On October 23, Chinese President Xi Jinping announced the opening of the Hong Kong-Zhuhai-Macao Bridge (HZMB).

As the world's longest sea-crossing, the 55-kilometer bridge, situated in the waters of Lingdingyang of Pearl River Estuary, connects China's mainland and Hong Kong and Macao Special Administrative Regions (SARs). 

The bridge is the first of its kind for Guangdong, Hong Kong, and Macao to jointly build a supergiant sea-crossing traffic project under the principle of "one country, two systems."

Many experts are also calling it the "Bridge of growth."

John Gong, a professor at the Beijing-based University of International Business and Economics, believes that reducing the travel time between the cities will greatly benefit people in the area and boost regional economic growth.

Now, people working and living in Hong Kong may see an end to their high-cost living. 

As Gong explained, economic benefits always create a multiplier effect and in HZMB's case, the bridge makes commuting between Hong Kong, Zhuhai, and Macao more efficient and cost-effective. Consequently, more and more people will now choose to live in Zhuhai and work in Hong Kong.

It is believed that the mega-bridge will give further push to the regional economic growth. "It will generate lots of intra-region activities, which will create jobs and stimulate regional economic growth," said Gong.

He believes that as the bridge brings Zhuhai closer to Macao and Hong Kong, the city will grow at a faster pace in the same way Shenzhen did after the implementation of the reform and opening-up policy. 

Gong said that each part of the Greater Bay Area has its own strength, and with the bridge in place, each can use their strength to their advantage.

The old manufacturing industries will also be moved from Hong Kong to the western part of the Greater Bay Area, which may stimulate more innovative activities in the western part.

However, difficulties and challenges remain for further economic integration, as permits and tax arrangements vary in Hong Kong, Macao and the Chinese mainland. But Gong believes that the economic competitiveness of Hong Kong can give other cities in the area an urgent sense of catching up with its pace of economic development.

The discrepancy in business policies creates golden opportunities for cities in Guangdong Province to improve their business environment. 

Gong suggested, "The officials and people from three cities have to work together to make the movement of goods, people, and services as smooth as possible, so the people who cross the border regularly are more willing to do business with each other."

The Greater Bay Area is one of the most economically vibrant areas in the world. While it covers less than one percent of China's land area, and its population accounts for less than five percent of the national total, it contributed more than 10 percent of the country's GDP last year. 

The region recorded an impressive growth rate of over seven percent during the same period, more than the national average of 6.9 percent. 

Now, with the HZMB in place, a more integrated regional economy with robust growth is on the horizon.

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