The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) celebrated the fifth anniversary of its development plan unveiling on February 18. Over the past five years, the GBA has emerged as a model for China’s modernization success, showcasing significant advancements in transportation, customs efficiency, and trade integration.
The GBA, comprising nine cities in Guangdong Province and the Special Administrative Regions of Hong Kong and Macao, is one of the most economically open and vibrant areas in China. It has become a driving force in the nation’s economic growth and a central hub for innovation and international trade.
Economic Powerhouse
Guangdong Province, known as China’s leading economic powerhouse, consistently accounts for about 20 percent of the country’s total imports and exports. In 2023, the trade value of the nine mainland cities in the GBA reached 7.95 trillion yuan ($1.12 trillion), a 0.4 percent increase from the previous year, representing 19 percent of China’s total imports and exports.
Hong Kong continues to solidify its position as a global financial, shipping, and trade nexus, ranking among the most competitive cities internationally. Macao, recognized as one of the world’s most open economies by the World Trade Organization, benefits from its status as a free port, low-tax regime, and extensive trade network.
Infrastructure Advancements
The Hong Kong-Zhuhai-Macao Bridge, a strategic infrastructure project within the GBA, has significantly enhanced connectivity in the region. During the Spring Festival holiday, the bridge saw record-breaking passenger flows. On a single day, the Zhuhai port recorded over 144,000 inbound and outbound passenger trips, marking a new high since its opening. As the world’s longest bridge-and-tunnel sea crossing, it has brought tremendous economic opportunities and benefits to the region.
Innovation Hub
The Greater Bay Area excels in global patent rankings, leading in technology sectors such as electronics, software, and pharmaceuticals. Its emphasis on innovation and development has positioned it as a pivotal hub in emerging global industries.
Attracting Global Investment
At the 2023 Global Investment Promotion Conference in Guangzhou, the GBA secured 859 projects with investments totaling 2.24 trillion yuan. Combined with the 2.5 trillion yuan attracted in 2022, the area has drawn nearly 5 trillion yuan through these events alone, underscoring its appeal to global investors and its significant role in China’s economic landscape.
As the Greater Bay Area continues to develop, it stands as a testament to China’s modernization efforts and its commitment to fostering economic growth, technological innovation, and regional integration.
Reference(s):
The Greater Bay Area: A model for China's modernization success
cgtn.com
