China has recently laid out its plans for the Greater Bay Area project located in the Pearl River Delta. These plans are designed to guide the future development of a vast economic region surrounding Hong Kong. This immense territorial economy, composed of Hong Kong, Macau, Guangzhou, Shenzhen and seven other important cities, currently produces 37% of China’s exports.
Covering more than 56’000 square kilometers, the Greater Bay Area constitutes a remarkable region with its population of 70 million people. It boasts a gross domestic product of $1.5 trillion.
Special Economic Zones (SEZ) were first launched in 1980 by the Chinese government. At that time Shenzhen was a small fishing village of 30’000 inhabitants. Today Shenzhen is a metropolis with a population of 12 million, which produces China’s fourth highest GDP income after Beijing, Shanghai and Guangzhou.
The Hong Kong – Zhulai – Macao Bridge, pictured above, was inaugurated in October 2018. It is a vital element that unifies the vast infrastructure network of the Greater Bay Area.
While Hong Kong, according to the Greater Bay Area Plan, will maintain its status as a finance and trade center, Shenzhen is intended to become a technology hub and one of the prominent Special Economic Zones. These Zones essentially act as liberal economic environments, which promote research, development, innovation and production.
Shenzhen will also play an important role as a test bed for future developments emerging from the Greater Bay Area Plan.
Hong Kong and the Chinese Government have recently signed an agreement that removes the tax barriers to trade and to key services between Hong Kong and the Greater Bay Area.
Based on a well-conceived strategy of city governance and controlled development, Shenzhen has become an outstanding success story as the first of China’s Special Economic Zones. Shenzhen will also act as a test bed for future developments emerging from the Greater Bay Area Plan.
“We are in the midst of vast and very promising business opportunities, which are emerging from China’s impressive Greater Bay Area Plan” commented Mr Antonio Marelli, adding “…in this context we see excellent opportunities for the marketing and sale of our high quality Minotti products”.