Hong Kong Young Writers Anthologies Non-Fiction 2020complete | Page 72

Future Adventures of the Greater Bay Area
Korean International School, Tsu, Lok Yee Xylia - 12
The postmodern world is not only continually urbanising to fast-growing metropolitan regions and
cities but also multiple neighbouring areas with integrated functionalities and connections. The emergence
of these vast regions ignites interdependence plans that increase the possibility of facilities and firms to be
established in them. Regional associations are significant and advantageous in the development of businesses.
On that note, the Chinese government revealed on 18th February 2019 a blueprint announcing plans to
create the Greater Bay Area (GBA), a ‘Mega Region’ to enhance technology and business along with with
Macau, Hong Kong as well other nine cities in Guangdong Province (Chen and Chen). The completion of
the GBA would be China’s representative in global industrial competitions as well as providing internal
opportunities in economic transformations. Therefore, the strategic construction of the larger Guangdong-
Hong Kong-Macao Greater Bay Area would substantially offer new levels of development due to its
adoption of a Megalopolis concept based on its relevant features such as its natural conditions and good
geographical location (Xuejun et al. 724). Besides its proximity, the Mega Region calls for new regionalscale
operations, governance, investment, and planning. Consequently, this study justifies the thesis that the
management, diversification of industrial sectors, proximity, and innovation capability in the Greater Bay
Area propels a new economic growth in China, although it faces multiple challenges.
The Greater Bay Area’s (GBA) governance provides plans of action and vivid structures that could
enhance the development of Small and Medium-sized Enterprises (SMEs). The GBA concept was
commenced through The Action Plan for the Bay Area of the Pearl River Estuary, a study jointly developed
in 2011 by Pearl River Delta, Macau, and Hong Kong governments. In March 2016 the 13th Five-Year
Plan was endorsed, and the city cluster ideology was expanded in Southern China. Afterwards, in 2017
President Xi Jinping witnessed the preparation geared towards the signing of a framework agreement on
constructing the GBA. The document titled as The Framework of Agreement on Deepening Guangdong-
Hong Kong-Macao Cooperation in the Development of the Greater Bay Area was signed collectively by
the Macau and Hong Kong Chief Executives, and the Head of the National Development and Reform
Commission. Through joint governance, the GBA initiative elicited a prioritised and top national policy
aimed at constructing a universally leading megacity. The new area has a considerably large size and
population in comparison to other previously developed bay areas. By illustration, the Greater Bay Area has
the highest population of sixty-nine million, five hundred thousand people compared to the Tokyo Bay
Area with forty-four million people, New York city twenty-million, and San Francisco Bay Area seven
million (Chen and Chen). Besides, GBA boasts of fifty-five thousand square kilometres, the largest land size
amongst other bay areas.
Further, overseas and domestic Small and Medium-sized Enterprises (SMEs) could thrive in GBA.
Markets on bonds have significantly indulged in the construction of infrastructure in GBA. For instance, the
Guangdong government-supported over five hundred of the megacity’s projects by issuing bonds
amounting fifty billion yuan (Hua). Similarly, an 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.