Find out more about Hong Kong’s role in the Greater Bay Area.
Detailed strategies for creating an integrated economic business hub in this region were set out in 2019 by the Central Government through The Outline Development Plan for the GBA. The goals are to promote coordinated economic development to leverage the complementary advantages of Hong Kong, Macao, and Guangdong, and to develop an international first-class bay area for living, working and traveling.
The GBA contains a mix of manufacturing, financial, and high-tech industries located in the most competitive cities in southern China.
As a major international financial, transportation and trade center, as well as an international aviation hub, Hong Kong is highly internationalized and will be the engine driving the development of the GBA, connecting it to world markets based on its deep experience and global reputation in investment and finance, trade, transportation, and legal services.
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A regional base for art and culture
The plan will build on Hong Kong International Airport’s status as one of the world’s busiest airports. In 2019, HKIA moved 4.8 million tons of cargo – more than any airport in the world -and handled 71.5 million passengers.
A global aviation hub
Regional base
for art and culture
International innovation and technology hub
Global aviation hub
While Hong Kong’s reputation as a global financial, trade and business powerhouse is well established, the city anticipates scaling new heights as the GBA evolves. This positive outlook is reinforced in the recently announced “14th Five-Year Plan,” a blueprint and action agenda for the social and economic development of China in the next five years (2021-2025). The Plan supports Hong Kong to enhance its singular advantages in key sectors, including:
The future role for Hong Kong
Internet of Things and smart cities
5G mobile and cloud computing
Fintech
Blockchain
Big data
and analytics
Artificial intelligence and robotics
The GBA is already home to some of China’s most innovative tech companies, including global giants such as Tencent. Shenzhen, in particular, has a thriving tech-startup scene. Future development of the region is expected to prioritize a number of key technologies:
A future innovation and technology hub
96%
The percentage of GBA-based senior executives who expect that the region will contribute to the growth of their businesses over the next three years, according to a 2020 report from KPMG.
US$4.6 trillion
The expected GDP of the GBA by 2030, which would be larger than the current GDP of Germany, according to a report by PwC.
The GBA development journey has only just begun. Under the Outline Development Plan, the GBA aims to be a globally competitive mega-region by 2035. By then, it’s expected that the region’s GDP will exceed other city clusters around the globe — such as the San Francisco Bay Area, the New York Metropolitan Area, and the Greater Tokyo Bay — thanks to increased connectivity and a large population. This would mean huge business and investment opportunities compared with its international counterparts.
Potential
Supported by the core cities, these seven cities will make use of their manufacturing and industrial heritage, while at the same time deepening innovation and reform.
The seven ‘key node’ cities:
These cities will function as the core engines for regional development, leveraging their respective advantages.
The four core cities:
Hover over cities to learn more
GBA at a Glance
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Bay Areas around the world have a proven reputation for powering economic growth far beyond their geographical boundaries, with San Francisco, New York, Tokyo, and Sydney being just a few examples. Now, a new region is rapidly emerging in southern China: the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). With policy support from the Central Government, the vision for the GBA is to create a powerful engine for nationwide growth by harnessing the collective force of 11 key cities — nine in Guangdong Province plus the Special Administrative Regions (SARs) of Hong Kong and Macao. As a well established international hub for business, finance, and aviation, Hong Kong has a pivotal role to play in realizing this vision.
To better understand the GBA, here’s a detailed look at the comparative strengths of the cities that make up the region, business owners who are already feeling the benefits of operating within the GBA, and the potential for growth in the region over the next decade.
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Into the New
The total area of the GBA. The region takes up just 1% of China’s land area, but accounts for about 11% of its GDP.
The GBA’s 2019 GDP — a per capita GDP of more than US$23,000.
The population of the GBA in 2019. That’s roughly 6 million more people than the United Kingdom and almost twice that of Canada.
