Experts from the Guangdong Academy of Social Sciences have said that it will only take the Guangdong-Hong Kong-Macau Greater Bay Area six years to surpass the Tokyo Bay area in terms of its gross domestic product, according to a report by Macao Daily News.
Recently, a research institute in the field of the Greater Bay Area, in Guangdong, released its first report including the above prediction stating that the urban area surrounding the geographical feature will become the most wealthy bay in the world.
The Greater Bay Area will cover the Hong Kong and Macau special administrative regions, and nine cities in Guangdong Province including the first-tier cities of Guangzhou and Shenzhen.
Growth in the Greater Bay Area is expected to continue well past 2023. By 2030, the area is expected to have the highest GDP among all bay areas worldwide, and have become an advanced manufacturing center, as well as an important global hub of innovation, finance, shipping and trade, according to the China Center for International Economic Exchanges.
The combined regional GDP of the greater bay area stood at 9.35 trillion yuan (USD1.38 trillion) in 2016, compared with the GDP of the Chinese mainland at 74.41 trillion yuan last year.
Estimates show the regional GDP of the greater bay area will reach USD4.62 trillion by 2030, surpassing Tokyo, New York and San Francisco bay areas to become the world number one.
The research institute report also indicated that the Greater Bay Area is transitioning to an end- point when the maritime and industrial sectors will become its key economies.
The report suggests that in view of China’s Belt and Road initiative, the Greater Bay area has unique locations and advantages.
It also suggests that the Greater Bay Area should participate in China’s Belt and Road development, guide more of the country’s development, help China’s participation in international competitions, build itself into a platform for international cooperation and help improve Guangdong, Hong Kong and Macau’s roles in China’s economy development and open reform.
The research institute has nearly 100 experts from Guangdong, Beijing, Shanghai, Hong Kong and Macau, and it is expected to provide intellectual support to the Greater Bay Area’s development.
The idea of creating a bay area was raised as early as 2009 in a research report for the greater Pearl River Delta region. The area’s development entered a fast track this year after the annual government work report made it clear that China was pressing ahead. MDT/Xinhua