Page 66 - 2022 White Paper on the Business Environment in China
P. 66
2 White Paper on the Business Environment in China
1.3 Greater Bay Area: navigating
roads towards an innovation and
high-quality growth
* Courtesy of EY
Executive Summary Blockchain and cities within GBA will work more
closely on data security matters.
The Guangdong-Hong Kong-Macao Greater
Bay Area (GBA) is leading China’s rebound and Smart manufacturing will be a big bet for
development with great economic tenacity. By Guangdong and the construction of cross-field
the end of 2020, the total gross domestic product industrial Internet platforms will further transform
(GDP) of the region reached RMB11,520.9 billion the region toward a 'Smart Factory of the World'.
(US$1,668.8 billion), accounting for 11.3% of the
national GDP. And in the first nine months of Fast and scalable smart logistics will upgrade
2021, core cities such as Guangzhou, achieved the supply chain, bring important assistance to
a GDP growth of 9.9%1, ahead of the nation and local enterprises in reducing costs and increasing
Shenzhen also remained a steady recovery with efficiency, thus winning the market in today’s
7.1% GDP growth2. Hong Kong entered a phase cutthroat E-commerce competition.
of stable development with a GDP growth of
5.4%, while Macao kept its momentum with Green instruments, including green bonds and
32.9% GDP growth thanks to the reopening of green loans, are expected to better attract capital
the border since late last year3. flows and foster the GBA's environmental-friendly
investments; and listed companies within the
With many supportive policies in place, the region should also be ready to adopt a sustainability
GBA is expected to become the most open and strategy and proactively communicate with their
economically vibrant region in the years to various stakeholders by using a globally recognized
come, with both digitalization and sustainable ESG reporting standards.
development high on its agenda.
Electric vehicles will continuously penetrate
The development of the digital government and there will be explosive growth opportunities
will accelerate and Shenzhen, a city of astounding expected in the charging facilities as well.
growth and smart technologies, is expected to
become the 'digital brain’ that integrates data
across all government agencies and businesses
and power the country's smart city drive.
Traditional financial service firms will be more
digitalized thanks to the fast implementation of
1 Newsgd, https://www.newsgd.com/
node_5c070fdd03/6931cba211.shtml
2 Cnbayarea, http://www.cnbayarea.org.cn/
english/News/content/post_626558.html
3 The Statistics and Census Service of Macao,
https://www.dsec.gov.mo/zh-MO/Statistic?id=9
66
1.3 Greater Bay Area: navigating
roads towards an innovation and
high-quality growth
* Courtesy of EY
Executive Summary Blockchain and cities within GBA will work more
closely on data security matters.
The Guangdong-Hong Kong-Macao Greater
Bay Area (GBA) is leading China’s rebound and Smart manufacturing will be a big bet for
development with great economic tenacity. By Guangdong and the construction of cross-field
the end of 2020, the total gross domestic product industrial Internet platforms will further transform
(GDP) of the region reached RMB11,520.9 billion the region toward a 'Smart Factory of the World'.
(US$1,668.8 billion), accounting for 11.3% of the
national GDP. And in the first nine months of Fast and scalable smart logistics will upgrade
2021, core cities such as Guangzhou, achieved the supply chain, bring important assistance to
a GDP growth of 9.9%1, ahead of the nation and local enterprises in reducing costs and increasing
Shenzhen also remained a steady recovery with efficiency, thus winning the market in today’s
7.1% GDP growth2. Hong Kong entered a phase cutthroat E-commerce competition.
of stable development with a GDP growth of
5.4%, while Macao kept its momentum with Green instruments, including green bonds and
32.9% GDP growth thanks to the reopening of green loans, are expected to better attract capital
the border since late last year3. flows and foster the GBA's environmental-friendly
investments; and listed companies within the
With many supportive policies in place, the region should also be ready to adopt a sustainability
GBA is expected to become the most open and strategy and proactively communicate with their
economically vibrant region in the years to various stakeholders by using a globally recognized
come, with both digitalization and sustainable ESG reporting standards.
development high on its agenda.
Electric vehicles will continuously penetrate
The development of the digital government and there will be explosive growth opportunities
will accelerate and Shenzhen, a city of astounding expected in the charging facilities as well.
growth and smart technologies, is expected to
become the 'digital brain’ that integrates data
across all government agencies and businesses
and power the country's smart city drive.
Traditional financial service firms will be more
digitalized thanks to the fast implementation of
1 Newsgd, https://www.newsgd.com/
node_5c070fdd03/6931cba211.shtml
2 Cnbayarea, http://www.cnbayarea.org.cn/
english/News/content/post_626558.html
3 The Statistics and Census Service of Macao,
https://www.dsec.gov.mo/zh-MO/Statistic?id=9
66