The total area of the GBA
56,000 km
The GBA’s 2019 GDP
US$1.67 trillion
The population of the GBA
Over 72 million
The company is based in Hong Kong, with numerous projects across the GBA. “Hong Kong is the region's leader in real estate development and building practices, which makes it an ideal testing ground and the logical place for the propagation of smart and green building approaches,” Wong says.
The big opportunity for Wong lies not in the new building projects that are poping up across the GBA, but in the older buildings that comprise up to 90% of existing building stock in many of the region’s cities. “There are all these existing buildings in Hong Kong and across the GBA that are not being taken into account in terms of how we can make a city more energy efficient,” he says. “That’s where we see our service playing a role.”
Given its status as an international financial center with robust legal and regulatory systems, Wong believes Hong Kong will be an important link between the other GBA cities and the global market, maintaining its reputation as the window to China. “Hong Kong also has a strong pool of technical personnel,” he adds, “in particular those with a high proficiency in English and a good understanding of international business practices.”
Managing Director at Elevant-Garde
Chin-Yee Wong
Asif Ghafoor is the founder and CEO of Spacious, a property-technology company based in Hong Kong. For the past five years, it has helped property hunters across Greater China.
Founder and CEO of Spacious
Asif Ghafoor
An international finance, transportation, and trade center, as well as an international aviation hub
Hong Kong
A world-class tourism and leisure center and a commerce and trade cooperation service platform between China and Lusophone countries
Macao
An international commerce and industry center and integrated transport hub
Guangzhou
A national economic core city and a national innovation city
Shenzhen
Electronics,
high-end manufacturing
Dongguan
Advanced manufacturing
Foshan
Petrochemicals and electronic information
Huizhou
High-tech industrial development zone
Jiangmen
An elongated tourism corridor and transport hub linking the GBA to China’s southwestern region
Zhaoqing
An important integrated transport hub, advanced manufacturing base, and R&D commercialization
Zhongshan
A center for tourism with road links to Hong Kong and Macao
Zhuhai
Ghafoor chose to base his company in Hong Kong, which is no surprise
given the city’s booming real estate market. At the same time, though, he argues that Hong Kong’s high level of technical expertise, combined with a strong commercial sense in achieving business objectives, is essential to any startup's success. “Hong Kong is also a fantastic first test market due to its diversity in demographics and technology,” he adds.
For Ghafoor, Hong Kong plays a central role in the development of the GBA. He points to the territory’s deep talent pool of highly educated, commercially minded, and internationally experienced workers — something that he says is unique across the region. “Hong Kong has a relatively wealthy population with a strong home market forming the cornerstone of any regional GBA strategy,” he adds.
He is encouraged by the amount of property investment capital that is already flowing across the GBA cities, with Hong Kongers buying property in Zhongshan, Zhuhai, Shenzhen, Guangzhou, and vice-versa. “The GBA presents a fantastic opportunity with a large GDP, population and real estate market to work with, which has already started to integrate due to cross-boundary capital flows,” he says.
Ghafoor chose to base his company in Hong Kong, which is no surprise
given the city’s booming real estate market. At the same time, though, he argues that Hong Kong’s high level of technical expertise, combined with a strong commercial sense in achieving business objectives, is essential to any startup's success. “Hong Kong is also a fantastic first test market due to its diversity in demographics and technology,” he adds.
Over 72 million
Chin-Yee Wong is managing director at Elevant-Garde, a building solutions provider that specializes in cloud and Internet of Things (IoT) services technology that helps buildings become smart, green, and responsive to user needs.
Regional hub for
international legal and
dispute-resolution services
International financial center
Effective deal-making and dispute resolution are essential elements for business to flourish within and beyond the boundaries of the GBA. Not only does Hong Kong uphold the rule of law and judicial independence under a tried and trusted common law system, the city is also home to high-quality legal services experts who have a great deal of experience in areas such as contract law, mergers and acquisitions, IP protection and arbitration and mediation.
