The release of the Great Bay Area Development Plan
The GBA Development Plan acknowledges the long-term cooperation between Hong Kong and Guangdong. Developing the GBA as an international innovation and technology hub is one of the most important aims of the initiative. “Hong Kong has always had a special connection with Guangdong Province, and the two regions have mutually benefited from each other’s strengths,” HKGCC (Hong Kong General Chamber of Commerce) Chairman Aron Harilela said. “The Development Plan provides us with valuable guidance in building a vibrant world-class city cluster.”
The plan emphasizes Hong Kong’s status as international leader in sectors including finance, transportation, trade, logistics, aviation, and innovation and technology. The development also dovetails with the ambitions of the Belt and Road Initiative, as the overseas experience of Hong Kong businesses can help GBA companies in their efforts to “go global.”
The GBA project ultimately envisages a technology driven region on a par with Silicon Valley and the Tokyo Bay Area. The area is already an economic powerhouse, with a population of 70 million and a GDP of around 10 trillion RMB, according to the Development Plan. By 2035, this area “should be fully developed” as a globally competitive, innovation-driven economy, with its internal markets highly connected.