Bay Area plan envisions hub of innovation

Development blueprint for 11-city cluster points way for becoming global powerhouse

The much-anticipated development plan outline for the Guangdong-Hong Kong-Macao Greater Bay Area was unveiled on Monday, aiming to turn the 11-city cluster into a globally influential innovation and technology hub and an important support pillar for the Belt and Road Initiative.

The plan, released by the Central Committee of the Communist Party of China and the State Council, China's Cabinet, sets the immediate and long-term development objectives for the region.

According to the plan, by 2022, the framework for an international first-class bay area and world-class city cluster should be essentially formed. The region will basically establish a division of labor, complementary functions and coordinated development.

Also under the plan, by 2035 the region should become an economic system and mode of development mainly supported by innovation, and fully develop into an international first-class bay area for living, working and traveling.

In the meantime, the markets within the Bay Area should be highly connected, with very effective and efficient flow of various resources and production factors.

The Bay Area encompasses the Hong Kong and Macao special administrative regions, as well as nine cities in Guangdong province: Guangzhou, Shenzhen, Zhuhai, Dongguan, Huizhou, Zhongshan, Foshan, Zhaoqing and Jiangmen.

The plan says Hong Kong, Macao, Guangzhou and Shenzhen are the core engines for the Bay Area development.

It also says Hong Kong serves as an international financial, transportation and trade center as well as an international aviation hub within the area. Macao will develop into a world-class tourism and leisure center and a commerce and trade cooperation service platform between China and Portuguese-speaking countries, it says.

Guangzhou will have its functions strengthened as an international commerce and industry center and integrated transportation hub under the plan, while Shenzhen should strive to become a capital of innovation and creativity with global influence, according to the plan.

The other cities are identified as key node cities for the region. They will achieve development through making the most of their distinct characteristics, the plan says.

Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor, in a statement released after the outline was announced, expressed gratitude to the central government for placing importance on the views of the Hong Kong SAR's government while formulating the plan.

Macao Chief Executive Fernando Chui Sai-on said the outline has confirmed the SAR's place in the nation's development, bringing development opportunities and bright prospects to Macao.

In a signed article published on the government's website, Chui vowed that Macao would rise to challenges and seize timely opportunities provided by the Bay Area's development.

Expectations surrounding the plan, which was released on Monday evening, had sent Hong Kong and Chinese mainland stock markets surging by a large margin earlier in the day.

The Hong Kong Monetary Authority, the city's de facto central bank, said in a statement on Monday: "The outline sets out key directions guiding the development of the Greater Bay Area. The HKMA will proactively follow up with the mainland authorities to implement the related policy initiatives."