Relevant authorities in Hong Kong and the Mainland continue to roll out measures to foster cross-boundary connectivity: the GBA Legal Professional Examination and the Supplemental Arrangement Concerning Mutual Enforcement of Arbitral Awards between the Mainland and Hong Kong are two recent breakthroughs facilitating the sustainable development of Hong Kong’s legal and dispute resolution services in the GBA. A GBA Mediation Platform will be set up to facilitate the use of mediation and discharge the role of a standard-setting body with a view to promoting the wider use of mediation within the GBA.
Since it opened in 1998, Hong Kong International Airport (HKIA) has been consistently rated among the best and busiest airports in the world for both international passengers and air cargo. As a gateway for the region, HKIA handles about 65% of GBA passengers who travel to/from overseas destinations, and 75% of the GBA’s international air cargo. Looking ahead, HKIA targets to begin operating the new third runway next year, with the Three-runway System targeting to complete in 2024. HKIA’s goal is to serve a projected passenger volume of 120 million and cargo throughput of 10 million tons by 2035.
The Central Government supports the joint development of the Shenzhen-Hong Kong I&T Co-operation Zone, which comprises the Shenzhen I&T Zone (SZ I&T Zone) and the Hong Kong-Shenzhen I&T Park (HSITP), with a view to establishing “one zone, two parks.” Upon full development, the HSITP will be Hong Kong’s largest-ever I&T platform with a total gross floor area of 1.2 million square metres, which is approximately three times that of the Hong Kong Science Park.
GBA offers opportunities, that, combined with Hong Kong’s business-friendly environment, continue to energize the city’s startup ecosystem. The number of startups in Hong Kong tripled from around 1,100 in 2014 to over 3,300 in 2020. Significant government investment in innovation and technology development, access to capital, availability of various accelerator programs, and proximity to Mainland China markets are major attractions. Venture capital investment in Hong Kong increased from HK$1.2 billion (US$154 million) in 2014 to almost HK$10 billion (US$1.28 billion) in 2019, representing a seven-fold increase. In a span of six years, eight unicorns have emerged in the city.
Enterprises located in the HSITP can leverage Shenzhen and the GBA’s strong production facilities for mass production and tap into the huge Mainland market, while at the same time continue to enjoy Hong Kong’s unique advantages, such as robust IP protection. The Hong Kong SAR Government is pressing ahead with the HSITP’s development. The first eight buildings will be completed in phases from 2024 to 2027.
The Hong Kong SAR and Shenzhen Municipal People’s Governments are pursuing the proposal of leasing and managing some of the existing buildings in SZ I&T Zone by the Hong Kong Science and Technology Parks Corporation before the completion of the first batch of buildings in HSITP, in order to allow suitable and interested institutions and enterprises tapping into the Mainland market as soon as possible. Also, the two Governments are formulating a package of facilitation and supportive measures covering R&D resources, capital and immigration etc., to enhance the attractiveness of the Co-operation Zone to local and international I&T enterprises and talents.
The eight creative industries (advertising, architecture, design, digital entertainment, film, music, publishing and printing, and television) are important drivers for Hong Kong to become a high value-added and diversified economy. The West Kowloon Cultural District, which blends local traditional characteristics with international elements, is becoming the city’s new cultural landmark. This nearly 100-acre site overlooking spectacular Victoria Harbour includes two world-class museums: M+, the global museum of contemporary Chinese and international visual culture, and the Hong Kong Palace Museum, showcasing the finest objects from the Palace Museum as well as Chinese and international works of art from other leading global institutions. They are scheduled for completion and commissioning in 2021 and 2022 respectively, and will turn a new page in Hong Kong’s visual arts landscape.
Artificial intelligence and robotics
Big data
and analytics
Blockchain
Fintech
5G mobile and cloud computing
Internet of Things and smart cities
²
Bay Areas around the world have a proven reputation for powering economic growth far beyond their geographical boundaries, with San Francisco, New York, Tokyo, and Sydney being just a few examples. Now, a new region is rapidly emerging in southern China: the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). With policy support from the Central Government, the vision for the GBA is to create a powerful engine for nationwide growth by harnessing the collective force of 11 key cities — nine in Guangdong Province plus the Special Administrative Regions (SARs) of Hong Kong and Macao
To better understand the GBA, here’s a detailed look at the comparative strengths of the cities that make up the region, business owners who are already feeling the benefits of operating within the GBA, and the potential for growth in the region over the next decade.
