Hong Kong Young Writers Anthologies Non-Fiction 2020complete | Page 109
The Greater Bay Area: A Land of Opportunity
Sha Tin College, Chan, Cyrus - 16
From agrarian economy to global powerhouse - China’s economic transformation has been nothing short of
extraordinary. This upward trajectory in economic growth has not come by accident but is the result of
several strategic derivatives along with meticulous planning. However, this pales in comparison to its most
ambitious plan to date: The Greater Bay Area Initiative. The main goal is to develop the region into an
international innovation and technology hub, improve connectivity between cities and seize the
opportunities that are provided by the country’s most open and economically vibrant region. With
integration as the focus of the initiative, many critics worry about the Special Administrative Region status
that sets apart Hong Kong and Macau, and whether the merging of different tax and legal systems will prove
to be too much for investors. Another underlying concern is that the Greater Bay Area Initiative seems to
directly benefit China the most through their leveraging of Hong Kong and Macau’s Special Administrative
Region status, however while on the surface this may be the case, Hong Kong and Macau too are put in a
position to succeed.
So, what is this Greater Bay Initiative? This ambitious and somewhat vague blueprint lays out lofty
aspirations for the major cities within the region to develop into specialised economic hubs. Hong Kong
would be able to bolster its status as a finance and trading hub. Shenzhen - home to the telecom giants
Huawei - would cement itself as the tech hub of the east, while Macau would focus on developing into the
region’s tourism hub. In addition to this, the initiative is also looking towards the future, intending on plans
to improve the innovation capacity through collaborations such as the Hong Kong - Shenzhen Innovation
and Technology Park, as well as the establishment of the Youth Development Fund which provides
financial support in the form of matching funds for NGOs to support the youth of Hong Kong to be
entrepreneurs. Considering all that has been organised, it is clear to conclude that there are high hopes for
the region to flourish.
Comprising of the two Special Administrative Regions of Hong Kong and Macau, the Greater Bay Area
also includes the nine municipalities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan,
Zhongshan, Jiangmen and Zhaoqing. With three of the world’s top 10 busiest container ports and air freight
traffic greater than San Francisco, New York and Tokyo combined, the Greater Bay Area only occupies less
than 1% of China’s land area, yet they contribute to 12% of the total gross domestic product. And with a
population greater than the whole of the UK and twice that of Canada, China aspires the region will be able
to develop into an urban cluster to rival global cities alike. Built upon the core cities of Hong Kong, Macau,
Guangzhou and Shenzhen, the Chinese government aims to leverage their comparative advantages and
utilising them as integral engines for regional development, with hopes that it will have a radiating effect for
the development of the key node cities (Zhuhai, Jiangmen, Foshan, Zhongshan, Dongguan, Huizhou,
Zhaoqing).
So, what are these core cities like, and what do they have to offer for the Greater Bay Area? Hong Kong,
the Pearl of the Orient, being the most international city in the Greater Bay Area provides a business -
friendly environment with a free economic system; in addition to its information technology infrastructure
and wealth of high-end talents and services, encourages enterprises from the Mainland, Hong Kong and
Macau to conduct business regionally and internationally. Along with its efficient transport system and
world-class infrastructure, Hong Kong is posed as an international transportation and logistics hub, and is a
shining example of a world-class city for international and regional businesses to invest in.
Macau, China’s answer to Las Vegas, with low tax rates and its free port, has flourished into a strong
economy in the Asia-Pacific region. Predominantly maintained by tourism and gambling, these integral
pillars have propelled Macau to a GDP of $55 billion US dollars in 2018, and its close relationship with the