Greater Bay Area Initiative is an advanced version of the Pearl River Delta Initiative, which aims mainly the mainland Chinese part of the region. The innovative initiative is a vision of business success. It positions Hong Kong as a key factor in becoming a landmark in China’s economic reforms. It boosts not only the unique strengths of each city but will also use their weaknesses to create a more robust process and business solutions.
The Greater Bay Area initiative aims to eradicate all these concerns and will help in positioning each key player in the business avenue. Another unique and amazing aspect of this initiative is the geographic concentration. The geographical location means that it can influence other smaller cities. Aside from that, it will also be an easier for investors to consider other cities as their business haven.
Key Players Involved
The Greater Bay Area’s include the two cities under the Special Administrative Region and the nine cities in the Pearl River Delta including Shenzhen, Guangzhou, Zhuhai, Zhaoqing, Dongguan, Huizhou, Foshan, Zhongshan, Jiangmen. 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.
Business Opportunities for Industry
The location and current industry focus of each city will be magnified. There is a big opportunity for the manufacturing, digital and technology arena to showcase their improvements further. Other business areas that would benefit from this initiative are logistics, trade, and e-commerce. It will also highlight the leisure and entertainment sectors considering that this is Macau’s focus.
Other growing industries would benefit from the market dynamics of the Greater Bay Area Initiative. Let us consider the Hotel Industry, it will further enhance their market footprint enabling consumers to enjoy a quick getaway or vacation in nearby cities. This will also provide a great deal of exposure in the tourism industry.
Future Perspective
The Greater Bay Area will play a remarkable role in China’s economic integration with the world. This Initiative distinguishes that marketable opportunities for Hong Kong, Shenzhen, Guangzhou and other major cities of the Pearl River Delta have seen greater heights and became stronger. The advancement in the business sector increases, but would still need a strengthened international support. The rise in technology, real-estate, and the banking industry is a great example of the economic advancements that China is experiencing, but there are also other business sectors that are showing great potential.
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