GBA affords global firms ease of doing business, space for growth

On The Agenda

China’s Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is becoming a world-class business hub where global firms can thrive, members of the global business community said at a conference held in Hong Kong this week.

As China transitions towards an economy driven by innovation, sustainability and inclusiveness, the GBA is poised to lead the way as it serves as a model of integrated development, balancing the dynamism of the private sector with the guidance of strategic planning, said Michael Hart, president of the American Chamber of Commerce (AmCham) in China, at the second Business Conference on Guangdong-Hong Kong-Macao Greater Bay Area Development.

According to AmCham China’s 2024 China Business Climate Survey, the GBA is one of the most attractive locations for investment in China in the eyes of respondents across all industry sectors.

Hart said that members of AmCham China value market access, proximity to existing operations and good business environment when making investment decisions, acknowledging the GBA’s “good work” to ensure equal treatment for foreign-invested enterprises.

Local authorities in the region have sweetened invitations to foreign businesses. Guangdong Province, for instance, has rolled out a raft of policies to ensure national treatment for foreign-funded enterprises in terms of access to factors of production, license application, standards setting, and government procurement.

The Hong Kong Special Administrative Region government had vowed in October to make it easier for companies from the Chinese mainland and overseas to set up headquarters or corporate divisions in Hong Kong.

The foundation provided by the GBA offers tremendous potential as a strategic destination for investment, particularly for U.S. companies, said Noah Fraser, senior vice president of China operations with the US-China Business Council.

Its world-class infrastructure, ports, airports, logistics networks, and advanced digital ecosystems enhance the ease of doing business, he said.

The GBA’s growth is rooted in creativity, speed to market, technological innovation and economic diversification, said Fraser.

“It is these principles, coupled with sustainability, that will ensure the region’s growth benefits all stakeholders and position the GBA as a model of high-quality development on the global stage,” he said.By Xinhua, MDT/Xinhua