Guangdong Governor Ma Xingrui said, during the local political consultative and legislative sessions in January, Guangdong, Hong Kong and Macao will work together on building a world-class city cluster in the region this year.
Silk Road Post reported on the Guangdong-Hong Kong-Macao Greater Bay Area concept in a previous article. Now let’s see how Guangzhou might benefit from this cooperative bay area development. World's second-largest bay area GDP
Bay areas around the globe serve as economic hubs for breakneck growth, innovation and financial resources, as seen in places like New York, San Francisco and Tokyo.
The aggregate economic thrust of the local newcomer — Guangdong-Hong Kong-Macao Greater Bay Area — is powerful enough to rival the world’s leading bay area economy in New York, which is US.56 trillion. According to official data, the combined economies of Hong Kong, Macao and nine cities in the Pearl River Delta is US.3 trillion, two times that of the San Francisco area. And the import/export trade volume is US.5 trillion, over three times that of the Tokyo bay area. A constellation of global giants settle in Guangdong
The development of the local bay area will lure more international giants and capital to Guangzhou, fueling its economic growth. The city has touted enterprises such as Foxconn, General Electric and Cisco for having established headquarters here. Their arrival was accompanied by a boom in high technology and the settlement of many high-caliber, talented individuals, both of which help make Guangzhou a hotbed for investment. Foreign goods at your fingertips
With further cooperation among Guangdong, Hong Kong and Macao, the import and export trade in Guangzhou should be greatly facilitated, which might make more foreign commodities accessible to Guangzhou residents in their daily lives. That would include well-known brands like Louis Vuitton, Chanel and Hermes. As a result, people shouldn’t have to trek to other countries and queue for fancy goods. More importantly, online exotic items might be less expensive if they are available at your fingertips. More convenient transportation in the bay area
The main section of the Hong Kong-Zhuhai-Macao Bridge is completed and is expected to open to traffic by the end of this year, according to a spokesman with China’s Ministry of Transport. The longest sea-crossing bridge worldwide connects three vigorous economic zones and should boost the prosperity of this triangle. Enhanced sharing of resources in talent, education and medicine
The three connected regions see mutual benefits working together, especially when it comes to resource sharing and exchange. Hong Kong and Macao can explore the vast heartland market through Guangzhou, which is famous for its manufacturing in the Pearl River Delta region. Simultaneously, Guangzhou may siphon the abundant educational, medical and even human resources from the other two regions.
(By Zoe Xu, Louis Berney)