Greater Bay Area generates vast opportunities for Hong Kong, Macao

Photo shows the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone under construction in Shenzhen, south China's Guangdong province, January 6, 2024. (People's Daily Online/Chen Zhiqiang)

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is one of the most open and economically vibrant regions in China with bright prospects and infinite potential. Its total economic output has grown from 10.8 trillion yuan ($1.51 trillion) in 2018 to over 14 trillion yuan last year, achieving one-ninth of China's total with less than 0.6 percent of the country's national territorial area.

The region is known for its amazing "GBA speed." For instance, customs clearance can be completed within five seconds at the Hengqin port, and a business can obtain a license in less than 10 minutes. Besides, it only takes an hour to travel between major cities within the region.

Over the past five years, the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area has transformed from a blueprint into a reality. The GBA is making solid progress on the path of high-quality development, marked by stronger overall economic strength, higher capacity for technological innovation, better connectivity to other parts of the country and the world, rapid development of major cooperation platforms, and accelerated building of an integrated market.

Innovation is key to the development of the GBA. The GBA is built under "one country, two systems," involving three customs territories using three different currencies, without any precedent to follow.

By leveraging the comprehensive advantages of south China's Guangdong province, Hong Kong Special Administrative Region (SAR), and Macao SAR within the framework of "one country, two systems" and the Basic Law, making institutional innovations, and promoting the circulation of production factors, the differences in systems within the GBA have turned into something beneficial.

So far, a number of landmark initiatives have been implemented: designated mainland hospitals in the GBA can use Hong Kong-approved or Macao-approved drugs and medical devices without prior certification from China's National Medical Products Administration; residents of Guangdong, Hong Kong, and Macao can enjoy undifferentiated social security services within the GBA; the Cross-boundary Wealth Management Connect Scheme in the GBA allows residents of Hong Kong, Macao and nine cities in Guangdong Province to invest directly across the boundary of the designated wealth management products; the Cross-boundary Public Services enables residents and enterprises to access public services of the three places online anytime without the need for cross-boundary travel in person.

Photo shows a night view of the Victoria Harbor in Hong Kong. (People's Daily Online/Wang Gang)

The GBA has announced 183 standards in areas such as food, traditional Chinese medicine, and elderly care. In addition, Hengqin and Macao have piloted cross-boundary business registration services, allowing businesses to complete registration procedures quickly in both locations. Guangdong and Hong Kong have launched 108 high-frequency cross-boundary government services.

With the efficient and convenient flow of factors such as people, goods, capital and data, the building of an integrated market in the GBA has been accelerated.

Hong Kong possesses internationally recognized advantages such as the free flow of capital, a simple tax system with low rates, high-quality and professional services, and well-developed shipping and aviation industries.

Macao, as a separate customs territory and a free port, has been making solid progress in building itself into a world center of tourism and leisure, a service platform for trade cooperation between China and Portuguese-speaking countries, and a cultural exchange and cooperation base, making new achievements in appropriate economic diversification.

Both Hong Kong and Macao remain stable economic growth with strong resilience, unique advantages, and immense potential. As China continues to expand its opening up, the status and role of Hong Kong and Macao will be further enhanced.

China's rapid development and increasing openness have provided a strong impetus for Hong Kong and Macao to further enhance their advantages, expand their development space, and overcome challenges.

Under the principle of "one country, two systems," Hong Kong and Macao can better leverage their distinctive advantages of strong support from the motherland and close connection with the world market. By combining their advantages of extensive international connections and well-developed professional services with the vast domestic market, complete industrial system, and strong technological capabilities of the mainland, Hong Kong and Macao have become important gateways for China's two-way opening up.

Photo shows a view of the Hong Kong-Zhuhai-Macao Bridge from Macao. (People's Daily Online/Yuan Xinyu)

The development of the GBA presents significant opportunities for Hong Kong and Macao, and plays a crucial role in consolidating and enhancing their unique status and advantages.

In terms of technological innovation capabilities, the GBA is steadily building itself into a global science and technology innovation center, a comprehensive national science center, and a high-level talent hub. It now boasts over 75,000 national-level high-tech enterprises. The Shenzhen-Hong Kong-Guangzhou science and technology cluster has ranked second globally for four consecutive years.

When it comes to connectivity, the GBA has built a more complete railway network, and the airports in the region have an annual passenger throughput capacity of over 280 million. Besides, the GBA's port cluster has an annual container throughput capacity of over 85 million twenty-foot equivalent units. Its airline network covers major cities and trading ports worldwide.

Regarding major cooperation platforms, Hengqin has officially started independent customs operations; Qianhai, Shenzhen has introduced the country's first investor protection regulations; Nansha district in Guangzhou has unveiled a comprehensive service base for Chinese enterprises going global; the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone has got off to a good start.

Currently, the GBA's economy is thriving, which promotes the exchanges and cooperation between the Chinese mainland and Hong Kong and Macao, provides more opportunities for economic and social development of the two SARs, and offers a broader living and development space for residents.