Professor Fu Zhengping of Our School Was Interviewed by Southern Metropolis Daily on “the Advantages of Greater Bay Area”

It has been one year since Guangdong-Hong Kong-Macao Greater Bay Area was included into the Government Work Report of the State Council, the concept of bay area continues to heat up as the planning outline for the Guangdong-Hong Kong-Macao Greater Bay Area is coming soon. On May 31st, Professor Fu Zhengping of our school was interviewed by Southern Metropolis Daily on “the advantages of Greater Bay Area”. Professor Fu Zhengping believed that “the main advantages of Guangdong-Hong Kong-Macao Greater Bay Area are trade and shipping logistics”, and its main deficiencies in development lied in innovation capacity, science and education resources, and the number of the headquarters of worlds top 500 enterprises. And the deeper gap was mainly reflected in the soft environment, such as intellectual property protection and public service provision. 

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Screenshot of the report

    Below is part of the report:

At present, the three acknowledged world-class bay areas are New York Bay Area, San Francisco Bay Area and Tokyo Bay Area. What kind of economic volume can be called world-class bay area? Why can all world-class bay areas have global financial center? Compared with world-class bay areas, how is the economic strength and financial strength of Guangdong - Hong Kong-Macao Greater Bay Area? When planning outline for the Guangdong - Hong Kong-Macao Greater Bay Area is launched, how will the new chapter of Guangdong - Hong Kong-Macao Finance be written?

Development space: Guangdong - Hong Kong-Macao Greater Bay Area has obvious competitive advantages

The reporters of Southern Metropolis Daily have noticed that in the aspect of land area and population, Guangdong - Hong Kong-Macao Greater Bay Area has already exceeded the sum of the three world-class bay areas, its economic aggregate is almost equal to that of New York Bay Area, and its growth rate ranks first among the four bay areas.

Although the absolute value of Guangdong - Hong Kong-Macao Greater Bay Area in GDP, population and other total quantity indexes is large, per capita level is low. If Guangdong - Hong Kong-Macao Greater Bay Area wants to become a world-class bay area, does it have that strength in all aspects?

Professor Fu Zhengping believed that “the main advantages of Guangdong - Hong Kong - Macao Greater Bay Area are trade and shipping logistics”, and its main deficiencies in development lied in innovation capacity, science and education resources, and the number of the headquarters of world’s top 500 enterprises. 

Chen Bo, the professor of Huazhong University of Science and Technology and the president of Optical Valley Institute of Free Trade, expressed that the three world-class bay areas formed their aggregation of industry chain around the core industries, but the Guangdong - Hong Kong-Macao Greater Bay Area not only had Hong Kong’s financial industry, but also had Shenzhen’s R & D, Dongguan and Guangzhou’s manufacturing. Therefore, compared with the three world-class bay areas, the development space of Guangdong - Hong Kong-Macao Greater Bay Area is greater.

For Tao Dong, the managing director of Suisse and the chief economic analyst in Asia, from industry chain to financial industry chain, Guangdong - Hong Kong - Macao Greater Bay Area has obvious competitive advantages, and it focuses on the private enterprises in the bay area. Guangdong has gone through “vacating cage to change bird”, so its technological innovation capability is competitive in the whole country and even in the world. At the same, the degree of the completeness of industries is rare in the world, and in the next ten years, Guangdong - Hong Kong-Macao Greater Bay Area will be the most dynamic economy which is most likely march towards new peak through economic transformation.

Original title: Compared with world-class bay areas, what is the potential for the financial development of Guangdong - Hong Kong - Macao Greater Bay Area?

Source: Southern Metropolis Daily