Industrial transformation is critical for China to maintain its continuing economic development. To what extent does the Guangdong-Hong Kong- Macau Greater Bay Area plan contribute to the industrial transformation that China must undergo? How will the Greater Bay plan fit into this overall industrial transformation? Robert Lawrence Kuhn raised these questions with Chen Yao, Vice President of China Association of Regional Economies.  

“The Guangdong-Hong Kong-Macao Greater Bay Area must rely on innovation to upgrade its industrial structures. For the Guangdong-Hong Kong-Macao Greater Bay Area, we already have a clear goal of building a world-class metropolitan area. One priority is to build a technology and innovation center. The Greater Bay Area is equipped with a solid foundation: relatively strong research capabilities with key higher educational institutions and research institutes in Hong Kong and Macao. In particular, Shenzhen in the Pearl River Delta is an innovation-driven city, leading the new technological revolution and industrial transformation. Shenzhen plays an exemplary role in innovation nationwide with a high number of annual patents for invention and ranks highly at the global level. Moreover, Shenzhen has also cultivated a number of technology leading enterprises such as Tencent, Huawei and UAV maker DJI-Innovations. Several internet giants have emerged and flourished. That’s why we need to build the Greater Bay Area into a technology and innovation center. It will also have great significance for China as a whole. We are now promoting innovation-driven strategies, which rely on metropolitan areas, such as the Guangdong-Hong Kong-Macao Greater Bay Area to take the lead, because these areas are well equipped with rich innovative resources. Promotion of innovation in Greater Bay Areas and industrial upgrading will lead China’s national industry restructuring and development into a new era.”