Hong Kong Young Writers Anthologies Non-Fiction 2020 | Page 23

Hong Kong Young Writers Awards 2020
exclusive corporate bond was launched by Shenzhen Investment Holding Co Ltd to mark
GBA’s first official bond launch. The collaborative governments’ support of local bond
issuances could enhance the attraction of long-term and middle investors with additional
innovative products and patent technology into the region.
The GBA primary aim is becoming the leading hub in innovation and technology.
Shenzhen, one of the eleven merging cities in GBA, was singled out during the 1980s
as a Special Economic Zone that acted as an experimenting base to practice Chinese
characteristics of socialism termed as market capitalism. After that, Shenzhen proliferated
to become a world factory currently called China’s Silicon Valley, a residence to ZTE,
Tencent, Huawei among other renowned Chinese technology firms. Shenzhen hosts nearly
two million private organisations inclusive of China’s largest companies. By illustration,
Huawei is based in the city with sixty thousand employees. On that account, the Chinese
government turned Shenzhen as a technology and innovation hub that could be compared
to Silicon Valley in San Francisco. Therefore, through the arrangement of GBA 9+2, China
could strategically take part to facilitate technological advancements in the GBA by indulging
top technologies and talents to propel the development of innovation in the megacity (Chen
and Chen). In addition to Shenzhen’s base of deployment and high-quality technology in the
manufacturing industry, the Hong Kong-Shenzhen bond would act as a springing board for
global postmodern techniques that would intrigue the area to accelerate to a future leading
universal technology and innovation hub. The objective was supported through the July 2018
Shenzhen University-The Hong Kong Polytechnic University collaboration that established
GBAI3 (The Greater Bay Area International Institute for Innovations). Consequently, with
the fusion of the universities, GBA would be developed to a world-class competitive hub for
technological innovation and advancement, entrepreneurship, and knowledge transfer by
partnering with top-notch global corporations, governments, and learning institutions.
GBA’s excellent geographical location, capability in great innovation, and muscular
economic strength, the region would serve as a strategic hub to construct the Belt and Road
(B&R). The construction of the megacity could influence integration in regional and global
economies by enhancing cross-border economic cooperation resulting in mutual and equality
benefit (Xuejun et al. 723). GBA’s proximity is grounded on a coastal zone with adjacent
lands, land areas adjacent to bays as well as coastlines that face inland depressions. Hence,
through the regions Urban Cluster embedded with independent towns and cities of various
functions and sizes, GBA serves as the growth pole for both regional and national economies.
Through the pole of growth, although among the eleven cities of the urban cluster do not
develop sequentially, their differences in growth intensities spread onto various channels
that also finally impact the entire economy differently. Besides, the collaborative talent,
technology, and government capital are some of the factors that are transmitted via multiple
ways to the hinterland where diverse growth on the pole area is radiated and driven to the
realisation of overall regional development (Xuejun et al. 724). Therefore, in comparison
to the economy of a global bay area, GBA is advantageous in that it has a heightened
degree of openness, right location conditions, and a massive economic aggregate as well as
an essential condition to build a world-class bay area economy. Also, through the Closer
Economic Partnership Arrangement framework, the cooperation of Macao, Hong Kong, and
Guangdong has boosted progress in regions of investment liberalisation, trade in services,
and trade in goods. The B& R strategy has sparked GBA construction. Even though the area
has provided a conducive and favourable environment for institutions to aid its development
among other affirmative aspects mentioned herein, it faces different challenges.
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