An online video forum on the innovation and development of youths in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) was held on June 11, with a live stream being held in Guangzhou, Hong Kong, and Macao at the same time.

A collection of taxation policies to support Hong Kong, Macao, and Taiwan youths carrying out innovation and entrepreneurship was released by the Guangzhou tax bureau during the event.

"Currently, Guangzhou has set up 32 innovation and entrepreneurship bases for Hong Kong and Macao youths, cultivating a total of 232 companies and attracting 2,600 Hong Kong, Macao, and Taiwan youths to start their businesses in Guangzhou," said Deng Changxiong, deputy director of the Hong Kong and Macao affairs office of the Guangzhou municipal government.

Deng added that Guangzhou has set up a special fund of 1 billion yuan ($141.11 million) to encourage Hong Kong and Macao youths carry out innovation and entrepreneurship in Guangzhou. Guidelines were also released to help these youths apply for subsides as the research and development projects jointly launched between parties from Guangzhou and Hong Kong can receive a subsidy of up to 4.5 million yuan.

Wang Feng, deputy director of the Guangzhou tax bureau, said that tax bureaus at the district level in Guangzhou have established a long-term communication and service mechanism with 32 bases in the city, offering high-quality taxation services for nearly 13,000 youths.

Local taxation departments have also teamed with financial institutions like China Construction Bank to help small- and medium-sized enterprises overcome difficulties incurred during the outbreak of the novel coronavirus (COVID-19).

An online video forum on the innovation and development of youths in the Guangdong-Hong Kong-Macao Greater Bay Area is held on June 11. [Photo/WeChat account: GZWS411665430]