Think tank study to support open “experiment”

of Guangdong-Hong Kong-Macao Greater Bay Area construction

On June 29, the Academy of Guangdong-Hong Kong-Macao Greater Bay Area was officially established. The establishment of this think tank indicates that Guangdong Province is seizing the day to study “bay area economy” when the development of a city cluster in Guangdong-Hong Kong-Macao Greater Bay Area is about to begin. This is a substantial step Guangdong takes in its deep participation in constructing Guangdong-Hong Kong-Macao Greater Bay Area and strengthening “bay area” research.

The Academy was jointly launched by Guangdong Provincial Development and Reform Commission, Hong Kong and Macao Affairs Office of the People’s Government of Guangdong Province, Guangdong Academy of Social Science and Southern Finance Omnimedia Corporation (SFC).

President Xi Jinping pointed out that since Hong Kong’s return to China 20 years ago, with the great support from central government and Chinese mainland, Hong Kong Special Administrative Region (HKSAR) has achieved comprehensive development in various undertakings and gained world-recognized accomplishment, manifesting the strong vitality of China’s “one country, two systems” principle.

Deepening Guangdong-Hong Kong-Macao cooperation has been an important move for the central government to unswervingly advance the great cause of “one country, two systems” and support the long-term prosperity and stability of Hong Kong and Macao.

In March 2017, Guangdong Government Work Report put forward that “to study and formulate a plan for the development of a city cluster in Guangdong-Hong Kong-Macao Greater Bay Area”. The development plan is under compilation and formulation at present.

Hereafter, Guangdong-Hong Kong-Macao Greater Bay Area, as a significant strategy for the country to optimize the new pattern of regional opening, officially goes to front stage. It means that the position and function of Hong Kong and Macao in national economic development and opening will be further upgraded. Guangdong will acquire strategic opportunity to undertake the implementation of national strategy and to build the new system of open economy.

Recently, Ma Xingrui, Governor of Guangdong, expressed in an interview with Xinhua Agency that to build Guangdong-Hong Kong-Macao Greater Bay Area and world-class city cluster is an important strategy made by the Party Central Committee and the State Council based on the new circumstances and new demand of development at home and abroad.

Ma Xingrui introduced that the nation has taken the lead to launch the compiling work of the plan for the development of a city cluster in Guangdong-Hong Kong-Macao Greater Bay Area, and Guangdong has also carried out related research work and specially entrusted a national high-end think tank to conduct research and demonstration.

Guangdong will seriously implement President Xi’s important instructions and national planning requirements for the province, reinforce the close collaboration with Hong Kong and Macao, focus on the missions such as promoting convenient transportation and infrastructure connectivity, cooperating to create a global highland of innovative development and co-building a hard-core financial circle and high-quality life circle, so as to build Guangdong-Hong Kong-Macao Greater Bay Area into a world-class city cluster which is green, livable, enterprise-friendly and tourist-friendly.

What does the participation of think tank study mean for the construction of Guangdong-Hong Kong-Macao Greater Bay Area?

Enhancing international influence

The establishment of the Academy aims to study how the construction of Guangdong-Hong Kong-Macao Greater Bay Area could push forward the country’s further involvement in global competition.

Following the instructions of central and provincial leadership, Shen Haixiong, a member of Standing Committee of CPC Guangdong Committee and Director General of Publicity Department of CPC Guangdong Committee, led a research group and put forward the idea of setting up the Academy of Guangdong-Hong Kong-Macao Greater Bay Area. The Academy will have a new system which brings government, media, financial market and think tank together to support the development of Guangdong-Hong Kong-Macao Greater Bay Area.

According to Wang Jun, president of Guangdong Academy of Social Science, the Academy will be a strong talent support for the Greater Bay Area, and will become a platform for organization, collaboration, publication and research-to-product transferring.

The Academy will support the scientific decision-making of the Area by providing prospective intelligence and analyzing public opinion. The Academy’s research subjects will focus on the Greater Bay Area, free trade zone and the Belt and Road initiative, serving mainly government departments, enterprises, intermediaries, financial institutions, investors, research institutions and media.

Wu Weibao, Deputy Director-General of Guangdong Provincial Development and Reform Commission, said that Guangdong Provincial Development and Reform Commission is responsible for Guangdong’s economy and society management, and is also the leading department for the Greater Bay Area’s construction. The Commission will fully use the talent advantages to carry out research in major issues of the Greater Bay Area, such as developing rules and paths.

The Academy will provide advises and promote the regional development through their sources and researches, and will help the Commission in policy making and assessment.

Huang Duanlian, Deputy Director-General of Hong Kong and Macao Affairs Office of Guangdong, said that they will conscientiously implement the requirements made by the CPC Guangdong Committee and the provincial government to bring Guangdong-Hong Kong-Macao cooperation into full play. The Office will work to enhance exchanges among all sides, focus on study and optimize the promotion, so as to make contributions to the construction of Guangdong-Hong Kong-Macao Greater Bay Area.

