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Guangdong-Hong Kong-Macao Greate...

The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is included in the "13th Five-Year" national strategy and the "One Belt, One Road Vision and Actions", which can bring new opportunities that cannot be missed for the development of Hong Kong. At the same time, Hong Kong's advantages in finance, professional services, and international greater bay area opportunities have strengthened cooperation with Guangdong, opening up new areas and new impetus for the sustained and prosperous development of Hong Kong's economy in the future.

Relying on its advantages in finance, professional services and international relations, Hong Kong will help promote the industrial upgrading and transformation of the Dabai Bay area, making the Guangdong-Hong Kong-Macao Greater Bay Area an international city with international competitive advantages, and as an important national economic engine, driving Central and South Africa. , Southwest and other pan-pearl River Delta regions, and play an important role in the construction of the "Belt and Road". The full text of dry goods is divided into two parts: the economic development prospects of the Guangdong-Hong Kong-Macao Greater Bay Area and the Hong Kong era.

1. The economic development prospects of the Guangdong-Hong Kong-Macao Greater Bay Area.

Throughout the world's several major bay area economies (including the Tokyo Bay Area, the New York Metropolitan Area and the San Francisco Bay Area, see the table below), the Guangdong-Hong Kong-Macao Greater Bay Area has the fastest development speed, the largest port and airport capacity, population and land The largest area. However, the per capita output value and development level of the tertiary industry are relatively lagging, reflecting the huge potential for development. If the Bay Areas develop at the current growth rate, the output value of the Guangdong-Hong Kong-Macao Greater Bay Area will exceed RMB 142.3 trillion (US$2.1 trillion) within five years, surpassing the other three bay areas.

Since the system differences pose a challenge to the development of the Greater Bay Area, it is also an opportunity.

In terms of challenges, institutional differences constitute obstacles to regional economic and social integration, restrict the free flow of production factors in the region, and hinder equal competition and deep integration of enterprises and institutions in the region. The differences in regional systems cause rent-seeking behaviors and contradictions.

On the other hand, different systems can complement each other, such as the development of onshore and offshore RMB markets. The coexistence of multiple systems also provides a reference and experiment for the internationalization of the renminbi for the reform of the national system. How to carry forward the advantages of "one country, two systems" and avoid the disadvantages of system differences will be the key to the development of the Greater Bay Area.

Through the existing government cooperation framework and cooperation platforms such as CEpA and free trade zones, Guangdong, Hong Kong and Macao have basically achieved trade liberalization. Hong Kong and Macau plan to negotiate a free trade agreement. After completion, Guangdong, Hong Kong and Macao will be connected into a free trade zone.

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