BEIJING -- China will extend the preferential tax policy for overseas talent working in the Guangdong-Hong Kong-Macao Greater Bay Area to Dec 31, 2027 to support the area's development, the Ministry of Finance (MOF) said on Friday.

High-calibre overseas talent and professionals in short supply who work in the Greater Bay Area will get subsidies from Guangdong province and Shenzhen municipality to offset the difference between the individual income tax on the Chinese mainland and in Hong Kong, according to a circular jointly released by the MOF and the State Taxation Administration.

The subsidies will be exempt from individual income tax, said the circular.

The MOF also announced that a departure tax refund policy for overseas tourists will be implemented in Ningbo, East China's Zhejiang province, from Sept 1.