February 18 marks a significant milestone for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) as it celebrates the fifth anniversary of its Development Plan. Over the past five years, the GBA has transformed into one of China's most economically vibrant and open regions, showcasing remarkable advancements in transportation, customs efficiency, and trade.
Guangdong, the leading economic province in China, continues to drive the region's prosperity by accounting for approximately 20 percent of the country's total imports and exports. Meanwhile, Hong Kong remains a global financial, shipping, and trade nexus, consistently ranking among the world's most competitive cities. Macao's status as a free port, with its low-tax regime and extensive trade network, further enhances the GBA's position as one of the world's most open economies according to the WTO.
In 2023, the trade volume of the nine mainland cities in the GBA reached an impressive 7.95 trillion yuan ($1.12 trillion), marking a 0.4 percent increase and representing 19 percent of China's total import and export value. This growth underscores the area's pivotal role in China's economic landscape.
The Hong Kong-Zhuhai-Macao Bridge, a cornerstone infrastructure project within the GBA, set new records during the Spring Festival holiday with over 144,000 inbound and outbound passenger trips in a single day. As the world's longest bridge-and-tunnel sea crossing, the bridge has significantly boosted economic opportunities and connectivity in the region.
Beyond trade and infrastructure, the Greater Bay Area is emerging as a global innovation hub. The region excels in global patent rankings and leads in tech sectors such as electronics, software, and pharmaceuticals. These advancements position the GBA at the forefront of evolving global industries.
Investment remains a key driver of the GBA's success. At the 2023 Global Investment Promotion Conference in Guangzhou, 859 projects secured 2.24 trillion yuan in investments. Combined with the 2.5 trillion yuan attracted in 2022, the area has amassed nearly 5 trillion yuan through these two significant events alone.
As the Greater Bay Area continues to develop, it stands as a model for modernization and economic success, fostering sustainable growth and innovation for years to come.
Reference(s):
The Greater Bay Area: A model for China's modernization success
cgtn.com
