Greater Bay Area
The Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) is a vibrant city cluster that comprises the Special Administrative Regions of Hong Kong and Macao, as well as nine municipalities in Guangdong (Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing). Collectively, they represent an economic force of nearly 87 million people, with a GDP around US$1.9 trillion. This initiative is designed to further integrate their economic activities and to develop external links so as to establish a significant position in the global economy.
The Greater Bay Area aims to harness the collective strengths of the region through co-ordinated economic development, with innovation and technology as a key focus. With a wealth of talent and professionals in I&T as well as financial, legal and professional services together with its positioning as Asia’s world city, Hong Kong will play a prime role in taking forward the Greater Bay Area. Hong Kong’s business-friendly environment, low taxes, rule of law, free economy, modern infrastructure, I&T capabilities, and robust intellectual property protection will all help businesses and individuals to connect and excel in this exciting new global economic zone.
Under “One Country, Two Systems”, Hong Kong enjoys the dual advantages of being part of China, while maintaining its global outlook and institutional advantages.
Business Services
Hong Kong has a full range of mature business services, including expertise in marketing, design, project management and risk management, logistics, supply chain management, maritime (such as ship finance, marine insurance and maritime legal and arbitration) and architectural services.
Legal Services
With the common law system, strong rule of law and independent judiciary, Hong Kong can act as a “deal maker” and “dispute resolver” for enterprises and can serve as the international legal and dispute resolution services centre for the Greater Bay Area. Arbitral awards made in Hong Kong are enforceable in over 150 Contracting States to the New York Convention and also in Mainland and Macao with which Hong Kong has concluded arrangements on reciprocal of arbitral awards.
Financial Services
Hong Kong is an international financial centre and the world’s leading hub for RMB business outside the Mainland; full range of globally benchmarked services such as banking, accountancy, fund raising, investment, asset management and RMB services.
Innovation & Technology
With top-notch tertiary institutions and outstanding scientific research achievements, a robust intellectual property regime, advanced financial infrastructure, free flow of information and a vibrant business environment, Hong Kong is well placed to become an international I&T hub.
Hong Kong-Zhuhai-Macao Bridge
The second half of 2018 saw the opening of two major infrastructure projects bringing high connectivity and new economic, social and livelihood opportunities to Hong Kong and the Greater Bay Area. The 55-km Hong Kong-Zhuhai-Macao Bridge, the longest bridge-cum-tunnel sea crossing in the world and a marvel of engineering art, was officially opened on October 23. The opening ceremony at Zhuhai Port was attended by Chinese President Xi Jinping and Hong Kong’s former Chief Executive Mrs Carrie Lam. Operating 24 hours a day, it puts major cities in the Pearl River Delta within a three hours’ commute from Hong Kong and reduces travelling time from Hong Kong Port to Zhuhai Port and Macao Port to only 40 minutes.
Guangzhou-Hong Kong Express Rail Link
On September 23, 2018, the Hong Kong Section of the Guangzhou-Hong Kong Express Rail Link (XRL) commenced operation, seamlessly connecting Hong Kong to the ever-expanding national high-speed rail network and offering a speedy, convenient and comfortable transport alternative for passengers travelling among Hong Kong and major cities in the Mainland. The Express Rail also fosters commercial and cultural exchanges between Hong Kong and Mainland cities, enhances Hong Kong’s status as a transport hub and brings forward long-term development opportunities for promoting sustainable growth in trades including tourism, commerce and professional services.
Greater Bay Area Development Blueprint
On February 18, 2019, the Central Government promulgated the Outline Development Plan for the Greater Bay Area, which sets out the directions guiding the development of the Greater Bay Area. Details on the Outline Development Plan can be found here.
