(Economic Observation) Five trillion-dollar cities contiguous with the Greater Bay Area "trillion-dollar economic circle" formed

  China News Agency, Beijing, January 29th: "Trillion Economic Circle" in the Greater Bay Area with 5 trillion-level cities forming

  China News Agency reporter Pang Wuji

  In 2021, Dongguan's GDP will exceed one trillion yuan (RMB, the same below).

It forms a "trillion-trillion economic circle" with Shenzhen with a GDP exceeding 3 trillion yuan, Guangzhou with a GDP of 2.8 trillion yuan, Hong Kong with a GDP exceeding 2 trillion yuan and Foshan with a GDP of 1.2 trillion yuan.

  In this way, the Guangdong-Hong Kong-Macao Greater Bay Area has five trillion-level GDP cities, and they are connected "side by side", even in the Yangtze River Delta region with more trillion-dollar cities.

The population, size and economic growth rate of the Guangdong-Hong Kong-Macao Greater Bay Area have exceeded those of the other three major bay areas in the world, including Tokyo Bay, New York Bay and San Francisco Bay.

What is special about the Guangdong-Hong Kong-Macao Greater Bay Area?

Where will future economic vitality come from?

  The integration of the two leading

  In the entire Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen and Hong Kong occupy a very unique position and are the two super cores.

In 2020, the combined economic aggregate of the two cities of Shenzhen and Hong Kong has exceeded 5 trillion yuan, accounting for 45% of the entire Greater Bay Area.

  Yu Jiantuo, deputy secretary-general of the China Development Research Foundation, said that it may be difficult to find two global cities like Hong Kong and Shenzhen so close to each other on the world economic map.

The driving distance from Hong Kong to Shenzhen is just over 50 kilometers.

  He believes that Shenzhen and Hong Kong form a two-in-one super core, which has strong economic momentum and can provide huge "nuclear power" for the development of the entire Guangdong-Hong Kong-Macao Greater Bay Area.

Through the combination of the advantages of Shenzhen and Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area is also expected to become a strategic key node in the construction of China's domestic and foreign dual circulation in the future.

  Zhao Baiji, Chairman of PricewaterhouseCoopers Asia Pacific and China, also said that the Guangdong-Hong Kong-Macao Greater Bay Area has leading industry advantages in areas such as financial services and technological innovation.

The integrated development of Shenzhen and Hong Kong is conducive to bringing into play the role of "combining the powerful", promoting the two-way flow of talents, technology, capital and other aspects of the two places, and working together in important technology industries to complement each other's advantages. The Greater Bay Area brings core growth drivers.

  Dual-core, multi-core special city clusters

  In fact, many of the world's well-known urban agglomerations and metropolitan areas are characterized by single-core drives.

Yu Jiantuo pointed out that, for example, the New York metropolitan area, the Greater Paris metropolitan area, the London metropolitan area, etc., the effect of single-core driving is more obvious.

However, China is a special country. Regardless of population size, geographical and spatial diversity, etc., the agglomeration of Chinese urban agglomerations has different characteristics from other economies.

  For example, in the Yangtze River Delta, in addition to the super core of Shanghai, there are also central cities such as Hangzhou, Nanjing, and Suzhou rising.

The Guangdong-Hong Kong-Macao Greater Bay Area is even more so.

The GDPs of Shenzhen, Hong Kong, and Guangzhou are basically equivalent on an economic scale. On this basis, there are also trillion-level cities such as Foshan and Dongguan.

This does not violate economic laws. On the contrary, because of this dual-core or even multi-core drive, it will bring greater impetus to the regional economy and is expected to form a city cluster with higher global competitiveness.

  Zhang Lijun, managing partner of PwC China's regional economy and southern markets, also told the China News Agency that the great feature of the Greater Bay Area is differentiation.

Shenzhen's new generation of information technology innovation, Guangzhou's automobile culture and new retail, Hong Kong's international finance, trade, medical care, Dongguan, Foshan's manufacturing, Macao, Zhuhai's international leisure, cultural, tourism and exhibition centers, etc. These advantages and industries are Those that can be differentiated and complementary can also incubate some new business models for future development.

  Jin Jun, a partner at PwC China Strategy&, also believes that the Guangdong-Hong Kong-Macao Greater Bay Area is a great innate advantage in terms of its diversified mechanisms and systems.

Under this mechanism, innovation can be encouraged more.

  Highly integrated

  Yu Jiantuo revealed that in his investigation of 12 urban agglomerations in China, he found that although the Pearl River Delta urban agglomeration does not account for the highest proportion of the total economic volume, its comprehensive integration level is the benchmark for all urban agglomerations.

For example, the integration and co-urbanization of Guangzhou and Foshan have reached a very high level.

Moreover, if the Pearl River Delta is enlarged to the Guangdong-Hong Kong-Macao Greater Bay Area, the integration level of the entire Greater Bay Area will be improved.

  Accompanying this high level of integration is a narrowing of regional development gaps.

In the pattern of "9+2" cities in the Greater Bay Area, the gap within the region is relatively small.

By attracting people from all over the country to work in this urban agglomeration, it can also narrow the development gap between major regions in the country, optimize the allocation of regional resources, and promote common prosperity.

  Of course, the future development of the Greater Bay Area will also face some bottlenecks.

Taking the core city of Shenzhen as an example, the official recently issued the "Opinions on Several Special Measures for Relaxing Market Access in Shenzhen's Construction of a Pilot Demonstration Zone of Socialism with Chinese Characteristics" to increase policy support for Shenzhen.