Bridging the GBA, Spanning the Globe

With ambitious plans in mind and unlimited opportunities in sight, you can now look to HSBC’s latest digital offerings, including Account Connect, Payment Connect, Service Connect and Credit Connect*, to unlock potential for renewed growth.
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The GBA is actively consolidating its strengths across a range of sectors to become an international technology and innovation hub with compelling capabilities. When that vision is perfectly aligned with current opportunities, consistent financial innovation and deeper cross-border cooperation are now essential for companies to grow their business in the region. In that context, HSBC has launched its latest series of digital solutions, including Account Connect, Payment Connect, Service Connect and Credit Connect*, to help more businesses tap into the emerging opportunities in the GBA for renewed growth.


About the Greater Bay Area

The Guangdong-Hong Kong-Macao Bay Area (‘Greater Bay Area’ or GBA) is an initiative that will form a new chapter in South China’s history. The Greater Bay Area aims to bring together two Special Administrative Regions: Hong Kong and Macao with nine cities in Guangdong: Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing and combine the strengths of each city to build itself into a world-class city cluster that is positioned as an international technology and innovation hub with global influence, a pivot for the Belt and Road Initiative, a demonstration zone of deepened cooperation between Mainland China and the two Special Administrative Regions and a robust community for living, working and travelling. The GBA is set to become a major powerhouse that leverages each city’s strengths in a synergistic manner to drive trade and economic growth.

 

Key statistics

Population

72.67m

 

 

 

Area

55,910 km2

Trade in goods in 2019

CNY14.3tn

 

 

 

GDP per capita in 2019

USD23,371

Combined GDP in 2019

CNY11.6tn

Estimated GDP in 2030

USD4.6tn

*Source:
http://www.cnbayarea.org.cn/
https://www.dsec.gov.mo/BayArea/en-US/ (data as of 2019)


 

Priority sectors

The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (‘Outline Development Plan’) promulgated in 2019 set out the basic principles, strategic positioning, development goals and space planning of the region in order to fully leverage the combined strengths of Guangdong, Hong Kong and Macao, deepen cooperation between Mainland China and the two Special Administrative Regions, and further enhance the GBA’s role as a spearhead of China’s economic development and opening-up.

 

Stronger as one

The GBA cities have individually achieved rapid growth throughout the last 40 years of China’s reform and opening up. Through regional integration and coordination of the GBA, its four major cities will become core engines for regional growth. Together with seven key node cities in the region, they will jointly contribute to rapid growth of the entire GBA.


HONG KONG

  • A major international financial center in the GBA
  • A global offshore RMB hub and an international center for asset and risk management
  • An international legal and dispute resolution service provider in the Asia-Pacific region

MACAU

  • One of the lowest tax rates in the GBA with zero FX control and status as a free port and separate customs territory
  • A well-renowned tourism and leisure destination
  • A commerce and trade cooperation service platform between China and Portuguese-speaking countries

SHENZHEN

  • A national innovation and economic core city
  • A capital of innovation and creativity with global influence
  • A key R&D and manufacturing center in South China
  • Endeavor to become a demonstration zone showcasing socialism with Chinese characteristics

GUANGZHOU

  • A national core city and an integrated gateway city
  • A national commerce and industry hub
  • A major transportation hub in the GBA
  • A technological, educational and cultural center

 

 Dongguan - An internationally renowned manufacturing base for multinationals

 Zhongshan - A key city along China’s coastal economic belt and a major hub for R&D commercialization

 Foshan- A key part of the Pearl River-West River economic belt and an important manufacturing center for Guangdong and China in general

 Jiangmen - West hub of the GBA with a focus on developing five major emerging sectors, i.e. advanced equipment manufacturing and next generation IT, new energy vehicles, spare parts, health and new materials

 Zhuhai - The only mainland Chinese city with road connections with both Hong Kong and Macao. A major tourism hub with a well-established industrial base

 Zhaoqing - A popular tourist destination and a hub linking the GBA with China’s southwestern region

 Huizhou- Green city and the east hub of the GBA with an array of well-developed industries including petrochemicals, electronic information and clean energy

*The products and services under Account Connect, Payment Connect, Service Connect and Credit Connect will be launched in batches, please stay tuned for more details.

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