Development impetus injected by the Greater Bay Area

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By CGTN's Wang Dong

As a front-runner in China's reform and opening-up policy, the Pearl River Delta has played a vital role in the country’s economic development. In an effort to deepen reform and better integrate the region, a vision for the Guangdong-Hong Kong-Macao Greater Bay Area is now taking shape.

To create a globally competitive cluster of metropolises, the Greater Bay Area has great economic potential since it covers an area of high business activity.

However, in Dialogue with Yang Rui, Robert Koepp, director of the Economist Corporate Network, thinks there is internal competition within the region, which should be handled carefully.

"Shenzhen now has a very active stock market. So does Hong Kong. Shenzhen definitely takes the lead on technology and so forth. Anyway, there’s a certain amount of internal tension between the regions,” he added.

In the process of developing the Guangdong-Hong Kong-Macao Greater Bay Area, multiple challenges lie ahead, such as different social systems, the coherence of policies and free flow of capital and human resources.

However, opportunities are presented as well, according to Charles Liu, founder of Hao Capital, especially for young Hong Kong people seeking careers on the mainland.

“There’s already been a major shift in the relationship in terms of employment relationship. I think Hong Kong has to recognize for its young people to fully capitalize on the opportunities which are presented in mainland China.”

It’s been 20 years since Hong Kong returned to China. However, the decolonization process is still slow, according to Victor Gao Zhikai, chairman of China Security Institute, and this issue should be realized for the sake of Hong Kong’s further development.

“People in Hong Kong, especially the younger generation, need to be fully aware that they are people of Hong Kong, but they are also people of the People’s Republic of China. And gradually, I think, everyone needs to come to the terms that China is the overall sovereign in Hong Kong and they need to respect Hong Kong as well as respect China.”