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THE GREATER BAY AREA INITIATIVE the KPMG Name and Logo Are Registered Trademarks Or Trademarks of KPMG International Zhuhai Shenzhen Dongguan The Huizhou Greater Guangzhou Bay Area Zhaoqing Foshan Initiative Jiangmen A survey on key drivers for success Zhongshan Macau September 2017 Hong Kong kpmg.com/cn Contents Foreword 02 Executive Summary 03 Greater Bay Area Overview 05 Viewpoints: 09 China Resources 09 Swire 11 SF Express 13 China Merchants 15 Twinkle Baker Décor 17 Tencent 19 Looking Ahead 20 About KPMG China 21 About HKGCC 22 Contact Us 23 © 2017 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated 01 with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Hong Kong. THE GREATER BAY AREA INITIATIVE The KPMG name and logo are registered trademarks or trademarks of KPMG International. Foreword We are living in exciting times for Southern China. The purpose of this report is twofold: to highlight the key Nowhere is this seen more clearly than in the ambitious issues confronting the Greater Bay Area’s development, plans being drawn up for the Greater Bay Area initiative, and to offer a market view of the Greater Bay Area. This and its goal of building a world-class city cluster across was gathered from a survey of 614 business executives the Guangdong-Hong Kong-Macau region. By 2030, the at companies operating in the region that was jointly region is expected to play a leading role in advanced devised and conducted by KPMG, the Hong Kong manufacturing, innovation, shipping, trade and finance. General Chamber of Commerce (HKGCC) and YouGov. The proposed initiative is a testament to the region’s In addition to the survey, KPMG and HKGCC conducted economic development and significance. Last year, several interviews with companies operating in the the combined GDP of the 11 cities in the area reached region for their viewpoints. The interviewees are from US$1.4 trillion, or 12 percent of the national economy, diverse backgrounds, including both state-owned even though it is home to only 5 percent of the and privately-owned enterprises, as well as small and country’s population. medium-sized companies. As the area develops, its influence is likely to extend We would like to express our gratitude to all our survey beyond the geographical boundaries of its city cluster respondents for their input, and to the executives who to play a key role in China’s Belt and Road Initiative, kindly agreed to be interviewed for this report. We hope serving as a key link connecting countries along the 21st that our findings will prove useful to understanding the century Maritime Silk Road. challenges and opportunities facing the Greater Bay Area and its development in the coming years. Ronald Sze Ayesha Lau Shirley Yuen Senior Partner, Managing Partner, Chief Executive Southern Region Hong Kong Officer KPMG China KPMG China Hong Kong General Chamber of Commerce © 2017 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated THE GREATER BAY AREA INITIATIVE with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Hong Kong. 02 The KPMG name and logo are registered trademarks or trademarks of KPMG International. Executive Summary Businesses overwhelmingly support China’s Greater The strongest backers were those working in Shenzhen, Bay Area initiative, according to a YouGov survey with 85 percent of those polled supporting the project, commissioned jointly by KPMG and the Hong Kong followed by Macau (83 percent), Hong Kong (80 percent) General Chamber of Commerce. and Guangzhou (78 percent). The two-month survey was conducted in June and In addition, the respondents highlighted improved July 2017 and received responses from 614 business corporate synergies, a freer flow of talent and enhanced executives in Hong Kong (410), Guangzhou (91), abilities to penetrate markets as the leading benefits to Shenzhen (82) and other GBA cities (31). Of the total arise from the initiative. Many respondents (37 percent) respondents, close to 65 percent were at a senior believed the GBA will be able to rival the Greater Tokyo management level, while around 35 percent were Metropolitan Area in terms of economic scale in a middle management or below. The companies they decade’s time. Fewer see it rivalling San Francisco Bay represent were from a wide range of industries, (32 percent) or Greater New York (28 percent). including manufacturing (157), distribution (143), e-commerce (73), retail (70), logistics (58), and others. Hong Kong respondents are the most optimistic about the GBA’s competitiveness. More respondents with The idea of Hong Kong, Macau and Guangdong working Hong Kong-based operations – 41 percent of those together