Advanced economic development has long given Greater Bay Area the advantage to maintain a net inflow of population and talent; the number of residents is generally higher than the number of “hukou” (the household registration system) population. Therefore, the challenges brought by population aging is far less intense than it is in other parts of the country. However, the education attainment of its population has been lagging behind the level of regional economic development. As population growth slows nationwide and population ageing exacerbates, and fierce competition for talents among Chinese cities that rolled out preferential policies to attract talents, it is crucial for the Guangdong-Hong Kong-Macao Greater Bay Area to find ways to maintain its attractiveness and ensure net inflow of talent and population.
To build an "internationally competitive bay area and world-class city cluster", we suggest that the Greater Bay Area continues to capitalise on its vast employment opportunities to maintain a net inflow of population, and attract more entrepreneurs and outstanding talents with a conducive business environment. We also encourage policy makers to utilise market forces in propelling investments in education and R&D. Moreover, it is necessary for the Greater Bay Area to lead reform and become a testing ground for China’s “immigration” policy in the new era.
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Strategy and Innovation Leader, PwC China
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Mainland China and Hong Kong Markets Leader, PwC China
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G. Bin Zhao
PwC China Senior Economist, PwC China
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