Many people have come to ask us what the benefits of having a Hong Kong identity are. If my focus is on living in the mainland, having a Hong Kong identity or not makes no difference to me.

As I mentioned before, based on our data from 2016, 68% of people apply for Hong Kong identity considering their children's education. Families with a middle-class income or above in the mainland tend to send their children to international schools, and some parents have already planned a long-term path for their children to study abroad when they are in elementary school or even younger. These parents generally choose to send their children to study in Hong Kong, which has a very internationalized education system, and the admission rates of international schools in Hong Kong have always been good. Schools like 德瑞 and 哈罗 can be said to be the harvesters of Ivy League admissions.

In addition to education, Hong Kong's healthcare, the value of its passport, and other factors are also considered motivations for mainland residents to obtain Hong Kong identity. Today, I won't elaborate on these aspects, but I want to talk about another aspect that is less commonly detailed, which is the tax incentives for most middle-class individuals holding a Hong Kong identity in the nine cities of the Greater Bay Area.

Earlier, the Guangdong Provincial Finance Department and the Provincial Taxation Bureau jointly issued a notice on implementing the personal income tax preferential policies in the Guangdong-Hong Kong-Macao Greater Bay Area. For high-end talents and urgently needed talents from Hong Kong, Macao, Taiwan, and other overseas regions working in the Greater Bay Area, the personal income tax paid in the nine cities of the Pearl River Delta that exceeds 15% of the amount that should be paid according to the taxable income will be subsidized by the governments of the nine cities, and this subsidy is exempt from personal income tax.