Bay Areas around the world have a proven reputation for powering economic growth far beyond their geographical boundaries, with San Francisco, New York, Tokyo, and Sydney being just a few examples. Now, a new region is rapidly emerging in southern China: the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). With policy support from the Central Government, the vision for the GBA is to create a powerful engine for nationwide growth by harnessing the collective force of 11 key cities — nine in Guangdong Province plus the Special Administrative Regions (SARs) of Hong Kong and Macao
To better understand the GBA, here’s a detailed look at the comparative strengths of the cities that make up the region, business owners who are already feeling the benefits of operating within the GBA, and the potential for growth in the region over the next decade.
Asif Ghafoor is the founder and CEO of Spacious, a property-technology company based in Hong Kong. For the past five years, it has helped property hunters across Greater China.
Ghafoor chose to base his company in Hong Kong, which is no surprise given the city’s booming real estate market. At the same time, though, he argues that Hong Kong’s high level of technical expertise, combined with a strong commercial sense in achieving business objectives, is essential to any startup's success. “Hong Kong is also a fantastic first test market due to its diversity in demographics and technology,” he adds.
For Ghafoor, Hong Kong plays a central role in the development of the GBA. He points to the territory’s deep talent pool of highly educated, commercially minded, and internationally experienced workers — something that he says is unique across the region. “Hong Kong has a relatively wealthy population with a strong home market forming the cornerstone of any regional GBA strategy,” he adds.
He is encouraged by the amount of property investment capital that is already flowing across the GBA cities, with Hong Kongers buying property in Zhongshan, Zhuhai, Shenzhen, Guangzhou, and vice-versa. “The GBA presents a fantastic opportunity with a large GDP, population and real estate market to work with, which has already started to integrate due to cross-boundary capital flows,” he says.
“There are all these existing buildings in Hong Kong and across the GBA that are not being taken into account in terms of how we can make a city more energy efficient,” he says. “That’s where we see our service playing a role.”
Given its status as an international financial center with robust legal and regulatory systems, Wong believes Hong Kong will be an important link between the other GBA cities and the global market, maintaining its reputation as the window to China. “Hong Kong also has a strong pool of technical personnel,” he adds, “in particular those with a high proficiency in English and a good understanding of international business practices.”
A regional base for art and culture
An international center for innovation and technology
A global aviation hub
Since it opened in 1998, Hong Kong International Airport (HKIA) has been consistently rated among the best and busiest airports in the world for both international passengers and air cargo. It handles about 65% of GBA passengers who travel to/from overseas destinations, and 75% of the GBA’s international air cargo.
Looking ahead, HKIA targets to begin operating the new third runway next year, with the three-runway system targeting to complete in 2024. HKIA’s goal is to serve a projected passenger volume of 120 million and cargo throughput of 10 million tons by 2035.
The Central Government supports the joint development of the Shenzhen-Hong Kong I&T Co-operation Zone, which comprises the Shenzhen I&T Zone (SZ I&T Zone) and the Hong Kong-Shenzhen I&T Park (HSITP), with a view to establishing “one zone, two parks.” Upon full development, the HSITP will be Hong Kong’s largest-ever I&T platform with a total gross floor area of 1.2 million square metres, which is approximately three times that of the Hong Kong Science Park. Enterprises located in the HSITP can leverage Shenzhen and the GBA’s strong production facilities for mass production and tap into the huge Mainland market, while at the same time continue to enjoy Hong Kong’s unique advantages, such as robust IP protection.
