GBA to pilot reforms aimed at freer flows of production factors

Nine mainland cities in the Guangdong‑Hong Kong‑Macao Greater Bay Area, including Shenzhen, will launch a two‑year pilot program to comprehensively reform the market‑based allocation of production factors — notably land, labor, and capital — the State Council announced Thursday. The program, also piloted in some other areas across the country, aims to promote the free flow of resources and boost market vitality. As part of the reform, the cities are encouraged to streamline stay and residence rules for foreign talent, implement social‑insurance payment policies that cover Hong Kong and Macao residents as well as foreign professionals, and further simplify work‑permit procedures for foreign professionals.