Hong Kong-China integration boosts tech and finance

Subject

The Great Bay Area development plan for the Pearl River Delta.

Significance

Last month officials released the ‘Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area’, the blueprint for integrating the region around the Pearl River Delta, including the cities of Hong Kong, Shenzhen, Guangzhou, Macau, Zhuhai and Dongguan. The region is among China’s wealthiest, as one of the first to open to outside investment in the 1980s. In theory, the Greater Bay Area would comprise a significant part of China’s population and economy, covering a total population of 70 million and a combined GDP of 1.5 trillion dollars.

Impacts

• Technology and finance are the sectors most likely to benefit.
• Integration would in theory allow cities to specialise, freeing up resources currently used on less competitive sectors.
• Many in Hong Kong fear being left behind economically, but there is no consensus that integration is the answer.