Author: Zhang Yuge, Director, Hong Kong and Macao Research Department, CDI
Editor’s Note: The Development Plan Outline for the Guangdong-Hong Kong-Macao Greater Bay Area has been unveiled. What new attempts and practices in the Outline are worth attention?
The highly anticipated Development Plan Outline for the Guangdong-Hong Kong-Macao Greater Bay Area (hereinafter referred to as “the Outline”) has been unveiled. The new attempts and practices in the Outline can be seen in the following aspects.
Market-oriented and open development
The Guangdong-Hong Kong-Macao Greater Bay Area is characterized by “one country, two systems”, therefore a challenge it faces is that “the market connectivity needs to be further improved with effective and efficient flow of production factors”.
Both infrastructure connectivity and favorable policies for the smooth flow of production factors are essential to establishing an international innovation and technology hub and a globally competitive modern industrial system.
A free flow of various factors lies in leveraging the decisive role of markets in resource allocation. If production factors cannot flow effectively and efficiently, the role of the market will be compromised.
Progressive breakthroughs in policy innovation
innovations can be easily found in the Outline: “to progressively open up to Hong Kong and Macao the major national R&D equipments located in Guangdong”, “to enhance the cross-border management of medical data and bio-samples used for R&D cooperation projects in designated universities, institutes and laboratories in the Greater Bay Area”, “to initiate pilot projects for intellectual property securities”, “banking institutions in the Greater Bay Area may launch cross-border RMB businesses”, “enterprises in the Greater Bay Area may issue cross-border RMB bonds”, “to promote cross-border transactions of financial products in the Greater Bay Area” etc.
The implementation of a single innovation practice will effectively solve a specific problem, and even “compel” other problems to be solved. The combined effect of many innovations will facilitate progressive breakthroughs in policy innovation.
All-around high-quality development
The development goal of the Greater Bay Area is to “develop a vibrant and internationally competitive first-class bay area and world-class city cluster”, which in essence represents high-quality development. The building of the Greater Bay Area focuses growth more on quality instead of quantity.