Today, so called ‘bay areas’ are among those most economically active in the world.
At present, 70% of global industrial capital and personnel is located in these ‘Bay Areas’.
Xi Jinping’s report to the 19th CPC National Congress emphasises giving priority to the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and regional cooperation in the pan-Pearl River Delta region, thus fully advancing a mutually beneficial relationship between the mainland and these two regions.
Guangdong, Hong Kong and Macao are right on each others’ doorsteps. The Hong Kong-Zhuhai-Macao Bridge is scheduled to open later this year. Furthermore construction on the Shenzhen-Zhongshan highway and second Humen Bridge is now underway. All this is adding up to a so-called ‘one hour living circle’ in the Pearl River Delta. Economic development is increasingly proving a powerful catalyst for innovation in this area.
Together Guangdong, Hong Kong and Macao form a strong economic alliance. One in every four smart phones in the world is made in Dongguan; creative industries are beginning to boom in Guangzhou and Shenzhen; two out of China’s three stock exchanges are located in this area, the Hong Kong and Shenzhen Stock Exchanges. A modern economic system is truly taking shape in the bay area.
Guangdong, Hong Kong and Macao enjoy a flow of talent and capital. The 56,000-square-kilometer Greater Bay Area is a hot spot for young people to start their projects. 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. In January 2017, this project gained 12 million HKD investment and will be put into operation by the end of 2018.
The economic aggregate of the Pearl River Greater Bay Area has surpassed that of San Francisco and approached that of New York. Its port container throughput is 4.5 times of the total of the world’s three leading bay areas, and an annual increase of over 7% in economic activity has been maintained.
The Guangdong, Hong Kong and Macao Greater Bay Area is embracing a new era and looking forward to continuing to work with the rest of the world!
