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14.76 trillion RMB! GBA to be the world’s largest bay area economy

2022-06-22 14:20:20
source:Source: newsgd.com

According to a report released by the China Development Research Foundation recently, the GDP of Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is expected to reach 14.76 trillion RMB in 2022, making it the world's largest bay area in terms of economic scale.

“Guangdong province is firmly committed to fully and faithfully implementing the ‘one country, two systems’ principle, creating an important driving force for high-quality development, and building a major strategic platform together with Hong Kong and Macao for the world,” said Zhu Wei, executive deputy director-general of Guangdong Provincial Office of the Leading Group for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Facilitating the integration of Hong Kong and Macao into the overall national development, GBA provides a strong underpinning to the sound and sustained implementation of the "one country, two systems" principle.

From AI and new energy to high-end equipment manufacturing and bio-medicine, Hong Kong and Macao have expanded their development space in GBA.

Through bringing the advantages of Hong Kong and Macao respectively into full play, GBA is building a national hub for high-level opening-up. And a quality living circle is also taking shape.

Currently, Hong Kong and Macao residents can participate in social insurance in Guangdong and enjoy the same housing and education benefits on the Chinese mainland. And they can also establish institutions for elderly care in Guangdong.

Under the framework of “one country, two systems”, GBA has offered a stronger sense of belonging and fulfillment to Hong Kong and Macao residents with the improvement of the new system featuring extensive consultation, joint contribution, concerted efforts, and shared benefits.

From the promulgation of Hengqin Plan and Qianhai Plan last year to the recently unveiled Nansha Plan, the practice of "one country, two systems" has been constantly enriched and the integrated development between the mainland and Hong Kong and Macao has been continuously deepened.