The Governor of Guangdong Province, representing the Guangdong Provincial Government, and the Chief Executive of the Hong Kong Special Administrative Region (the SAR) signed a Framework Agreement on Hong Kong/Guangdong Co-operation (the Framework Agreement) at a signing ceremony in Beijing on 7 April 2010.
The Framework Agreement is valid for 10 years and its objectives include: promoting socio-economic development in the SAR and Guangdong Province to create a new "world-class economic zone"; enhancing Hong Kong's position as an international financial centre and accelerating the development of financial services industries in Guangdong Province; and facilitating the flow of people, goods and information between the SAR and Guangdong Province in order to build an international aviation, shipping and logistics hub.
To achieve this, the SAR and Guangdong Provincial Governments are to develop and implement a number of policies. The policies include:
- supporting the establishment of cross-boundary subsidiaries in Guangdong Province by companies established in the SAR (in particular companies in the financial services sector);
- supporting Hong Kong-invested enterprises in opening up the mainland market and implementing the Hong Kong Closer Economic Partnership Arrangement (CEPA); and
- further promoting mutual legal co-operation and strengthening ties and communication with Guangdong authorities and legal bodies.