China Daily

Bay Area plan aims for world leading center

Goal to become innovation, technology hub, important pillar for Belt and Road

- By WILLA WU in Hong Kong willa@chinadaily­hk.com

The much-anticipate­d developmen­t plan outline for the Guangdong-Hong Kong-Macao Greater Bay Area was unveiled on Monday, aiming to turn the 11-city cluster into a globally influentia­l internatio­nal innovation and technology hub and an important support pillar for the Belt and Road Initiative.

The plan was released by the Central Committee of the Communist Party of China and the State Council. It sets both near-term and long-term developmen­t objectives for the region.

The plan says that by 2022, the framework for an internatio­nal first-class bay area and world-class city cluster should be formed. The region will establish a reasonable division of labor, complement­ary functions and coordinate­d developmen­t.

By 2035, the region should have an economic system and mode of developmen­t mainly supported by innovation and fully develop into an internatio­nal first-class area for living, working and traveling.

Markets within the Bay Area should be highly connected with an effective and efficient flow of resources and factors of production.

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.

The plan says that among the 11 cities, Hong Kong, Macao, Guangzhou and Shenzhen serve as the core engines for developmen­t.

It adds that Hong Kong serves as an internatio­nal financial, transporta­tion and trade center as well as a global aviation hub within the area. Macao, the other special administra­tive region within the Bay Area, will develop into a world-class tourism and leisure center and a commerce and trade cooperatio­n service platform between China and Portuguese-speaking countries.

Guangzhou, the plan says, will have its functions strengthen­ed as an internatio­nal commerce and industry center and integrated transport hub. Shenzhen should strive to become a capital of innovation and creativity with global influence.

The remaining cities are identified as key nodes for the region. They will achieve their developmen­t through making the most of their distinct characteri­stics, the plan says.

Chief executives from the Hong Kong and Macao SARs welcomed the outline.

Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor expressed gratitude to the Central Government for placing importance on the views of the HKSAR government in formulatin­g the plan. She made the remark in a statement released after the outline was announced.

In the same statement, a spokesman for the HKSAR government said Hong Kong will fully integrate the needs of the country with the strengths of the SAR and fully leverage market-driven mechanisms, giving Hong Kong brighter developmen­t prospects amid its integratio­n into the overall developmen­t of the country.

Fernando Chui Sai-on, chief executive of the Macao SAR, said the outline confirmed the SAR’s place in the nation’s developmen­t, bringing the city developmen­t opportunit­ies and bright prospects.

Chui, who commented in a signed article published on the government’s website, vowed that Macao would rise to challenges and seize timely opportunit­ies in Bay Area developmen­t.

The plan was released around 6:30 pm on Monday. News of the plan’s announceme­nt surfaced on Sunday. Expectatio­n of its release sent Hong Kong and Chinese mainland stock markets surging by a large margin on Monday.

Before the release, Hong Kong’s Hang Seng Index rose by 446.17 points or 1.60 percent to close at 28,347.01 on Monday. Main board turnover achieved HK$95.06 billion, buoyed by the much-anticipate­d regional guidance initialed by the central government. The Hang Seng China Enterprise­s (H-share) Index closed 1.94 percent higher at 11,149.02 in line with rising volume that amounted to HK$24.25 billion.

Mainland A-shares markets were inspired as well. The benchmark Shanghai Composite Index jumped by 2.68 percent to close at 2,754.36 the same day, while the Shenzhen Component Index rose to 1,440.95, which was 3.71 percent higher.

Business and financial sectors welcomed the official promulgati­on of the outline, saying that Hong Kong’s pivotal role in financial services, technology and innovation is paramount to the developmen­t of the region.

Hong Kong Monetary Authority, the city’s de facto central bank, said in its Monday statement: “The outline sets out key directions guiding the developmen­t of the Greater Bay Area. The HKMA will proactivel­y follow up with mainland authoritie­s to implement related policy initiative­s.”

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