7 Tasks of GBA｜Path of cooperation and development platforms in Greater Bay Area (Part I)

Published : 2024-09-12

Editor︰Ryu

What needs to be done for the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)?

In Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (the Development Plan), mentions seven major tasks.

This series examines achievements across seven areas, spotlighting the cooperation and development platforms in the GBA cities in this article.

Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone

The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as the "Qianhai Cooperation Zone"), located in the west of Shenzhen, is one of the major cooperation platforms for Guangdong, Hong Kong and Macao, and is also the centre of Shenzhen's current economic development.

The Qianhai Cooperation Zone, one of the major cooperation platforms for Guangdong, Hong Kong and Macao, has one international airport, six ports and terminals, and five ports of entry, and offers direct access to Hong Kong's Central, Macao, and Guangzhou within one hour. (Image Source: VCG)

In 2019, the Development Plan proposed optimising the functions of the Qianhai Cooperation Zone, including strengthening Qianhai's role as an engine for cooperation and development, enhancing cooperation in legal affairs, and building a new international city centre.

Regarding strengthening Qianhai's role as an engine for cooperation and development, the Development Plan proposed promoting financial opening-up and innovation, and strengthening cooperation between Shenzhen and Hong Kong in green finance and fintech.

As a demonstration window for the country's financial opening-up, financial cooperation between Shenzhen and Hong Kong in the Qianhai Cooperation Zone has been continuously deepening.

In 2013, the People's Bank of China launched China's first cross-border RMB loan business in the Cooperation Zone. Since then, the "six connectivities" mechanisms, namely the Shenzhen-Hong Kong account connectivity, remittance connectivity, financing connectivity, trade connectivity, financial services connectivity, and cross-boundary wealth management connectivity, have been introduced one after another.

The connectivity of Shenzhen-Hong Kong financial markets has played a crucial role in facilitating Hong Kong enterprises' access to the mainland market.

The Qianhai Youth Dream Factory, located in the Qianhai Cooperation Zone, has successfully incubated a total of over 700 Hong Kong entrepreneurial teams, becoming a — The latest data shows that the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub. has successfully incubated a total of over 700 Hong Kong entrepreneurial teams. (Image Source: Shutterstock)

Nansha Demonstration Zone

Located in the southernmost part of Guangzhou, Nansha is one of the major cooperation platforms in the Greater Bay Area.

In 2015, a 60-square-kilometre area in Nansha was incorporated into the China (Guangdong) Pilot Free Trade Zone, becoming one of the three zones of the Guangdong Pilot Free Trade Zone.

Shipping and logistics is one of the key industries for development in Nansha; currently, Nansha has the largest container hub port in Southern China and the largest international cruise home port in the country. — Currently, Nansha is home to the largest container hub port in South China, as well as the nation's largest international cruise home port. (Image Source: Shutterstock)

The Development Plan proposes to build the Guangzhou Nansha Guangdong-Hong Kong-Macao Comprehensive Cooperation Demonstration Zone, which includes cooperatively building a portal for high-standard opening up with Hong Kong and Macao, jointly establishing a demonstration zone for innovative development, constructing an important platform for financial services, and creating a quality living circle.

As a key hub connecting Hong Kong, Macao, and the cities along the Pearl River Estuary, Nansha's transport infrastructure has developed rapidly in recent years.

Four rail transit lines and nine expressways have been completed, connecting to the Shenzhen-Zhongshan Link's Wanqingsha branch of the Nansha-Zhongshan Expressway, is also expected to be completed and opened to traffic within this year.

By then, the travel time between Shenzhen and Nansha will be reduced to under half an hour, taking only 20 minutes. This will accelerate the realisation of the "half-hour trans/port circle" goal mentioned in the Development Plan.

After the Nansha Bridge opened to traffic in April 2019, it linked the four Greater Bay Area cities of Guangzhou, Shenzhen, Dongguan, and Foshan, and is the first — After the Nansha Bridge opened to traffic in April 2019, it connected the four GBA cities. It is the first "super project" to be put into use after the release of the Development Plan. (Image Source: Shutterstock)

In addition to transport infrastructure, the Development Plan also mentions strengthening joint scientific and technological innovation among Guangdong, Hong Kong, and Macao, and developing Nansha into a leading hub for the transformation of scientific and technological achievements in South China.

Currently, major Guangdong-Hong Kong-Macao cooperation projects such as the Nansha Incubation Base of the Hong Kong Science and Technology Parks Corporation and the Guangzhou Nansha Science City International Innovation and Entrepreneurship Community have been established in Nansha.

This further promotes the development of Nansha into the "Silicon Valley of the Greater Bay Area".

Guangdong-Macao In-Depth Cooperation Zone

Located in the southern part of Zhuhai City, the Guangdong-Macao In-Depth Cooperation Zone in Hengqin (hereinafter referred to as the "Hengqin Cooperation Zone"), is separated from Macao by just a stretch of water.

Established in 2021, it is a major Guangdong-Hong Kong-Macao cooperation platform officially established after the Development Plan was proposed.

In September 2021, the "Hengqin Plan" issued by the Central Committee of the Communist Party of China and the State Council proposed that the customs supervision area on Hengqin Island between the "first line" and the "second line" be designated as the Hengqin Cooperation Zone, creating a new platform to promote the moderately diversified economic development of Macao. (Image Source: VCG)

The Hengqin Cooperation Zone focuses on close collaboration with Macao and diversified development.

Key industries for development include traditional Chinese medicine, cultural tourism, conventions and exhibitions, commerce and trade, scientific research and development, and high-end manufacturing.

Among these, the Development Plan mentions supporting the development of the Traditional Chinese Medicine Science and Technology Industrial Park of Co-operation between Guangdong and Macao.

Provided that relevant laws are complied with, guidance will be provided for new drug research, development, and approval for enterprises within the park, and eligible medical personnel from Hong Kong, Macao, and foreign countries will be allowed to practise in Hengqin.

In the Hengqin Cooperation Zone, the Traditional Chinese Medicine Science and Technology Industrial Park for Cooperation between China and Macao has established a GMP pilot production, R&D testing, and industrial incubation base that meets the certification standards of mainland China, possesses internationally advanced standards, and is among the first batch of — In the Hengqin Cooperation Zone, the China-Macao Cooperation Traditional Chinese Medicine Technology Entrepreneurship Park has built GMP pilot production, R&D and testing, and industrial incubation bases that comply with Mainland China's certification standards. (Image Source: VCG)

In October 2022, the Several Measures to Support the High-Quality Development of the Biomedical and Big Health Industries in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin was introduced, and the traditional Chinese medicine industry brand of "Macao supervised manufacturing + Hengqin production" is gradually taking shape.

Currently, the Traditional Chinese Medicine industrial chain, led by the Traditional Chinese Medicine Science and Technology Industrial Park of Co-operation between Guangdong and Macao, is becoming increasingly well-established.

As of the end of August 2024, there were 237 registered enterprises, of which 83 were Macao enterprises, covering fields such as traditional Chinese medicine, health products, and medical devices.

In addition to the "Hengqin Plan", including the "Administrative Measures" a series of policy dividends such as these have been released, creating more opportunities for Macao's traditional Chinese medicine brands to enter the mainland market and even to expand into overseas markets.