21/04/2024 - 18:51:55

About the Bay Area

 1. Introduction to the Guangdong-Hong Kong-Macao Greater Bay Area

The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is a significant national strategy planned, carried out and advocated by President Xi Jinping. In April 2023, President Xi emphasised during his inspection in Guangdong that the Greater Bay Area should become a strategic fulcrum of the new development pattern, a demonstration area for high-quality development, and a leading area for China’s modernisation. This set the direction for advancing the construction of the Greater Bay Area.

The Greater Bay Area covers Macao, the Hong Kong Special Administrative Region, and nine cities in Guangdong province: Dongguan, Foshan, Guangzhou, Huizhou, Jiangmen, Shenzhen, Zhaoqing, Zhongshan, and Zhuhai. It has a total area of 56,000 square kilometres and is one of the most open and economically vibrant regions in China.

On the 5th anniversary of the release and implementation of the “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area,” the total economic size of the Greater Bay Area exceeded RMB14 trillion in 2023, compared to over RMB10 trillion in 2018. The population has grown from around 70 million to over 86 million, ranking it first among international bay areas in terms of population size.

In recent years, the introduction of measures such as the “Master Plan of the Development of the Guangdong-Macao In-depth Co-operation Zone”, “Overall Development Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone” (Qianhai Overall Development Plan), “General Plan for Opening-up of Guangzhou Nansha to Deepen Comprehensive Co-operation between Guangdong, Hong Kong and Macao”, “Three-Year Action Plan for Building a World-Class Business Environment in the Guangdong-Hong Kong-Macao Greater Bay Area”, and the “Three-Year Action Plan for Building a ‘Digital Greater Bay Area’” have further implemented the construction of the Greater Bay Area, accelerating the implementation of key tasks and promoting the high-quality development of the Greater Bay Area.

2. Macao’s Role in the Development of the Greater Bay Area

As one of the four cities serving as the “core engine” of the regional development of the Guangdong-Hong Kong-Macao Greater Bay Area, Macao is committed to its role as a “World Centre of Tourism and Leisure” and a “Commercial and Trade Co-operation Service Platform between China and Portuguese-speaking Countries”. It aims to build a “Base of Exchange and Co-operation with Traditional Chinese Culture as Mainstream and the Co-existence of Other Cultures”, playing a crucial role in the Greater Bay Area with the advantages of a free port, a separate customs territory, and a simple and low taxation system granted under the “One Country, Two Systems” principle.

Currently, the Macao SAR government is implementing the “Second Five-Year Plan for the Economic and Social Development of the Macao Special Administrative Region (2021-2025)” in an orderly manner. It has also issued the “Development Plan for Appropriate Economic Diversification of Macao SAR (2024-2028)” following the “1+4” strategy for appropriately diversified economic development. Efforts are being made to consolidate and enhance the comprehensive tourism and leisure industry and to accelerate the development of traditional Chinese medicine (TCM) and big health industries, modern financial industry, high-tech industries, convention and exhibition trade, culture, and sport industries. This aims to better align with the national “14th Five-Year Plan” and implement the “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” more effectively.