Voice
Faster and Greater
  ·  2021-09-24  ·   Source: NO.38 SEPTEMBER 23, 2021
The Chinese Government has launched new moves in its development of the Guangdong-Hong Kong-Macao Greater Bay Area. The Central Committee of the Communist Party of China and the State Council jointly released, on September 5 and September 6 respectively, the Hengqin plan and Qianhai plan, outlining the development of the Guangdong-Macao in-depth cooperation zone in Hengqin and that of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. The upgraded strategies will lead the integration of the Greater Bay Area into a new phase of more in-depth and detailed practice.

For both Hong Kong and Macao, geographic size is an important factor restricting their development. Consequently, the two plans will first expand the scopes of the two cooperation zones.

For instance, according to the Qianhai plan, the Qianhai cooperation zone will grow from 14.92 square km to 120 square km. Following the expansion, the Qianhai cooperation zone will be able to deliver larger plots of land to the purpose of industrial progress, enabling Hong Kong to better play up its advantages as well as boost cooperation with Shenzhen.

Furthermore, both plans will ensure the better integration of Hong Kong and Macao into the country's overall development.

The two plans also provide Hong Kong and Macao's younger generations with both the convenient resources as well as incubation services of business startups. Their incentives intend to encourage the regions' residents, especially college graduates, to seize the opportunity to develop their careers in cities of the Greater Bay Area by facilitating study, work, residence and startup dealings.

When China adopted its reform and opening-up policy four decades ago, Hong Kong and Macao contributed more to the economic development of the mainland. Today, however, those roles shall be reversed and the mainland will contribute more to the economy of Hong Kong and Macao. Therefore, the firm implementation of the new plans will have a positive influence on the Hong Kong and Macao economies, as well as the economy of Guangdong Province—and even that of the mainland overall. In the future, the Guangdong-Hong Kong-Macao Greater Bay Area will not only be a world-class city cluster brimming with cooperative vitality, but also a model of high-quality life and development.

 

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