Hong Kong Young Writers Anthologies Non-Fiction 2020complete | Page 73

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.
Even though GBA is a world-class bay area, it lacks vital technologies such as in the
semiconductors sector. In 2018, sanctions from the U.S on ZTE nearly toppled this leading company in
telecommunications by exposing the Chinese weakness in chips and semiconductors (Chen and Chen).
Therefore, China’s delay to a breakthrough in this sector could lead to dependence on foreign companies for
the survival of the tech in the manufacturing industry, especially by GBA and the larger China. Luckily, to
curb the raging challenge, efforts have borne fruits after Hisilicon Huawei company designed five chips
whose capability is equated to that of foreign companies. Also, Guangzhou has successfully manufactured
chips on foundries and fabs. Secondly, GBA is challenged by barriers in regional administration. The
geographical location of the region could result in the eleven cities to face internal competition when
obtaining economic favours and resources, leading to funds being allocated inefficiently. Lastly but not least,
the GBA economic aggregate is massive, while the value of its output per capita is low compared to that of
San Francisco. The region does not appear among the one hundred universally acclaimed institutions in
innovations. It exhibits a previous change whose capacity is demanding, and the integration of Hong Kong
and Shenzhen should be increased even if the strength of their global finance ranks highly globally(Xuejun et
al. 725).
Overall, the Greater Bay Area is an innovation and technology hub comprising of eleven cities.
The region is among the global bay areas such as Tokyo Bay Area, New York metropolitan, and San
Francisco Bay Area. Besides, the megacity has both vast land size and population. GBA’s development
strategies include collective governance which provides plans of action and vivid structures that propels the
development of Small and Medium-sized Enterprises both regionally and globally. It continually aims to
become the leading hub in innovation and technology through Shenzhen that host tens of thousands of tech