Over the past year, the construction of the Greater Bay Area has revolved around a new positioning of "one point, two places". Guangdong, Hong Kong, and Macao have accelerated their integration and development, with continuous expansion of soft and hard connectivity. The "north up and south down" direction is in full swing, and the construction of the four major platforms of Hengqin, Qianhai, Nansha, and Hetao is in full swing. The Greater Bay Area has "smooth roads, prosperous people, and prosperous finances". In 2023, the total economic output of the Greater Bay Area exceeded 14 trillion yuan, with significantly enhanced comprehensive strength and agglomeration effects. The framework of world-class bay areas and world-class urban clusters has been basically formed. The Greater Bay Area, consisting of 9 cities in the Pearl River Delta and Hong Kong and Macao, is advancing step by step from infrastructure to industrial clusters, from cooperation platforms to technological innovation. This year marks the 5th anniversary of the release and implementation of the Outline Development Plan for the Guangdong Hong Kong Macao Greater Bay Area. Comprehensively deepening reform is the fundamental driving force to accelerate the construction of a new development pattern with domestic circulation as the main body and domestic and international dual circulation promoting each other. The key lies in the smooth flow of economic circulation. A fully open national unified market is the fundamental support for building a new development pattern. Building a strategic pivot for the new development pattern provides opportunities for market integration in the Greater Bay Area, while also presenting new challenges. On the one hand, in the context of building a unified national market, compared with other regions in China, the integrated construction of the Greater Bay Area market has unique features and can play a leading and demonstrative role. Hong Kong and Macao have a unique advantage in fully integrating with the international high standard market rule system, and the Greater Bay Area is a place for the integration and transformation of domestic and international market rule systems. On the other hand, the Greater Bay Area was built under the conditions of "one country, two systems, three jurisdictions, and three independent tariff zones". Guangdong, Hong Kong, and Macao have different legal systems, institutional rules, management concepts, and market habits. To build a unified market in the Greater Bay Area, compared with the open and convenient market system of Hong Kong and Macao free ports, there is still a significant gap in market access, industry supervision, industry standards, judicial services, and guarantees among mainland cities in the Greater Bay Area. Improving the level of market integration in the Greater Bay Area is an important lever for building a new development pattern as a strategic pivot. In the past year, focusing on the construction of "the Great Bay Area on the track", unblocking the traffic links between the east and west sides of the the Pearl River Estuary, we have accelerated the promotion of infrastructure connectivity. Guangdong, Shenzhen, Hong Kong High speed Railway, Hong Kong Zhuhai Macao Bridge and other cross-border transport infrastructure of Guangdong, Hong Kong and Macao have been completed successively, and the "one hour living circle" of the Great Bay Area has been formed faster. At the same time, by implementing the "Bay Area Connection" project, "Bay Area Standards", and "Hong Kong Macao Pharmaceutical Equipment Connection"
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Greater Bay Area
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