to create GBA resonated with the survey surveyed – believed that the GBA would be on par with respondents with 80 percent indicating their support for the Greater Tokyo Area in a decade’s time compared integrated development across the region. to those with operations based in mainland China – 34 percent of the total. The sectors seen as most likely to benefit from the Level of support for integrated area’s development are trade and logistics (68 percent), development across Hong Kong, Macau financial services (62 percent) and R&D in innovative technologies (60 percent). and Guangdong There are, however, challenges to be overcome in order for the GBA to fulfil its ambitions. Those surveyed identified protectionism and other measures that hinder cooperation as the biggest hurdle to the area’s 80% 2% development, followed closely by silos between and within GBA governments. Support Not support On the other hand, companies also see government support as the most important factor for the region’s success, followed by the rule of law and infrastructural support. As a result, how governments choose to participate and be involved will be crucial in determining 14% 4% the future of the Greater Bay Area. Too early to tell No opinion Source: Joint KPMG and HKGCC survey © 2017 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated 03 with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Hong Kong. THE GREATER BAY AREA INITIATIVE The KPMG name and logo are registered trademarks or trademarks of KPMG International. The GBA’s level of competitiveness in 10 years’ time compared to: San Francisco Bay Area Greater Tokyo Area Not even close 10% Not even close 8% A bit far-fetched 13% A bit far-fetched 13% Closely behind 17% Closely behind 15% Right up there 15% Right up there 17% Even better 17% Even better 20% Not applicable Not applicable - they are not comparable and 28% - they are not comparable and 26% should not be compared should not be compared Don’t know 1% Don’t know 1% Net: Closely behind or worse 40% Net: Closely behind or worse 35% Net: Right up there or better 32% Net: Right up there or better 37% Source: Joint KPMG and HKGCC survey Source: Joint KPMG and HKGCC survey Note: Percentages do not add up to 100 due to rounding New York Metropolitan Area Not even close 12% A bit far-fetched 16% Closely behind 16% Right up there 16% Even better 12% Not applicable - they are not comparable and 28% should not be compared Don’t know 1% Net: Closely behind or worse 43% Net: Right up there or better 28% Source: Joint KPMG and HKGCC survey Note: Percentages do not add up to 100 due to rounding © 2017 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated THE GREATER BAY AREA INITIATIVE with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Hong Kong. 04 The KPMG name and logo are registered trademarks or trademarks of KPMG International. Greater Bay Area Overview The Greater Bay Area (GBA) initiative’s goal is The region is also at the heart of a network of supply ambitious: combining Hong Kong, Macau and the cities chains that link Guangdong to the rest of the world and of Guangdong’s Pearl River Delta to create a region is able to draw on a strong manufacturing base. Last with the economic heft that is comparable to the San but not least, the region is also supported by Hong Francisco Bay Area, Greater New York and the Greater Kong’s world-class financial and professional services Tokyo Area. To succeed, the relevant infrastructure, industries. policies and regulations will all have to be in place to ensure people, goods and services are able to flow The further growth of the region, however, calls for freely within the region. greater coordination of financial, material and human resources – hence China’s decision to push for the China’s transformation from an agricultural economy into establishment of GBA. a manufacturing powerhouse over the past few decades has been nothing short of phenomenal. The country is This landmark initiative aims to bring together the key in the midst of another major shift towards a service- cities of the Delta region to build a new powerhouse driven economy and nowhere is this truer than in the – one that is comparable to other city clusters such as Pearl River Delta, where Shenzhen, for example, is one Greater Tokyo Area, San Francisco Bay Area and Greater of the world’s leading high-tech innovation centres. New York. © 2017 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated 05 with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Hong Kong. THE GREATER BAY AREA INITIATIVE The KPMG name and logo are registered trademarks or trademarks of KPMG International.
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