Greater Bay Area

As part of the 13th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is an important national economic development strategy for China. Explore PwC’s latest insights and perspectives on the issues that matter most in your business, industry and territory.

Recognising the opportunities to be part of a better future

The long-awaited Outline Development Plan for Guangdong-Hong Kong-Macao Greater Bay Area was announced, marking the official start of the implementation of the Greater Bay Area development strategy. The development plan for the Greater Bay Area is related to not only a population of 70 million people in the 9+2 cities in Guangdong, Hong Kong and Macao, but also covering an area that contributes to one-tenth of the country’s economic size, and the breadth and depth of the new wave of China’s reform and opening-up, as well as tens of thousands of enterprises in multiple industries and sectors.

PwC responded to the “Outline Development Plan” to provide advice and suggestions for the development of the Greater Bay Area by gathering experts from various fields of the Greater Bay Area Working Group to carefully study the outline and conduct a comprehensive business interpretation and insight analysis.

The “Outline Development Plan” has formulated 5 strategic orientations:

PwC’s point of view

Innovation and technology

Research and development of an innovative and leading technology capital: A powerful bay area with global competitive edge

The foundation to developing the Greater Bay Area into an international innovation and technology hub with global influence is to have talent that is at the forefront of science and technology, and to nurture science and technology enterprises which are in line with national strategies and have strong market recognition. In order to build an “international innovation and technology hub with global influence” in the Greater Bay Area, apart from valuing technology companies and R&D institutions, it is essential to be able to attract and train talent from around the world.

 

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Financial services

World financial centre that plays a decisive role: Leveraging Hong Kong’s advantages to promote regional development

The “Outline Development Plan” has presented great opportunities for the entire financial industry in the Greater Bay Area. The economy of Guangdong, Hong Kong and Macao represents a huge market. If the markets of Hong Kong and the Mainland are able to better connect, this can provide huge opportunity for the integration of the financial industry in the Greater Bay Area.

 

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Infrastructure

Infrastructure connectivity: One-hour living circle of the Greater Bay Area is close at hand

The multi-dimensional transportation network construction in the Greater Bay Area is key for infrastructure connectivity. It can promote the flow of people, logistics and business, thus promoting the flow of funds and the efficient circulation of information. The “Outline Development Plan” provides an ideal blueprint for the interconnectivity of urban transport infrastructure, and also provides macro and strategic guidance for transport infrastructure projects in the 9+2 cities.

 

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Smart city

Citizen-centric smart city cluster: System platform for information inter-flow and data sharing

The construction of a smart GBA city cluster should take into account the entire framework and overall development direction of the entire region, and at the same time cater to the special circumstances of individual cities. Therefore, cities in the GBA can further strengthen the infrastructure ties among cities by adopting different development strategies and deepening cooperation. This will ultimately enhance inter-regional interactions and connectivity, improve the flow of factors of production such as personnel and capital in the region, promote the exchange of information and smart capital, improve urban efficiency, improve business operations, enable residents to enjoy better quality of life, and attract talent and enterprises to enter the market, create unlimited business opportunities and promote economic development.

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Business environment

Globally competitive business environment: Consolidating the foundation of a world-class city cluster

The 9 PRD municipalities should strengthen communication with Hong Kong regarding improving the business environment, and strive to improve the business environment of the city cluster in the short term. On the other hand, this will set a good precedent for other regions in the country and continue to lead China in deepening the scope of reform and opening-up, while maintaining and enhancing the attraction of the Greater Bay Area to entrepreneurs, start-ups, and talents, thereby promoting economic prosperity.

A good business environment requires the support of talents from all walks of life, and a quality living environment, including medical care, education and low taxation, are all important conditions for attracting talent. In the 9+2 cities, Hong Kong has always had international financial, accounting and legal talents to assist in the development of the Greater Bay Area.

 

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Contact us

Thomas Leung

Mainland China and Hong Kong Markets Leader, PwC China

Tel: +[86] (10) 6533 2838 / +[852] 2289 8288

Elton Yeung

Strategy and Innovation Leader, PwC China

Tel: +[86] (10) 6533 8008

Loretta Fong

Partner, PwC Hong Kong

Tel: +[852] 2289 1314

Joanne Wang

Partner, PwC China

Tel: +[86] (20) 3819 2219

Catherine Tsang

Partner, PwC China

Tel: +[86] (755) 8261 8383

Albert Wong

Partner, PwC Hong Kong

Tel: +[852] 2289 1807

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