Page 68 - 2022 White Paper on the Business Environment in China

2 White Paper on the Business Environment in China
Overview of the Guang-
dong-Hong Kong-Macao
Greater Bay Area
Rebounding steadily with great
economic tenacity
The Guangdong-Hong Kong-Macao Greater Bay
Area (GBA) comprises nine cities of Guangdong
(namely Guangzhou, Shenzhen, Zhuhai, Foshan,
Huizhou, Dongguan, Zhongshan, Jiangmen and
Zhaoqing) and two Special Administrative Regions
(SARs) of Hong Kong and Macao. The total area
is around 56,098 square kilometers (sq km), with
population of over 86 million4.
By the end of 2020, the total gross domestic
product (GDP) of the GBA reached RMB11,520.9
billion (US$1,668.8 billion), accounting for 11.3%
of national GDP5. Shenzhen, Zhaoqing and
Guangzhou were leading the recovery, with a
3.1%, 3% and 2.7% economic growth respectively6.
The tertiary industry took a vital position in the
economy structure, accounting for 66.2% of the
total GDP. And export trade of the area reached
US$1,107.2 billion, mainly contributed by Hong
Kong, Shenzhen and Dongguan7.
In 2021, the GBA has seen a steady and auspi
cious economic development, with core cities
such as Guangzhou achieving 9.9% GDP growth
in the first nine months, ahead of the nation, and
Shenzhen also remained a sustained recovery with
7.1% GDP growth8. Hong Kong entered a phase of
stable development with a GDP growth of 5.4%,
while Macao kept its momentum with 32.9% GDP
growth thanks to the reopening of the border
since late last year9.
4 Hong Kong Trade Development Council,
https://research.hktdc.com/en/article/MzYzMDE5NzQ5
5 Hong Kong Trade Development Council,
https://research.hktdc.com/en/article/MzYzMDE5NzQ5
6 Statistics Bureau of Shenzhen, http://tjj.sz.gov.
cn/zwgk/zfxxgkml/tjsj/tjgb/content/post_8717370.
html, Zhaoqing, http://www.zhaoqing.gov.cn/zqtjj/
gkmlpt/content/2/2514/post_2514910.html#4472, and
Guangzhou, http://tjj.gz.gov.cn/tjgb/qstjgb/content/
post_7177236.html
7 Hong Kong Trade Development Council,
https://research.hktdc.com/en/article/MzYzMDE5NzQ5
8 Cnbayarea, http://www.cnbayarea.org.cn/
english/News/content/post_626558.html
9 The Statistics and Census Service of Macao,
https://www.dsec.gov.mo/zh-MO/Statistic?id=9
68
The swift post COVID-19 reopening of
factories in the GBA showcased its reliability as
a primary production base for companies keen
to tap onshore China demand. And the capital
investment into Guangdong financial high-tech
zone reached RMB203.8 billion during the same
period, generating a new development pillar of
the GBA's economy10.
Major indicators of the GBA (2020)
Source: cnbayarea.org.cn, Hong Kong Trade Development Council
Growing into a world-class city
cluster
Starting from the signing of the Framework
Agreement on Deepening Guangdong-Hong
Kong-Macao Cooperation in the Development of
the Greater Bay Area11 in 2017, there have been
constant policies from both national and regional
level that support the integration and development
of the GBA. By April 2021, employment, finance,
innovation & technology were the top 3 issues in
the overall 231 government files related to the
construction of the area12.
The development of the GBA is one of the
national strategic plans and has great significance
in the country's implementation of innovation-
driven development and commitment to reform
and opening-up. The objectives are to fully leverage
the composite advantages of the three places,
further deepen cooperation and integration
10 Statistic from Guangdong financial high-
tech zone, https://www.thepaper.cn/newsDetail_for-
ward_15328894
11 National Development and Reform Commis-
sion, https://www.bayarea.gov.hk/filemanager/en/
share/pdf/Framework_Agreement.pdf
12 National Development and Reform Com-
mission, https://www.ndrc.gov.cn/xwdt/ztzl/
ygadwqjs1/202104/t20210425_1277387.htm-
l?code=&state=123