Greater Bay Area: Opportunities for financial institutions

• Author: Su Meng,Sun Shulin,Fei Si
• Published date: 13/03/2019
• Citation: jd0006
• Date: 13 March 2019
• Subject Matter: Banking & Finance

/

Home

/

Insights

/

Greater Bay Area: Opportunities for financial institutions

This article was written by

SuMeng

,

SunShulin

and FeiSi.

On February 18, 2019, the Chinese Government released its much-anticipated blueprint for the

Greater Bay Area — a thriving and dynamic economic zone that includes major cities such as

Hong Kong, Shenzhen, Guangzhou and Macau and a combined GDP of over USD 1.5 trillion.

The Greater Bay Area presents significant business opportunities across a broad spectrum of

sectors and industries. In this article, we focus on the key takeaways from the Greater Bay Area

blueprint for financial institutions and the business opportunities they present.

What is the Greater Bay Area?

The Greater Bay Area is made up of Hong Kong and Macao as well as nine cities in China’s

Guangdong Province, namely: Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan,

Zhongshan, Jiangmen and Zhaoqing. The 56,000 Greater Bay Area has a combined population

of about 70 million and a GDP that would make it the world’s 12th largest economy if it were its

own country. The area includes some of the most dynamic, innovative, technologically advanced

and economically open regions in China.

The development of the Greater Bay Area is a major national strategy for China. The blueprint

document — entitled Outline Development Plan for the Guangdong-Hong Kong-Macao Greater

Bay Area 《粤港澳大湾区发展规划纲要》 — aims to turn the Greater Bay Area into a world-class city

cluster that houses an international innovation, science and technology hub, a series of

interconnected financial markets, trade centers and smart cities, some of the world’s leading

academic and research institutions, an advanced manufacturing and IT powerhouse as well as an

important pillar for the Belt and Road Initiative.

13 March 2019

Greater Bay Area: Opportunities

for financial institutions