The Guangdong-Hong Kong-Macao Greater Bay Area will create unprecedented opportunities for a wide range of sectors that companies should not miss, according to global consultancy KPMG.
The size, economic potential, and interconnectivity of the area will create opportunities for sectors including infrastructure, financial services, capital markets and technology, KPMG said in a newsletter.
To fully take advantage of these opportunities, enterprises should carefully assess the potential impacts of the Greater Bay Area integration and develop comprehensive business policies based on the connectivity of the area and flows of goods, talent, and resources within it. The firm said;
“The Greater Bay Area is an opportunity not to be missed by enterprises seeking penetration into the Chinese market or to having establishments here,”
China has unveiled the outline development plan for the Greater Bay Area, aiming to build it into a role model of a high-quality development, an international first-class bay area, and a world-class city cluster.
The bay area consists of the Hong Kong Special Administrative Region, the Macao Special Administrative Region and nine cities in Guangdong Province, with a combined population of about 70 million at the end of 2017 and a gross domestic product of about 10 trillion yuan (1.48 trillion U.S. dollars) in 2017.
The influence of the Greater Bay Area may extend beyond the Pearl River Delta to cover its neighbouring provincial-level areas including Fujian, Jiangxi, Hunan, Guangxi, Hainan, Guizhou and Yunnan, KPMG said, adding that the area will act as a catalyst to further drive opening-up of China’s economy and development of the Belt and Road Initiative.