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Bay to Bay: China's Greater Bay Area Plan and Its Synergies for US And June 2021 Bay to Bay China’s Greater Bay Area Plan and Its Synergies for US and San Francisco Bay Area Business Acknowledgments Contents This report was prepared by the Bay Area Council Economic Institute for the Hong Kong Trade Executive Summary ...................................................1 Development Council (HKTDC). Sean Randolph, Senior Director at the Institute, led the analysis with support from Overview ...................................................................5 Niels Erich, a consultant to the Institute who co-authored Historic Significance ................................................... 6 the paper. The Economic Institute is grateful for the valuable information and insights provided by a number Cooperative Goals ..................................................... 7 of subject matter experts who shared their views: Louis CHAPTER 1 Chan (Assistant Principal Economist, Global Research, China’s Trade Portal and Laboratory for Innovation ...9 Hong Kong Trade Development Council); Gary Reischel GBA Core Cities ....................................................... 10 (Founding Managing Partner, Qiming Venture Partners); Peter Fuhrman (CEO, China First Capital); Robbie Tian GBA Key Node Cities............................................... 12 (Director, International Cooperation Group, Shanghai Regional Development Strategy .............................. 13 Institute of Science and Technology Policy); Peijun Duan (Visiting Scholar, Fairbank Center for Chinese Studies Connecting the Dots ............................................... 18 and Chairman, Global Bay Areas Initiative); Angela CHAPTER 2 Yang (Director, Investment Promotion Agency, Ministry Hong Kong and Macao: of Commerce, PRC); Tony Yung (Director, China Trade One Country, Two Systems 2.0 ...............................21 Office, City of Sacramento); Frederic Neumann (Co-Head of Asian Economic Research and Managing Director, Hong Kong ............................................................... 21 Global Research, HSBC); and Guo Wanda (Executive Macao ...................................................................... 26 Vice President), Zhang Yuge (Director, Department CHAPTER 3 of Hong Kong, Macau and Regional Development), The Potential of GBA Integration ............................27 Cao Zhongxiong (Executive Director, New Economy Department), and Carol Feng (Director, International Hong Kong: Systemic Complementarity ................. 30 Cooperation Department) at the China Development CHAPTER 4 Institute (CDI). Hong Kong, Guangdong, About the Institute and the San Francisco Bay Area ..............................35 Since 1990, the Bay Area Council Economic Institute has A Shared History With Unique Characteristics ........ 35 been the leading think tank focused on the economy San Francisco – Hong Kong Parallels ....................... 36 of the San Francisco Bay Area/Silicon Valley, one of the most dynamic regions in the United States and the Trade and Investment Profile ................................... 37 world’s leading center for technology, entrepreneurship, Hong Kong Trade .................................................... 38 and innovation. A forum for stakeholder engagement and a respected source of information and fact-based Two-Way Foreign Direct Investment with the GBA .. 38 analysis, the Institute is a trusted partner and adviser to CHAPTER 5 business leaders, government agencies, and educational Going Forward: Opportunities for Collaboration ...43 institutions. Through its economic and policy research and its many partnerships, the Institute addresses critical Climate Change ....................................................... 44 issues impacting the competitiveness, growth, and quality Clean Energy ............................................................ 45 of life of the Bay Area and California, including housing, infrastructure, trade and globalization, manufacturing, Healthcare ................................................................ 47 science and technology, innovation, and health care policy. Electric and Autonomous Vehicles .......................... 48 It is guided by a Board of Advisers drawn from leaders in the corporate, university, non-profit, and government Biomedicine and Pharmaceuticals ........................... 50 sectors. The Institute is part of the Bay Area Council, Financial Technology (Fintech) ................................. 54 a business-supported public policy organization that Targeted Service Sector Opportunities ................... 58 engages more than 350 of the region’s largest employers. The Institute also supports and manages the Bay Area Conclusion ...............................................................59 Science and Innovation Consortium (BASIC), a partnership of Northern California’s leading scientific research Notes .......................................................................60 laboratories and thinkers. Executive Summary The Guangdong-Hong Kong-Macao Greater Bay different customs regimes. This places a premium on Area (GBA) is a long-term planning project by the jurisdictional coordination and integrated planning. government of China to economically integrate the While there is underlying competition between the Hong Kong and Macao Special Administrative Regions participants at the local level, the national nature of the with nine cities in Guangdong Province: Guangzhou, initiative positions Beijing as the arbiter. Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing. The goal is The Guangdong-Hong Kong-Macao Framework a strategically unified southern China region that Agreement lays out a set of distinct goals for each enables the accelerated flow of people, capital, goods, entity, as well as for the unified Greater Bay Area as and services, and deepens the “One Country, Two development advances: Systems” format that joins Hong Kong and Macao with ■ Guangdong will be China’s “pilot zone” for reform the mainland. The plan is an integral part of China’s and “opening up” and a primary engine for growth continued “opening up” to the world begun in 1978; its through its base of advanced manufacturing and “Made in China 2025” initiative that aims to strengthen modern service industries and through planned China’s leadership in technology and manufacturing; technology and industrial innovation centers. and its “going out” global strategy as exemplified by ■ Hong Kong will consolidate and enhance its status as the Belt and Road Initiative. The term “Greater Bay an international financial, services, transportation, and Area” is derived by reference from the experience of trade center. This includes strengthening its position the San Francisco Bay Area, a multijurisdictional region as a hub for global offshore renminbi business and that is the world’s leading platform for technology and international asset management; developing its innovation; following that model, China’s Greater Bay professional services, innovation, and technology Area plan also seeks to make Southern China’s Pearl sectors; and establishing itself as a regional Asia- River Delta region an integrated global innovation hub. Pacific center for international legal and dispute The GBA encompasses an area of about 56,000 resolution services. square kilometers (nearly 22,000 square miles), has a ■ Macao will pursue a more diversified and sustainable combined population at 2020 year-end of more than economy, retaining and expanding its tourism and 86 million, a combined GDP of US$1.67 trillion and a leisure base in gaming while building an economic and per capita GDP of US$19,400.1 Its integration confronts trade cooperation framework that connects China and several challenges. The participating jurisdictions have Portuguese-speaking countries and serves as a Chinese different social systems, different legal systems, and base for intercultural exchanges and cooperation. 1 Bay to Bay: China’s Greater Bay Area Plan and Its Synergies for US and San Francisco Bay Area Business This integration is intended to create a world-class track + intercity track + expressway” transportation metropolitan cluster that serves as a showcase to attract network is under construction—branching out from residents, workers, and visitors under the Chinese Hong Kong, Guangzhou, and Zhuhai—that is intended “One Country, Two Systems” model. Key areas for to connect GBA cities and, from there, link the region to cooperation include the rest of China. This includes large-scale investment 1. airport, roadway, bridge, and light rail infrastructure already underway in bridge, road, and rail links, and the projects to support an integrated and more efficient expansion of major airports. system for moving people and goods; For the region to fully benefit from these improvements 2. a mix of economic development incentives and to physical infrastructure, Guangdong must work out regulatory easing that allows people, goods, and with Hong Kong and Macao clearance processes, capital to move more freely within the region, passport processing, foreign exchange provisions, integrating markets and production; and and hukou mobility procedures to enable an easier 3. leveraging the advantages of specific cities— flow of talent and capital among the region’s cities. in education, research, manufacturing, and Meeting these requirements places a premium on services—to build clusters that both add value to intergovernmental coordination. the regional economy and advance its leadership Major investments
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