Blueprint for Bay Area to be unveiled
Plan aims to develop the area into a global economic powerhouse
The blueprint for the massive economic development that will turn the Guangdong-Hong Kong-Macao Greater Bay Area into a global economic powerhouse is coming within days.
Chief Executive Carrie Lam Cheng Yuet-ngor did not disclose the exact date of its release by the central government. She did, however, announce that a symposium on Feb 21 will start discussing its details.
Lam said the blueprint would outline some broad guidelines. Then, local governments in Guangdong, Hong Kong and Macao will work together with the support from central government departments to pull the project together with concrete planning.
The Bay Area encompasses Hong Kong and Macao, as well as nine cities in Guangdong province: Guangzhou, Shenzhen, Zhuhai, Dongguan, Huizhou, Zhongshan, Foshan, Zhaoqing and Jiangmen.
Experts from the Bay Area will be at the Feb 21 symposium to elaborate on economic prospects; it is expected to bring considerable economic benefits to each participating community. High-ranking officials from the National Development and Reform Commission will offer additional insights.
Lam, speaking to reporters before the weekly Executive Council meeting, said the Bay Area will add fresh impetus to Hong Kong’s economy. It will also provide new policy opportunities to improve the city’s quality of life.
The agreement setting out the foundation for the project was signed on July 1, 2017. The Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation in the Development of the Bay Area was signed by the governments of the Hong Kong and Macao SARs, the government of Guangdong province and also the NDRC.
The Bay Area will add fresh impetus to Hong Kong’s economy. It will also provide new policy opportunities to improve the city’s quality of life.”
Chief Executive Carrie Lam Cheng Yuet-ngor
The four signatories committed their joint efforts to build a dynamic economic region, making it a showcase for cooperation between the mainland, Hong Kong and Macao. The project envisages a high quality of life and working conditions and also first-class transportation.
The agreement also outlines goals to reinforce Guangdong’s role as the nation’s pilot region for reform and opening-up.
It aims to strengthen Hong Kong’s status as a global offshore renminbi business hub and an international asset management center; and to promote the development of Hong Kong’s professional services and innovation and technology industries.
The agreement also plans to accelerate Macao as a global tourism and leisure attraction.
The 11 cities of the Bay Area produced one-eighth of China’s gross domestic product in 2017. This is despite it encompassing only 5 percent of the nation’s population and only 0.6 percent of China’s total landmass.