Greater Bay Area: New engine of

Greater Bay Area: New engine of economic growth

Kong Weijun

The signing of the Framework Agreement on deepening Guangdong-Hong Kong-Macao Cooperation in Development of the Greater Bay Area on 1 July 2017, witnessed by President Xi Jinping during his visit to Hong Kong.

Why Chinese government choose to build an economic area in Guangdong, Hong Kong and Macao?

The Greater Bay Area consists of nine cities in Guangdong and two special administrative regions of Hong Kong and Macao. This area ranks among the top in China in terms of economic openness and dynamism. Its GDP reach 1.39 trillion in 2016, making it the fifth largest economy in Asia. The area’s container throughput tops the world, about 4.5 times that of the New York Bay, San Francisco Bay and Tokyo Bay combined.

Based on the present economic indicators of Greater Bay Area, the area is expected to see a three-fold increase of its GDP by 2030, reaching USD 4.62 trillion and ranking first among all the Bay Areas in the world. With its great potential, the Guangdong-Hong Kong-Macao Greater Bay Area will be a landmark in China's comprehensive reform process.

The Greater Bay Area will be a rare opportunity for China and international investors.

This Greater Bay Area will be the strategic support area of the Belt and Road, which is a great opportunity for China to establishing a new open economy system in line with international standards. What’s more, it can bring vitality to the economy of Hong Kong and Macao.

For international investors,it will be a great economic demand holds huge potential for international investors. In order to become a comprehensive transport and logistical hub for the Belt and Road, the area needs to enhance regional infrastructure connectivity and upgrade the shipping and logistical services. It needs to attract more innovation resources and promote joint research so as to serve as an international science and innovation center. It needs to support industries such as new generation IT, bio-tech, high-end equipment manufacturing, new materials and creative culture, as it hopes to build a modern industrial system with global competitiveness. The Greater Bay Area also aims to build a high quality urban community that is good for living,working and leisure, thus it needs greater input in eco-environment, education,health and entertainment services.

This area must will be the engine of global economic growth.