- Infrastructure: Cross-border projects are strengthening seamless connectivity across the region
- Technology: GBA leads innovation and hi-tech manufacturing by investments and talent pool
- Trade and e-commerce: e-commerce and manufacturing clusters integration drive export growth
- Financial: Capital market is pivotal global IPO destinations, fostering RMB internationalization
- Consumption: Growing middle-class and healthy population mix drive spending power
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The Guangdong-Hong Kong-Macau Greater Bay Area is an economic powerhouse within China, achieving over RMB14 trillion (USD 2 trillion) in GDP in 2023 - one-ninth of the nationwide total. This is impressive considering the region comprises less than 1% of the country's landmass. As of 2023, the scale of the economy has surpassed the Tokyo Bay Area, making it one of the top bay areas globally.[1][2].
Six factors underpin the GBA:
1. Strategic infrastructure
2. Advancement in high-technology manufacturing
3. Accelerating new energy development
4. Burgeoning trade and financial flows
5. Robust private consumption
6. Resilient property market
The region has cemented its status as one of the most vigorously expanding economic zones worldwide. Continuous modernisation of transportation linkages, port facilities, aviation infrastructure, and pioneering industries is transforming the Greater Bay Area into a seamlessly integrated commercial hub.
Deepening collaboration and connectivity among its constituents are anticipated to attract further foreign and domestic investment as well as talented individuals. Additionally, the region's innovative and diversified production capacity with an emphasis on cutting-edge sectors is positioned to stimulate further growth. With supportive policies from the central government and as a focal point of national development strategies, the Guangdong-Hong Kong-Macau Greater Bay Area is expected to continue leading as a model for regional cooperation and a major engine sustaining China's economic strength.
[1] Nominal GDP of the New York Metropolitan Area and San Francisco Bay Area saw more appreciable growth compared to the GBA and Tokyo Bay Area in 2023 amid strong GDP and sticky inflation.
[2] Tokyo and San Francisco Bay Area are proxied with the 2022 and 2023 nominal GDP growth of Japan and California, respectively.
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Nathan Chow 周洪禮
Senior Economist and Strategist - China & Hong Kong 高級經濟學家及策略師 - 中國及香港
[email protected]
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Completed Date: 18 Jan 2023 11:04:34 (SGT)
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