International financial center
Regional hub for international legal and dispute resolution services
Zhuhai
A center for tourism with road links to Hong Kong and Macau
Zhongshan
An important integrated transport hub, advanced manufacturing base, and R&D commercialization
Zhaoqing
An elongated tourism corridor and transport hub linking the GBA to China’s southwestern region
Jiangmen
High-tech industrial development zone
Huizhou
Petrochemicals and electronic information
Foshan
Advanced manufacturing
Dongguan
Electronics, high-end manufacturing
Shenzhen
A national economic core city and a national innovation city
Guangzhou
An international commerce and industry center and integrated transport hub
Macao
A world-class tourism and leisure center and a commerce and trade cooperation service platform between China and Lusophone countries
Hong Kong
An international finance, transportation, and trade center, as well as an international aviation hub
Place
Tap a city to learn more
Hong Kong
Guangzhou
Dongguan
Huizhou
Zhaoqing
Macao
Shenzhen
Foshan
Jiangmen
Zhongshan
Zhuhai
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Setting it apart from the competition are the city’s open and internationalized markets, robust financial infrastructure, internationally aligned regulatory regimes, rule of law, a large pool of financial talent, and a full suite of financial services. These attributes will be important to the development of the GBA which, in turn, will help to propel the growth of sectors such as international banking, asset and risk management, and offshore RMB business — as well as deepen mutual access between Hong Kong and Mainland financial markets.
In sectors ranging from fundraising, wealth management and banking to insurance and offshore Renminbi (RMB) business, Hong Kong has solidified its place among the premier league of global financial centers, alongside the likes of New York and London. In 2020, Hong Kong ranked second globally both for IPO funds raised and for biotech listings; the world's largest hub for RMB business outside Mainland China; and, the second-largest private equity center in Asia.
Looking ahead, HKIA targets to begin operating the new third runway next year, with the three-runway system targeting to complete in 2024. HKIA’s goal is to serve a projected passenger volume of 120 million and cargo throughput of 10 million tons by 2035.
Since it opened in 1998, Hong Kong International Airport (HKIA) has been consistently rated among the best and busiest airports in the world for both international passengers and air cargo. It handles about 65% of GBA passengers who travel to/from overseas destinations, and 75% of the GBA’s international air cargo. Looking ahead, HKIA targets to begin operating the new third runway next year, with the three-runway system targeting to complete in 2024. HKIA’s goal is to serve a projected passenger volume of 120 million and cargo throughput of 10 million tons by 2035.
Setting it apart from the competition are the city’s open and internationalized markets, robust financial infrastructure, internationally aligned regulatory regimes, rule of law, a large pool of financial talent, and a full suite of financial services. These attributes will be important to the development of the GBA which, in turn, will help to propel the growth of sectors such as international banking, asset and risk management, and offshore RMB business — as well as deepen mutual access between Hong Kong and Mainland financial markets.
In sectors ranging from fund-raising, wealth management and banking to insurance and offshore Renminbi (RMB) business, Hong Kong has solidified its place among the premier league of global financial centers, alongside the likes of New York and London. In 2020, Hong Kong ranked second globally both for IPO funds raised and for biotech listings; the world's largest hub for RMB business outside Mainland China; and, the second-largest private equity center in Asia.
Relevant authorities in Hong Kong and the Mainland continue to roll out measures to foster cross-boundary connectivity: the GBA Legal Professional Examination and the Supplemental Arrangement Concerning Mutual Enforcement of Arbitral Awards between the Mainland and Hong Kong are two recent breakthroughs facilitating the sustainable development of Hong Kong’s legal and dispute resolution services in the GBA. A GBA Mediation Platform will be set up to facilitate the use of mediation and discharge the role of a standard-setting body with a view to promoting the wider use of mediation within the GBA.
Effective deal-making and dispute resolution are essential elements for business to flourish within and beyond the boundaries of the GBA. Not only does Hong Kong uphold the rule of law and judicial independence under a tried and trusted common law system, the city is also home to high-quality legal services experts who have a great deal of experience in areas such as contract law, mergers and acquisitions, IP protection and arbitration and mediation.
Discover more about
fintech in Hong Kong and
why the city is becoming a
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