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The "Greater Bay Area" refers to the Chinese government's scheme to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.
- GBA authorities finalising details of expanded Wealth Management Connect scheme, allowing mainland investors to buy global equity products
- The spillover impact of the banking crisis in the United States and Europe on Hong Kong and broader Asia is ‘minimal’
The first products under the Wealth Management Connect are likely to be launched as early next month, paving the way for 72 million people in the Greater Bay Area to invest in the cross-border trading scheme.
Jiangmen’s mix of companies range from start-ups to tech firms and household names. Here are five of the best-known firms from the Greater Bay Area city.
The Wealth Management Connect is the first cross border trading scheme focused on the Greater Bay Area, with total fund flow capped at 300 billion yuan (US$46.5 billion).
Shenzhen, the first of China’s four special economic zones, aims to become the “core engine” of Greater Bay Area development, according to the city’s five-year plan to 2025. Much of the drive will come from the city’s best-known companies like Tencent and Huawei.
The provincial capital of Guangdong is actively implementing reforms to transform itself into a competitive and innovation-driven city.
The blueprint for the bay area sees Guangzhou as an international transport and commerce hub, as well as a centre of culinary excellence.
Zhongshan is set to benefit from the increased connectivity as it sits at the intersection of major transport projects in the Greater Bay Area.
Seafood plays an important role for Zhuhai’s two million residents. Sitting on an estuary where the Pearl River flows into the South China Sea, the city – once know as ‘fishermen’s county’ – has access to a wide variety of marine wildlife.
Zhuhai, which led the Top 10 Livable Cities in China rankings last year, holds up its economic achievements to attract talent from other Greater Bay Area cities.
Zhaoqing has been promoting its agricultural products to improve the livelihood of 89,000 relatively poor people.
The inclusion of Zhaoqing in the Greater Bay Area initiative has put the city’s rich history and natural attractions in the spotlight. Here are six top spots to visit on your next trip.
Jiangmen ranks as the second poorest city in the Greater Bay Area. Yet, it is rich in its own way, counting a casino tycoon, an ex-NBA star, the king of oyster sauce, and Hong Kong’s movie icons among its natives and benefactors.
Regulators in Hong Kong and mainland China are working to expand a pilot that will make it easier for people to remotely open bank accounts in the Greater Bay Area development zone.
Greater clarity on oversight and movement of capital is urgently needed or the scheme could flounder like the Hong Kong-China Mutual Recognition of Funds launched in 2015.
Hong Kong banks expect more Hongkongers to seek out property in the Greater Bay Area development zone, and at least six of these now offer mortgages for such purchases.
For all the publicity and government commitment lavished on the Greater Bay Area (GBA), the nine cities in southern China adjoining Hong Kong and Macau actually offer limited investment opportunities and upside for the city’s residents.