The Greater Bay Area ushers in vigorous development

BEIJING, March 21, 2019 /PRNewswire/ -- A news report by China.org.cn on The Greater Bay Area:

Last month, China unveiled its Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. While creating more opportunities for the development of the three places, the plan's implementation is also sure to meet some challenges. Under the practice of "one country, two systems," Guangdong, Hong Kong and Macao are three separate customs territories with their own currencies and legal systems. This brings both advantages and challenges, and the details of the plan will need to be executed very carefully to ensure that the Greater Bay Area can develop into a world-class city cluster that also reflects China's distinct style.

In the past, people have suggested that China should draw on the practice of the eurozone, using market principles to solve problems in the coordinated development of the plan-covered administrative regions of Hong Kong and Macao and the nine cities in Guangdong province. However, it must be noted that the eurozone is a "union of diversities" comprising different countries, while the Guangdong-Hong Kong-Macao Greater Bay Area constitutes one united body, which we hope will make concerted efforts together.

Over the past 40 years of reform and opening up, China has never mechanically copied the development model of other countries. What it has done is, as an old Chinese saying puts it, "cross the river by feeling for stones." That's why China has made remarkable achievements today. The construction of the Greater Bay Area will also follow this approach. The overarching plan is made by the central government, and it can be fulfilled only through bold and flexible practice. The Bay Area certainly will be built into a world-leading region, suited to China's national conditions and demonstrating the vitality of its systems.

In the Guangdong-Hong Kong-Macao Greater Bay Area, scientific and effective administrative guidance can help newly established enterprises solve financing problems. It can also help start-ups seize new opportunities, promote the development of key industries, and avoid vicious competition. The slogan "strive to be a zebra, not a unicorn" has recently gained popularity among many enterprises. The statement illustrates one important point: Enterprises should not be bent upon profit only; instead, they must cooperate and coexist with others, just as zebras do in nature.

Such administrative guidance is, in fact, nothing new. The Port Authority of New York and New Jersey in the New York Bay Area has played a role of decisive importance in the United States since its establishment in 1921. Similar examples are the San Francisco Bay Area in the U.S. and the Tokyo Bay Area in Japan. In each case, different government agencies provide oversight for the bay areas in their early stages, and let the market play a leading role as they move toward maturity.

Successful precedents set by other countries have provided experience and wisdom for China to follow. At the same time, we firmly believe that the Guangdong-Hong Kong-Macao Greater Bay Area will keep a profoundly Chinese character even as it becomes a world-class city cluster. And with continuous innovation, entrepreneurship and creativity, the area will make new contributions to China and the entire world.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm 

The Greater Bay Area ushers in vigorous development
http://www.china.org.cn/video/2019-03/21/content_74596270.htm

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