Blueprint for ‘Greater Bay Area’ scheme approved
January 15, 2019 Category China News Round-up, Weekly
Chinese Vice Premier Han Zheng recently gave the green light to the official document on the ‘Greater Bay Area’, following extensive consultations with local governments. It aims to create an IT-led economic powerhouse in Southern China to rival Silicon Valley which is expected to be unveiled on February 21, according to the South China Morning Post. Hong Kong and Macao Affairs Office Director Zhang Xiaoming revealed that the blueprint had been completed as “big progress” was made last year. More than three years in the making, the Greater Bay Area was first mentioned in a development action plan jointly outlined by China’s top authorities on economic planning, commerce and foreign affairs to create a new economic growth engine by pooling together Hong Kong, Macao and nine neighboring cities in Guangdong province.
The mega zone covers 56,500 square kilometers, has a combined population of about 67.6 million and accounted for 12.5% of the country’s gross domestic product (GDP) in 2016. Authorities were now working on the implementation plan, Zhang said in an interview with CCTV. Hong Kong, Macao, Guangzhou and Shenzhen would be the central cities in the bay area, and each had their own unique positioning, he said. Hong Kong will be the international finance, navigation and trade center, as well as a transport hub. It will have the role of pushing finance, trade, logistics and professional services towards the high-end market. Macao will be an international tourism city and a platform for trade with Portuguese-speaking countries. Guangzhou will take a leading role as a national central city, while Shenzhen will lead as a special economic region and an innovative city, he said. The planners hope the advantages these four cities enjoy can compliment each other.
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