Beijing Review – August 01, 2019

34 BEIJING REVIEW AUGUST 1, 2019 http://www.bjreview.com

S

outh China’s Guangdong Province has

outlined a three-step process for promot-

ing the development of the Guangdong-

Hong Kong-Macao Greater Bay Area. The

timetable is part of its scheme released on July 5

on how to implement the outline development

plan for the Greater Bay Area, released by the

Chinese Government back in February.

The Greater Bay Area consists of the

cities of Guangzhou, Shenzhen, Zhuhai,

Foshan, Huizhou, Dongguan, Zhongshan,

Jiangmen and Zhaoqing in Guangdong

as well as Hong Kong and Macao special

administrative regions, covering a total

area of 56,000 square km with a combined

population of 70 million people. As one of

the most open and economically vibrant

regions in China, it plays a strategic role in

the overall development of the country.

In 2018, the GDP of the 11 cities to-

taled $1.64 trillion, surpassing the Republic

of Korea’s economy of $1.62 trillion. Based

on an estimated annual nominal growth

rate of 7 percent, the Standard Chartered

Bank predicted that the area might over-

take the GDP of the UK and France by

2035.

By establishing a coordinated, connect-

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step aims at laying a solid basis for the con-

struction of the Greater Bay Area by 2020,

according to the scheme. The second step

is to build a world-leading bay area and

world-class city clusters with enormous

vitality, prominent innovation capacity,

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of production necessities and a beautiful

environment by 2022. The third step is to

completely build a world-leading livable as

well as business- and tourism-friendly bay

area by 2035.

In addition, the province also issued a

three-year action plan for reaching the tar-

get of the second step.

Regional cooperation

The scheme stresses stepping up the

creation of an innovative and upgraded ver-

sion of Shenzhen-Hong Kong cooperation,

with the focus on modern service industry

and sci-tech innovation. Major tasks include

In terms of deepening Zhuhai-Macao

cooperation, the scheme says it is neces-

sary to jointly promote the development of

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tourism, high-end equipment manufac-

turing and biomedicine, along with the

development and construction of Hengqin

New Area to create a new growth engine in

the area.

Guo Wanda, Executive Vice President of

the Shenzhen-based China Development

Institute, told 21st Century Business

Herald that the three city pairs fully iden-

tify the advantages and positioning of

the four central cities in the Greater Bay

Area—Hong Kong, Macao, Guangzhou

and Shenzhen—for spearheading regional

development.

optimizing and upgrading the functions of

the Qianhai Shenzhen-Hong Kong Modern

Service Industry Cooperation Zone, pro-

moting the construction of the Shenzhen-

Hong Kong Science and Technology

Innovation Special Cooperation Zone, and

jointly building an important engine for in-

novation and development in the area.

Regarding cooperation between

Guangzhou and neighboring Foshan, it

suggests they speed up integration. In ad-

dition, they should jointly create a number

of hubs with global influence, world-class

industrial clusters and high-end open co-

operation platforms, along with a modern

industrial base and an international met-

ropolitan area serving the whole country

while facing the rest of the world.

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By Ma Miaomiao

Powerful Integration

XIN

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The Qianhai Enterprise Dream Park in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone

on February 22

BUSINESS