CCTV:

Under the practice of "one country, two systems," Hong Kong and Macao have different social and legal systems than Guangdong. They are separate customs territories. So, the Greater Bay Area faces various challenges in its development. What measures will be taken to promote the development of the area given the policy of "one country, two systems?" Thank you.

Luo Wen:

Thank you for your question. The biggest difference between the Greater Bay Area and other international first-class bay areas is that under the practice of "one country, two systems," it is recognized that Guangdong, Hong Kong and Macao are three separate customs territories with three different currencies and legal systems. This means there are both advantages and challenges in its development. Hong Kong and Macao are developed market economies and free trade ports. Their economic performance, social governance, rules and standards, and government administration are more in line with international practice. Guangdong is the largest provincial economy on the Chinese mainland and also a forerunner of reform and opening up. Hong Kong, Macao and Guangdong, forming the bay area, however, do share the same cultural roots. Their people also have close ties and similar customs. Each of them has their own advantages in terms of economic development. Synergy is bound to be achieved as long as they can foster close cooperation. Meanwhile, the Greater Bay Area is also confronted with challenges in regard to scientific and technological innovation, the flow of production factors, and the alignment of systems and mechanisms.

Looking forward, we will focus on the following areas in our work to promote the development of the Greater Bay Area.

First, we need to uphold the principle of "one country, two systems." What has happened fully demonstrates that "one country, two systems" is the best institutional arrangement to ensure long-term prosperity and stability of Hong Kong and Macao. It is imperative to fully and faithfully implement the policies of "one country, two systems," "the people of Hong Kong governing Hong Kong," "the people of Macao governing Macao," and a high degree of autonomy being granted to the two regions. It is also imperative to maintain a strategic resolve, enhance confidence, unswervingly implement the policy of "one country, two systems" and make sure that it is fully applied without being bent or distorted in any way.

Second, we have to act in accordance with the law. The Greater Bay Area has a unique developmental environment and great policy sensitivity. We will act strictly in accordance with the Constitution and the basic laws of the two special administrative regions, particularly respecting their social and legal systems and the high degree of autonomy granted to them. When handling issues related to Hong Kong and Macao, we will solicit and adopt constructive suggestions from figures from SAR governments and all the other sectors of society, to ensure the legitimacy of procedures, the integration of power and responsibility, and the compliance with laws and regulations.

Third, it is necessary to fully leverage the role of the market. We will ensure it plays a decisive role in resource allocation, and we will continue to free our minds and reduce administrative intervention. We will make greater use of market mechanisms to allocate and integrate quality resources around the globe, in an effort to create a stable, fair, transparent and predictable business environment. We will deepen mutually beneficial cooperation among Guangdong, Hong Kong and Macao, in such fields as trade, business, technology, education, personnel exchanges, youth development, infrastructure connectivity and platform building.

Four, we intend to promote innovation in institutions and mechanisms. We will utilize the systemic strengths of "one country, two systems," the unique strengths of Hong Kong and Macao, as well as the strengths displayed in the early and pilot implementation of reform and opening up in Guangdong, to properly handle possible obstacles resulting from the differences of the "two systems." We will attach importance to innovation, explore ways to enhance synergy of different systems, build "bridges" connecting policies, so as to facilitate the flow of resources and production factors, as well as the integrated development of the markets among Guangdong, Hong Kong and Macao.