China has published a detailed plan for the further integration of the Greater Bay Area, which covers Hong Kong, Macao and 9 cities in neighboring Guangdong province. As CGTN's Li Jiejun reports, the hope is to build the world's most successful Bay Area.

The financial sector is one of the core and most competitive industries for the future development of the Guangdong-Hong Kong-Macao Greater Bay Area. Hong Kong is one of the world's top three international financial centers. And according to the Global Financial Centres Index (GFCI), Shenzhen ranks 20th and Guangzhou 32nd.

HAIBIN ZHU CHIEF CHINA ECONOMIST, J.P. MORGAN "Compared to other Bay Areas, this one has the highest economic growth rate. As for the population, port cargo volume and the number of people travelling through the airport, it's also the largest bay area physically. Guangzhou's manufacturing and foreign trade, Shenzhen's high-tech and innovation, and Hong Kong's financial services have laid a solid foundation for regional integration."

Currently, the globe's world-class Bay Areas are all international financial hubs. New York's Wall Street is the heart of the global financial industry. The San Francisco Bay Area is known for its venture capital investment. And Tokyo has the largest number of banking institutions. Experts say compared to these three major Bay Areas, Guangdong-HK-Macao still has a lot of room for development.

HU ZHANGHONG CEO, GREATER BAY AREA HOMELAND INVESTMENTS LTD. "The Shenzhen and Hong Kong exchanges have raised around 200 billion HKD annually in the past few years, which is comparable to Wall Street. New York's financial industry accounts for 20% of its GDP, but the figure is just about 10% in our Bay Area. Meanwhile, the total market value of the two exchanges in Shenzhen and Hong Kong is only one quarter of the total market value of the New York Bay. There's still a big gap."

Analysts say all stakeholders need to cooperate and come up with constructive ways to grasp opportunities. Hong Kong will play a key role as a global financial hub to focus on financial services and fields such as arbitration, hi-tech manufacturing and aviation.

CHING CHUEN CHAN VICE PRESIDENT, HK ACADEMY OF ENGINEERING SCIENCES "I believe Hong Kong's innovation and technology will be boosted. More tech start-ups will emerge. So in the long run, Hong Kong's economy will be transformed gradually, and will no longer rely on the property market and stocks."

LI JIEJUN HONG KONG "Hong Kong has a financial system which is in line with international standards. Shenzhen has rich innovation resources; and Guangzhou and other Pearl River Delta cities have solid industrial bases. With effective coordination in the future, the Greater Bay Area will likely have much to offer. LJJ, CGTN, HK."