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Businesses confident in Guangdong-Hong Kong-Macao Greater Bay Area: survey

01/22/2020 Source: Xinhuanet.com

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Businesses are confident in the prospects of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), with over half of business executives planning to expand geographically in the GBA before 2022, a survey published on Monday shows.

The annual report, titled "Keys to success in the Greater Bay Area", was launched jointly by KPMG China, HSBC and the Hong Kong General Chamber of Commerce (HKGCC), and surveyed 747 business executives in the Chinese mainland, Hong Kong and Macao across a wide range of sectors.

The results showed that about 80 percent of the respondents expect the GBA to grow faster in the next three years and 52 percent of them are planning to expand their businesses geographically in the GBA before 2022.

About 73 percent of the surveyed said that gaining access to the GBA market with a total population of more than 71 million is a key motivation for companies to invest in the region.

Other attractions of the GBA include getting closer to business partners or customers, access to talent, lower costs and better transport infrastructure, the results showed.

While the development of the GBA is expected to create business opportunities across all sectors, the survey respondents identified technology and innovation, financial services and trade and logistics as the three key sectors to benefit the most for the third year running.