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Bay Area to fuel growth along Belt and Road

2019-04-03 13:47:28 China Daily

The integrated and coordinated development of the Guangdong-Hong Kong-Macao Greater Bay Area, a national strategy for economic momentum, is expected to create a world-class city cluster to fuel the growth of the entire nation, according to experts, senior officials and entrepreneurs.

"As one of the most open and economically vibrant regions in China, the Greater Bay Area plays a significant strategic role in the innovation, transformation and overall development of the country," said Shen Chi, vice-director and professor of urban planning at the China Center for Urban Development.

Under the outline development plan, which was released in February, the Greater Bay Area will help fuel the overall growth of the nation and even the countries and regions along the routes of the Belt and Road Initiative, Shen said.

"The Greater Bay Area has a historic mission to create a global city cluster like the San Francisco Bay Area in the future. It will serve as a leading force for innovative development with demonstrative functions, which will help other regions accelerate the push for innovation, opening-up and reform," Shen added.

The Greater Bay Area encompasses Hong Kong, Macao and nine cities in Guangdong province, including Guangzhou and Shenzhen. Covering more than 56,000 square kilometers, it is an enormous market with a population of 70 million and a gross domestic product of $1.5 trillion.

Chen Yuyu, an economics professor at Peking University's Guanghua School of Management, said the development of the Greater Bay Area will help point the way for exploration of industrialization and urbanization among developing countries.

Chen said the development of the Greater Bay Area marks China's attempt to pursue opening-up on all fronts in a new era and is a further step in carrying out reforms.

"The integrated and coordinated development of the area will break the administrative boundaries, which will reduce the cost and create a more vibrant regional economy," he added.

According to Chen, the development of the Greater Bay Area will pool various resources and build a large, unified market.