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Outline Development Plan for Guangdong-Hong Kong-Macao Greater Bay Area Promulgated

The Central Government promulgated the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area on 18 February 2019. The basic principles of the Plan include that the Greater Bay Area is to be driven by innovation and led by reform, to coordinate development and plan holistically, to open up and cooperate and achieve a win-win outcome, and to adhere to “one country, two systems”. The Greater Bay Area is positioned to leverage the advantages of Hong Kong and Macao as free and open economies and of Guangdong as the pioneer of reform and opening up, continue deepening reform and further opening up, lead nationally and set an example in developing institutions and mechanisms for high-quality economic development, expedite institutional innovation as well as early and pilot implementation, develop a modern economic system, better integrate into the global market system, build a global base of emerging industries, advanced manufacturing and modern service industries, and develop an internationally competitive world-class city cluster. Among the development objectives are the following:

  • By 2022, the combined strength of the Greater Bay Area should increase substantially, the cooperation among Guangdong, Hong Kong and Macao should be deepened and broadened, the internal driving forces for development should be further enhanced in the region, and the framework for an international first-class bay area and world-class city cluster that is vibrant and highly innovative with an optimised industrial structure, a smooth flow of various factors and a pleasant ecological environment should essentially be formed.
  • By 2035, the Greater Bay Area should become an economic system and mode of development mainly supported by innovation, with its economic and technological strengths vastly increased and its international competitiveness and influence further strengthened; the markets within the Greater Bay Area should basically be highly connected, with very effective and efficient flow of various resources and factors of production; the coordination of regional development should remarkably improve, with the influence on neighbouring regions further strengthened; the people should become wealthier; the level of social civility should reach new heights, with cultural soft power demonstrably strengthened, Chinese cultural influence broadened and deepened, and exchange and integration between different cultures further enhanced; the levels of conservation and efficient use of resources should be significantly improved, the ecological environment should be effectively protected, and an international first-class bay area for living, working and travelling should be fully developed.

The plan identifies Hong Kong, Macao, Guangzhou and Shenzhen as core cities, as well as core engines for driving regional development. The four cities will leverage their comparative advantages and strengthen the radiating effect in leading the development of nearby regions.

The plan supports Hong Kong in consolidating and enhancing its status as international financial, transportation and trade centres as well as an international aviation hub, and strengthening its status as a global offshore renminbi business hub and its role as an international asset management centre and a risk management centre. It also supports the city in promoting the development of high-end and high value-added financial, commercial and trading, logistics and professional services, making great efforts to develop innovation and technology industries, nurturing emerging industries, and establishing Hong Kong as the centre for international legal and dispute resolution services in the Asia-Pacific region.

For further details, please access the following links:

Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area

CE welcomes bay area plan

Content provided by Picture: HKTDC Research
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