4 June 2018
Guangdong-Hong Kong-Macau Bay Area
The development of the Guangdong-Hong Kong-Macau Bay Area has been a feature of a number of China’s national strategies, including the Vision and Actions on Jointly Building the Silk Road Economic Belt and 21st Century Maritime Silk Road and the 13th Five-Year Plan. In order to further advance the initiative, the National Development and Reform Commission (NDRC) is mapping out its development plan for the Bay Area. The Guangdong-Hong Kong-Macau Bay Area’s city cluster will extend across Hong Kong, Macau and nine Pearl River Delta (PRD) cities.
It is envisaged that the Guangdong-Hong Kong-Macau Bay Area will be established as an internationally-recognised city cluster, one which is able to compete at a truly global level. To this end, cities in the PRD region will work closely with Hong Kong and Macau to support the early stage and pilot implementation of a range of innovative policies in the financial and social management sectors. They will also look to establish a world-class market-oriented business environment, promote the free flow of talents, goods and capital across the region, while raising the overall level of economic efficiency, transparency and internationalisation. As one of the mainland’s leading economic growth engines, the Bay Area will also harness the developmental advantages of the Pan-PRD region, including the central-south and southwestern regions of China, and play an important role in advancing the Belt and Road Initiative.
On 1 July 2017, Xi Jinping, the Chinese President, witnessed the signing of the Framework Agreement on Deepening Guangdong-Hong Kong-Macau Co-operation in the Development of the Bay Area by representatives of the NDRC, Guangdong, Hong Kong and Macau. As part of the Framework Agreement, a number of key areas were designated as co-operation priorities, including promoting infrastructure connectivity, enhancing market integration, developing a global technology and innovation hub, establishing a modern industry network through coordinated development, jointly nurturing a high-quality living environment as a model place to live, work and visit, cultivating new resources in the field of international co-operation, and supporting the establishment of major co-operative platforms.
For Hong Kong, its primary aim is to consolidate and enhance its status as an international financial, transportation and trade centre, while strengthening its status as a global offshore renminbi business hub and an international asset management centre. At the same time, it will also look to promote the development of its professional services sector, bolster its innovative and high-tech industrial sectors and position itself as an international legal and dispute resolution hub for the whole of the Asia-Pacific region.