKTDC Research
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