Guangzhou issued its new regulations on the management of housing provident funds, enabling those with a residence permit for Hong Kong, Macao or Taiwan residents who currently works in the city to open their own provident fund account.

The policy was released by the city's housing provident fund management center on Dec 24.

The move is aimed at promoting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and ensuring that foreigners and Hong Kong, Macao and Taiwanese compatriots can enjoy certain benefits while working in the Chinese mainland. It is also meant to accelerate the establishment of a social credit system in China.

The regulations also clarify that payers into Guangzhou's housing provident fund can apply to withdraw the money in their account when they purchase a house in six neighboring cities: Foshan, Qiangyuan, Zhongshan, Dongguan, Huizhou and Shaoguan.

The new regulations will take effect on Jan 1, 2019.