Focusing on connectivity seen as key to development

The Guangdong-Hong Kong-Macao Greater Bay Area will work to fully introduce innovation, coordination, eco-friendliness, openness and sharing as development strategies, as well as more effective interconnectivity to realize high-quality growth, an expert said.

In a speech given at the virtual Vision China event on Wednesday, Zhang Xiaoqiang, executive vice-chairman and CEO of the China Center for International Economic Exchanges, noted that the GBA is a template for high-quality development and key to high-level national opening-up efforts.

"Better development needs new concepts," he said.

Referring to "connected sharing", Zhang said the concept demonstrates the idea of coordinated, open growth and the promotion of shared development opportunities via the connection of facilities and systems.

The comprehensive implementation of connectivity in the GBA project has helped improve the level of market integration in the three regions, he said, adding that notable efforts have also been made to advance the opening of the service industry to Hong Kong and Macao.

Companies based in the two special administrative regions will be treated like those on the mainland in terms of investment and law, accounting and construction. The integration of professional qualifications and industrial standards is also accelerating, as mutual recognition has extended to eight professions of great public interest, including physicians, teachers and tourist guides.

"It is effective connectivity that ensures the development of Hong Kong and Macao and the improvement of people's lives," Zhang said. "Consequently, the Greater Bay Area is able to integrate into China's development layout, benefiting from the opportunities created by the mainland's development."

Going forward, Zhang said he expects that more creative integrated policies, measures and rules will be formulated and applied to all three cities. He added that the area will focus on the development of greater connectivity in terms of rules and mechanisms among the three regions to enhance market integration, fully unleash the GBA's potential and promote high-quality growth.

"Close attention should be paid to connectivity in terms of rules and the mutual understanding of each other's systems," he said.