China Greater Bay Area is one of the popular investment destination in recent days. The "Greater Bay Area", or Guangdong-Hong Kong-Macao Greater Bay Area, refers to the Chinese government's scheme to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub. The Greater Bay Area transcends regional divisions to highlight economic growth efficiency in the hub as a whole.
Brief introduction to Greater Bay Area Initiative
The Guangdong-Hong Kong-Macau Greater Bay Area (GBA) Initiative is an advanced version of the Pearl River Delta Initiative, which aimed mainly the mainland Chinese part of the region. The new initiative was first brought up in the 13th five-year plan of China.
The GBP Initiative intends to highlight the region’s role and aspiration in the global economic supply chain, and also emphasizes the inclusion of the Special Administrative Regions Hong Kong and Macau. Besides this two cities, the city cluster includes nine Chinese cities in the Pearl River Delta (Shenzhen, Guangzhou, Zhuhai, Zhaoqing, Dongguan, Huizhou, Foshan, Zhongshan, Jiangmen) and wants combine each city’s expertise.
The key industries of the area, which are very competitive on the global stage, are manufacturing (high-tech), transportation (sea and air cargo services), trade-related services (sourcing, trading, freight-forwarding, finance etc.) as well as the digital and innovation industry.
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Business Opportunities in the Greater Bay Area
As indicated in the three paragraphs before, the Bay Area offers huge potential for investments in either manufacturing, services, procurement or as a selling market especially in regard of the industries promoted in the 13th Five Year Plan.
Not only Shenzhen, Guangzhou and Hong Kong give the region unique opportunities. Cities such as Dongguan, Foshan and the others on the Chinese mainland have huge capacities in regard of factories and assembly lines. It is possible to produce high quality products on a large scale. Dongguan has the fourth highest exports of all Chinese cities, which clearly shows it role as a manufacturing base for the global market.
Future Perspective
The Greater Bay Area will play a remarkable role in China’s economic integration with the world. The nine cities on the mainland and their industrial zones provide knowledge and expertise in manufacturing electronic, chemical, automotive and other high-tech products for the domestic and world market.
A mature innovation and start-up culture mainly concentrated in Shenzhen and Guangzhou will accelerate the future development of the region. Hong Kong will keep playing a key role in that development through its outstanding connectivity and expertise in the finance industry.
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