To become more competitive, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) should have a set of unified rules, by which the area can be better equipped to connect with the world. It is very urgent to realize that goal in the 14th-Five Year Plan period (2021-2025), otherwise it will hinder GBA's development, said Zheng Yongnian, Presidential Chair Professor, Director of the Advanced Institute of Global and Contemporary China Studies at the Chinese University of Hong Kong, Shenzhen, in an exclusive interview.
Zheng Yongnian, Presidential Chair Professor, Director of the Advanced Institute of Global and Contemporary China Studies at the Chinese University of Hong Kong, Shenzhen. (Photo provided to GDToday)
In addition to industrial and technological upgrading, the GBA needs to attach more importance on rules, involving many aspects, including such things as technology, society and investments.
The European Union is not so called because it has become a country, but because it unifies the rules of more than 20 countries. Similarly, China wanted to join the WTO in 1990s, while it was outside the world system before joining.
Overseas buyer examining the good quality made-in-China products. (Photo provided to GDToday)
The world system is not abstract, like WTO, they have a set of rules that must be followed by the member countries. If the rules are not compatible, it is difficult to encompass a radiation effect (for other areas).
For instance, many Chinese mainland cities in the GBA are very attractive to foreign enterprises, while each city might have various rules for doing business, the rules may be different in two industrial parks at one district. Hence, it will make it difficult for investors to make decisions and undermine their willingness to settle down.