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Guangdong-Hong Kong-Macao Greater Bay Area: New growth pole of China's economy

03/03/2019 Source: newsgd.com


Set against a backdrop of economic globalization, so called 'bay areas' are among those most economically active in the world.

At present, 70% of global industrial capital and workforce are located in these areas.

The Outline Development Plan for the Guangdong-Hongkong-Macao Greater Bay Area was officially unveiled on February 18th  2019, spelling out how a dynamic and internationally competitive  bay area and city cluster will be established step by step with relentless efforts.

Guangdong, Hongkong and Macao are right on each other's doorstep. The huge Hongkong-Zhuhai-Macao Bridge now spans the Lingding Estuary and has opened to traffic; the Shenzhen-Zhongshan highway and second Humen Bridge are now under construction, all of which are vital components in establishing a 'one hour living circle' in the Greater Bay Area. Economic development is increasingly proving a powerful catalyst for innovation in this area.

Guangdong, Hong Kong and Macao are strongly interlinked economically. One in every four smart phones in the world is made in Dongguan; creative industries are beginning to boom in Guangzhou and Shenzhen; the area also has two of China's stock exchanges, namely the Hong Kong and Shenzhen Stock Exchange. A modern economic system has truly begun to take shape in the bay area.

Guangdong, Hong Kong and Macao presently enjoy a flow of talent and capital. The 56,000-square-kilometer Greater Bay Area has become a hot spot for young people to start up their business. Victor Lo, Fung Leung and Mandy Tam from Hong Kong are part of this post-90s generation and their startup project an aquaponic eco farm pilot scheme is based in Jiangmen. This project gained 12 million HKD in investment and is now enjoying accelerated construction.

The Guangdong-Hong Kong-Macao Greater Bay Area has new zeal for opening up, and embracing a new era with pride, setting a steady course for the realisation of the Chinese Dream of great national rejuvenation.