FUTURE ECONOMIC GROWTH IN THE
GREATER BAY AREA
The Greater Bay Area (GBA) was first mooted in 2011, then further endorsed in China’s 13th Five Year Plan in 2016. It’s an ambitious initiative that will bring together Hong Kong, Macau and nine cities in Guangdong’s Pearl River Delta to create a mega-cluster, one with the economic clout of the Tokyo, San Francisco and New York bay areas. The GBA is a cluster with huge potential – a population of 68 million people, some of the world’s largest tech giants and very advanced manufacturing. One in every five smartphones sold is made in Dongguan, meaning that the GBA has a 20 per cent share of the world’s smartphone market. 77 percent of business executives said economic growth in the GBA will exceed the rest of China while 70 percent said they expect the GBA will help their business expansion plans. A number of benefits of the GBA; 68 percent indicated the area’s potential for allowing access to more business opportunities, while 53 percent flagged options for greater synergy achieved by pooling resources. GBA’s greatest area of potential lies in technology and innovation – with opportunities for businesses of all sizes – as well as the possibilities offered by the initiative to create a global technology and innovation hub by leveraging on the strengths of Shenzhen’s high-tech manufacturing capabilities and Hong Kong’s financial acumen.
While the GBA is expected to create business opportunities across all sectors like Technology and Innovation, Trade and Logistics and Financial Services as the three key sectors to benefit the most.