Subsidies will be granted to lure talent from outside mainland China to support development of the Greater Bay Area, a project aimed at deepening integration between Hong Kong and southern Guangdong province, the Ministry of Finance’s tax bureau said on Saturday.
The subsidies will be provided in nine cities in southern China to individuals from Hong Kong, Macao, and Taiwan and other parts of the world, according to a document released by the bureau. The difference in personal income tax between the mainland and Hong Kong will be a factor determining the level of subsidy, it said.
The Shenzhen government, along with the provincial government of the southern Guangdong province, will develop the specific regulations for identifying talent and providing subsidies, the document added.
The subsidy policy will remain in effect until the end of 2023.
The Greater Bay Area project is Beijing’s attempt to deepen links between China’s southern Guangdong province, a hub for tech and trade, and the city of Hong Kong, a global financial center that is governed as a Special Administrative Region inside the People’s Republic of China.
In February, China’s State Council released a broad set of goals for the area to be reached by 2035. The area is home to 68 million people and has a combined gross domestic product of roughly $1.5 trillion.