日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

In GDP race, the Greater Bay Area could overtake UK and France by 2035

By Kelvin Lau and Ding Shuang | China Daily | Updated: 2019-08-05 10:24
Share
Share - WeChat
The skyline of Hong Kong, China pictured by night. [Photo/IC]

Policy support key

Such high expectations for the GBA are well justified. Collectively, the GBA had a GDP of $1.64 trillion in 2018, putting it ahead of South Korea ($1.62 trillion) which ranked 12th in the world.

Even assuming a conservative average nominal annual growth rate of 7 percent, the GBA's GDP could surpass that of the UK and France by around 2035, making it the sixth largest after Germany.

In reality, however, the GBA needs a comprehensive plan and strong policy backing to achieve its full potential, for which it would require freer flow of capital, goods, people and information, better integration of different legal systems, and functional specialization via well-defined roles and priorities, among many other things.

The promotion of innovation, collaboration and the acceleration of infrastructural connectivity are seen as key means to achieving such goals.

Infrastructural connectivity is the key to preventing a mega city cluster from collapsing under its own weight, and takes a long time to build. Such essential infrastructure projects are well underway in the GBA.

Financial services could be among the earlier movers, benefiting from the collective experience of the authorities and industry players in driving renminbi internationalization for the past decade.

In comparison, other aspirations such as modernizing manufacturing, building a shared big data center, establishing education and talent hubs, and developing a cultured metropolitan economy are likely to progress more gradually, but should interest corporates and inventors for years to come. This especially includes policies that favor specific industries, promote cross-border mobility or widen mutual market access.

Superb principle

Unlike other existing bay areas or metropolitan cities, the GBA needs to integrate multiple legal and social systems to become a true city cluster. It is therefore critical that the plan places considerable focus on overcoming physical, social and regulatory boundaries to promote freer cross-border flows of people, goods, services, capital and information, while preserving the "one country, two systems" principle.

Much of the GBA's synergies stem from Hong Kong and Macao's continued ability to be economically open and market-oriented, and the strength of their institutions and rule of law.

We note the following challenges for the GBA to improve connectivity and boost cross-boundary mobility: simplifying immigration and customs clearance, relaxing capital account controls, aligning financial regulations, improving data access and sharing, aligning policies on IP protection and data privacy, mutual recognition of professional qualifications, setting environmental and food safety standards, and the cross-border dovetailing of social-security and public services.

Much progress has been made on regional integration in the past 10-15 years through the Pearl River Delta's development, on the back of China's conscious policy push, which was mainly to facilitate the opening of the mainland's economy and financial markets.

However, much more remains to be done in developing cross-border connectivity across all forms of factors of production, implying that policy coordination and implementation are likely to become more difficult, going forward. As such, the Outline Development Plan of the GBA takes a more long-term rather than short-term view.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 这里精品 | 高清一区高清二区视频 | 国产精品国产a级 | 久久www免费人成精品 | 人人精品 | 人人射人人插 | 亚洲一区在线播放 | 久久久久国产成人精品亚洲午夜 | 日韩日日夜夜 | 久久我们这里只有精品国产4 | 日韩久久一级毛片 | 亚洲高清在线视频 | av免费在线观看av | 精品亚洲一区二区三区 | 国产精品永久免费视频 | 四虎新网站 | 狠狠干美女 | 亚洲一区免费在线 | 欧美日韩国产综合一区二区三区 | 亚洲精品国产成人无码区A片 | 天天精品视频免费观看 | 国内精品久久久久 | 久久精品伊人 | 日韩成人黄色 | 日韩一区中文字幕 | 日本免费观看网站 | 成人午夜免费视频 | 久久99精品久久久久久 | 国产αv| 97美女网 | 国产成人系列 | 天天影视插插 | 香港一级毛片免费看 | 久久影城| 天天干天天操天天爽 | 日本大学生免费一级一片 | 欧美成人另类人妖 | 日韩精品中文字幕视频一区 | 欧美黄色网 | 超碰免费在线观看 | 精久久久 |