Five years ago, on February 18, 2019, the Central Committee of the Communist Party of China and the State Council released the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Building upon the 2017 framework agreement signed during the 20th anniversary of the establishment of the Hong Kong Special Administrative Region, the plan marked a significant milestone in integrating the GBA’s three distinct regions.
The GBA aims to foster synergies among Guangdong Province, the Hong Kong Special Administrative Region, and the Macao Special Administrative Region, each with their unique economic, social, and legal systems. This integration seeks to enhance mutual development and boost the region’s international competitiveness.
The political importance of the GBA is underscored by the establishment of a dedicated leading group under the State Council in August 2018. This high-level coordinating body oversees the implementation of the GBA development plan.
Innovation and Reform
The GBA is driven by innovation and reform, creating synergies through experimental initiatives that, if successful, could be implemented on a broader scale. This mirrors China’s own development path, where many economic reforms were first tested in special economic zones before nationwide adoption.
Special cooperation zones like the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin serve as testing grounds for various forms of regional integration within the GBA.
Reference(s):
Greater Bay Area: Economic integration 'with Chinese characteristics'
cgtn.com