It is worth mentioning that SFC, one of the initiators, has always upheld its principle “National interest is the top priority, user experience is the best evaluation”. With media, data and transaction as the key businesses, SFC now outdoes its counterparts in China in terms of influence and credibility. It is also the country’s leading comprehensive financial information provider in comprehensive strength and market competitiveness and an important part of Guangdong’s factor markets.

This year, based on Nanfang Media Group’s media resources, high-level think tank and data processing ability, SFC has participated in the forming of Southern Academy for Economy Research, 21 · Jingdong BD Research Institute and Guangdong Free Trade Zone Info Port, in an effort to enhance its influence in international economic field and enhance China’s soft power. And the newly-established Academy of Guangdong-Hong Kong-Macao Greater Bay Area will be an important platform for SFC to implement and serve national strategies.

Shen Minghao, Director of Center for Cantonese Merchants Research of Guangdong University of Foreign Studies (GDUFS), indicated that the think tank will serve as a significant platform for government-industry-university-research institute-media exchanges and cooperation. It will also work to enhance idea exchanges among Guangdong, Hong Kong & Macao and the rest of the world by organizing forums, publishing research reports and holding other activities, so as to promote collaborative development of Guangdong-Hong Kong-Macao Greater Bay Area.

The Academy will summarize annual development conditions of Guangdong-Hong Kong-Macao Greater Bay Area, record major events and key cases, and put forward development outlook for the next year. A series of blue books and white books will be released as well to provide information and guidance for the government and society. Meanwhile, the Academy will cooperate with domestic and foreign professors and launch joint researches. A 1-hour academic circle will be established to supply the Area’s development with theories and case studies, so as to better promote the Area’s development.

A special channel will be launched for the Academy to report their research results to the central government and the provincial government.

In addition, to further enhance international influence, the Academy will build an index and data platform and develop a high-level forum.

Think tank study to support open “experiment”

The establishment of the Academy marks Guangdong’s participation in the construction of Guangdong-Hong Kong-Macao Greater Bay Area via think tank.

Actually, the emergence of New York, San Francisco and Tokyo International Bay Areas give reference to Guangdong-Hong Kong-Macao Greater Bay Area on construction planning and the economic development of bay area.

It is said that the economic rise of a bay area comes after economic competition in globalization. For instance, New York Bay became the world’s first bay area depending on trade routes along the Atlantic before the Second World War, after which San Francisco Bay Area emerged as international trade boomed by Pacific routes. While Tokyo Bay developed into the third global bay area with strengths in manufacture since global manufacturing industries shifted to Asia in the 1960s - 1990s.

Apart from distinctive geographical advantage and globalization, academies play an important role in the development of those global bay areas. For example, Japanese scholars have given many suggestions for the government in development plans about city cluster, port group since 1950.

Similarly, when Guangdong made policies about bay area and its economic development since 2004, a lot of related research findings have been used as references, such as in the development plan of PRD city group (2004-2020), the Pearl River Delta Reform and Development Plan approved by the State Council in 2008, and Shenzhen’s government report 2014. In 2015, the country put forward the Belt and Road Initiative and upgraded the Guangdong-Hong Kong-Macao Greater Bay Area to be a national plan. These moves all show the significance of think tank study.

Mo Daoming, member of the Standing Committee of CPPCC Guangdong Committee and professor of Institute of Public Policy, South China University of Technology, mentioned that China is facing the new topic of becoming more involved in global economic governance. The establishment of Guangdong-Hong Kong-Macao Greater Bay Area has become the “experimental field” of China taking an active part in global economy. With diversified social systems and economic forms, Guangdong-Hong Kong-Macao region bears a resemblance to a mini global market. China can explore a system and mechanism that facilitate the flow of productive factors in this region and promote it to other countries.

Cui Weijie, researcher of Chinese Academy of International Trade and Economic Cooperation under Ministry of Commerce, believed that a definite concept of “Greater Bay Area” can highlight the regional characteristics of Guangdong-Hong Kong-Macao region. “We should carry out an in-depth research on Greater Bay Area and explore the development pattern of it. We can also draw on the experience of international bay areas and work out feasible strategies for the development of Guangdong-Hong Kong-Macao Greater Bay Area. To accomplish these goals, we need to set up a special think tank, and further the initial research and demonstration. The establishment of ‘Greater Bay Area Think Tank’ can provide important guidelines for decision makers.”

“The demand of the country and the strength of Hong Kong and Macao are the top two reasons for the establishment of Guangdong-Hong Kong-Macao Greater Bay Area,” said Chen Hongyu, Guangdong government adviser and former vice-president of Party School of CPC Guangdong Provincial Committee, “It can open up golden opportunities for Guangdong. Adjacent to Hong Kong and Macao, Guangdong needs to implement the national development strategy on the one hand, and should be able to draw on the international resources of Hong Kong and Macao and make full use of them in the Pearl River Delta on the other, so as to boost Guangdong’s economy and further its opening-up. As to what role Guangdong plays in Guangdong-Hong Kong-Macao Greater Bay Area and how to deepen the economic and trade integration, we need to conduct an in-depth research through our think-tank.”