Displaying items by tag: Bay Area - China Development Institute

Friday, 10 December 2021 07:33

Dialogue between China's Greater Bay Area and San Francisco Bay Area

Information

20211210

As one of the most consequential bilateral relationships in the world, the stability of China-US relations will have a far-reaching impact on the recovery of global economy. In the recent Xi-Biden virtual meeting, both sides have exchanged views on the issues of common concern.

In recent years, though the global economy remaining sluggish, China's GBA and San Francisco Bay Area are still considered the leading dynamic regions in terms of industrial development and innovation. Based on this, China Development Institute is about to host an online expert dialogue on December 10, 2021（Beijing Time）to explore the synergies of the two Bay Areas in innovative development, industrial investment and other fields from regional perspective.

Highlights

On December 10th 2021, China Development Institute (CDI) and the Bay Area Council Economic Institute co-organised an online dialogue between China's Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and San Francisco Bay Area. Scholars from both countries exchanged views on the two bay areas’ economic development and outlook, as well as Sino-U.S. relations. Over three hundred audience from all spheres, including government officials, researchers, executives and media outlets, tuned in for this webinar.

Dr. Wanda Guo, executive vice president of CDI, proposed that Sino-U.S. dialogue should be built on common interest, while bilateral relation could be improved through cooperation on the regional level, especially the business collaboration in the emerging industries between the two bay areas. The two countries could also take advantage of multilateral frameworks in expanding Sino-U.S. cooperation with a foundation of restored trust and respect for each other.

Dr. Sean Randolph, senior director of Bay Area Council Economic Institute, advised that notwithstanding the existing practical obstacles between the two bay areas, there are a few promising areas for collaboration in the private sector, such as clean technology, climate change, health care, biomedicine, and electrical and autonomous vehicles. In addition, Dr. Randolph stressed that the combination of Hong Kong’s role as an international financial service provider and the GBA’s highly developed manufacturing capability is advantageous, and will be attractive for American businesses and investments in the foreseeable future.

Dr. Chenyang Xu, fellow of Institute of Electrical and Electronics Engineers, co-founding partner of Silicon Valley Future Academy, added that regional level collaboration could be an alternative pathway to resuming a normal Sino-U.S. dialogue.

He argued that the communications and exchanges on the local level shouldn’t be interrupted by the ongoing Sino-U.S. trade frictions, the U.S. sanctions, or the global pandemic. Private companies that are present within the two bay areas should complimentarily and pragmatically collaborate in each party’s respective advantageous fields, such as, the rich history of scientific innovations and digital revolution enjoyed by Silicon Valley, and big data, biomedicine, smart manufacturing, and commercialization of scientific research seen in the Greater Bay Area.

Mr. Perry Wong, managing director, China at Milken Institute, echoed the notion of maintaining normal communication between the two countries without politicising the issues, especially in terms of climate change and health care collaboration between China’s Greater Bay Area and the American San Francisco Bay Area.

He elaborated that the two bay areas could explore the investment and business opportunities together within emerging countries in dealing with climate change with increased application of science and technology. Furthermore, collective research and development into public health, health science and technology with the aim of curing critical diseases, illness and caring for the aging population will result in mutual benefits for the two bay areas. Last but not least, in terms of the human resource sector, both parties need to focus on issues pertaining to attracting and retaining talents.

Ms. Rui Ma, chief analyst and director of Tech Buzz China in Silicon Valley, has said that the dialogue between entrepreneurs could help to minimise misunderstandings between China and the US. She stressed that both sides are expected to explore areas of communication on industry regulations, standards, intellectual property protection, as well as fair and open market access.

Presently, both China and the US are the innovative hi-tech centres. The two bay areas have driven innovation and business successes from a global perspective. Companies that are operating in these two bay areas should keep up dialogues, finding avenues of cooperation in other aspects not just entrepreneurship and investor education, but also digital technology, fintech and bio-medicine.

Director of One-Country-Two-Systems Research Institute Dr. Zhou Fang stated that the Guangdong-Hong Kong-Macao Greater Bay Area is featured with a unique system. With the GBA strives to become a hub for the world, there are a lot to learn and exchange between the GBA and the San Francisco Bay Area. Efforts are being made in a number of key areas in the GBA. Firstly, the building of a diversified financial exchange and trade platform within the GBA will facilitate regulated capital flow between China’s mainland and the two Special Administrative Regions. Secondly, the science research commercialisation capability and manufacturing power will be further strengthened as the GBA’s hi-tech industries become better integrated within the region. Lastly, infrastructural connectivity within the GBA will be further enhanced with the railway network consisted of national, inter-city, and inner-city rails, which is already under construction.

According to Mr. Jian Peng, director of Industrial Development and Urban Planning Research Centre, CDI, the two bay areas are both rapidly evolving in terms of scientific and technological innovations, it is hard to keep track of all the changes. Therefore, a diversified channel for communication will be beneficial for better understanding the two bay areas, to dissolve regional business and investment barriers. Mr. Peng also pointed out that the innovation progress is prone to changes within the public services and resources, as seen in the Silicon Valley tech exodus caused by the rising operational and living cost. Therefore, development in public policies planning is critical in preserving scientific and technological innovation in the region, which is also an issue faced by both bay areas.