Five years ago, on February 18, 2019, the Central Committee of the Communist Party of China and the State Council unveiled a transformative development plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Building upon the 2017 framework agreement, this ambitious initiative seeks to seamlessly integrate the distinct economic, social, and legal landscapes of Guangdong, Hong Kong, and Macao.
The GBA development plan marks a significant milestone, setting the stage for enhanced regional synergy and increased international competitiveness. Central to this initiative is the establishment of a dedicated leading group in August 2018, a high-level coordinating body of the State Council that underscores the political importance of this endeavor.
What sets the GBA apart from other regional economic projects are its three core principles:
- Innovation and Reform: The GBA's approach focuses on fostering innovation and implementing reforms through a series of experimental projects. Inspired by China's own development trajectory, where special economic zones in the eastern and southern provinces served as testing grounds for broader national policies, the GBA aims to replicate this success on a regional scale.
- Creating Synergies: By integrating the diverse strengths of Guangdong, Hong Kong, and Macao, the GBA seeks to create synergies that drive mutual development. This integration is not just economic but also social and legal, ensuring a holistic approach to regional growth.
- Special Cooperation Zones: The GBA employs special cooperation zones as laboratories for regional integration. Notable examples include the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Shenzhen and the Guangdong-Macao In-depth Cooperation Zone in Hengqin, Zhuhai City. These zones are designed to test various forms of collaboration, with successful models potentially being scaled across the region.
Through these innovative strategies, the Greater Bay Area is setting a new standard for regional economic integration, blending unique Chinese characteristics with forward-thinking policies to shape a dynamic and competitive global hub.
Reference(s):
Greater Bay Area: Economic integration 'with Chinese characteristics'
cgtn.com
