Roundup: GBA achieves remarkable development in past 5 years

On February 18, 2019, the CPC Central Committee and the State Council issued the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Five years into the implementation of the outline, tremendous changes have been witnessed in the GBA's development.

Together with Hong Kong SAR and Macao SAR, Guangdong has made great efforts to develop the GBA into an internationally first-class bay area and a world-class city cluster over the past five years.

Centering on the development objectives and the five strategic positions of the GBA, the province has also pressed ahead with seven areas of development and achieved new highs in its economic output many times.

In 2023, the GDP of GBA is projected to surpass 13.6 trillion RMB, reaching a new level of overall economic development. The GDP of Guangzhou and Shenzhen exceeded 3 trillion RMB, and that of Dongguan and Foshan 1 trillion RMB.

The statistics show that the population of GBA increased from about 70 million to over 86 million. A total of 25 companies in the GBA made their way onto the 2023 Fortune Global 500 list, an increase of five compared to 2018.

The construction of "GBA on Rail" has been almost completed, and local residents are enjoying a quality living circle for living, working, and traveling every day.

Since normal travel resumed in 2023, the flow of people between Hong Kong and the Chinese mainland has increased. The ports in Shenzhen and Hong Kong registered more than 160 million people crossing the border in 2023, with a daily average flow of 400,000 and over 800,000 during peak hours.

Additionally, the system of four major cooperation platforms has been established, namely Hengqin, Qianhai, Nansha, and Hetao.

On February 17, the Guangdong-Macao In-depth Cooperation Zone in Hengqin issued a notice about closed customs control in the "second-tier" zone. This measure aims to facilitate the movement of people, goods, capital, and information between Macao and Hengqin, which will take effect on March 1.

Over the past five years, the GBA has kept abreast of the world's latest sci-tech and industrial development and fostered new technologies, new industries, and new forms and models of business.

So far, eight one-trillion-yuan-level industrial clusters have been formed in the GBA, including new-generation electronic information, green petrochemicals, intelligent home appliances, and automobiles.

According to Ding Ke, Senior Research Fellow at the Institute of Developing Economies, Japan External Trade Organization (JETRO), the leading companies in the GBA are becoming more internationally competitive as the digital transformation of the manufacturing industry is expedited, and a regional innovation system is taking shape to support the development of advanced manufacturing.

Supporting policies have been improved for Hong Kong and Macao youth to come to work and pursue entrepreneurship in the Chinese mainland. For instance, a series of administrative approval items, including employment permits, were canceled, attracting more than 200,000 Hong Kong and Macao residents to work in Guangdong.

The connectivity of rules and mechanisms in the GBA has been enhanced to address key issues concerning people's livelihood. From the mutual recognition of professional qualifications to cross-border finance and the customs-clearance mode known as "joint inspection and one-time release", almost every field of socio-economic development has been covered.

(cnbayarea.org.cn & GDToday)