The high-quality resources of the Greater Bay Area will be integrated and complemented to build a digital pilot area for global trade

Under the CEPA framework, Guangdong continues to expand the opening up of the service industry to Hong Kong and Macao, and promote the efficient flow of resources and elements among the three places

Trade in services is an important part of international trade, and the service industry is an important area of international economic and trade cooperation. In recent years, the innovative application of digital technology has become the main driving force for the reform and development of trade in services. Under the new situation, how should Guangdong, Hong Kong and Macao give full play to their respective advantages to promote the development of the Greater Bay Area into a pilot area for the digitalization of global trade and facilitate the high-quality development of trade in services?

On December 12, the 6 Guangdong-Hong Kong-Macao Greater Bay Area Trade in Services Conference opened in Zhuhai. More than 2023 enterprises participated in the exhibition, showcasing the development achievements of service trade in the Greater Bay Area in an all-round and multi-level manner, and experts, scholars and entrepreneurs from the field of service trade also actively offered suggestions and suggestions from different perspectives, contributing new wisdom to the innovation and development of service trade in the Greater Bay Area.

●Nanfang Daily reporter Zeng Meiling Zhang Ziwei

Photo by Nanfang Daily reporter Qian Wenpan

The Greater Bay Area has the conditions to become

The Bay Area with the highest level of digitalization in the world

At present, digital trade, along with trade in goods and services, has become the three pillars of building a trade power. "Promoting the deep integration of the digital economy and the real economy, and the synergy between digital trade and traditional trade, is a practical need to build a modern industrial system, an inevitable requirement to promote the realization of high-quality development, and an important measure to win the initiative in a new round of international competition." Jiang Yaoping, former vice minister of the Ministry of Commerce, said that in recent years, China has accelerated the development of the digital economy, and related core industries have continued to grow and develop; At the same time, the pace of integration of the digital economy and the real economy has accelerated, and the deep integration with traditional trade has achieved positive results.

As a major province in China's trade in services, Guangdong's total trade in services in 2022 will reach US$1585.8 billion, a year-on-year increase of 3.17%, accounting for 8.820% of the national total. Among them, the total import and export value of digital services was 5.22 billion US dollars, accounting for <>% of the country. Under the CEPA framework, Guangdong has continued to expand its opening-up to the service industries of Hong Kong and Macao, promoting the efficient and free flow of people, goods, capital and data and other resource elements among Guangdong, Hong Kong and Macao, and continuously improving the level of integration and service level of service trade in the Greater Bay Area.

"The Guangdong-Hong Kong-Macao Greater Bay Area has a strong economic vitality and a high degree of openness, and is building and has the conditions to become the bay area with the highest level of digitalization in the world. Jiang Yaoping suggested that efforts should be made to promote the integration and complementarity of high-quality resources in the Greater Bay Area, focusing on supporting the deep integration of traditional service trade such as traditional processing and manufacturing, tourism, transportation, and construction in the Greater Bay Area with digital technology and digital economy, and exploring new models of digital trade; It is necessary to actively promote the opening up of the Greater Bay Area, give full play to the pioneering role of Hong Kong and Macao, Hengqin, Qianhai and Nansha and other major cooperation platforms, promote institutional opening-up in an orderly manner, actively promote high-level opening-up in key areas such as telecommunications and finance, continue to expand the flow of dual-bank elements such as data, and build an integrated network of digital trade, investment, production and services connecting domestic and foreign countries; It is necessary to give full play to the advantages of Hong Kong and Macao in having extensive international connections and well-developed professional services, and strengthen cooperation between the Greater Bay Area and other countries in the digital economy, digital trade and trade in services.

As an important part of digital trade, in 2022, China's cross-border e-commerce import and export volume will exceed 2 trillion yuan, reaching 2.1 trillion yuan, a year-on-year increase of 9.8%. In the first three quarters of this year, the import and export volume of cross-border e-commerce reached 1.7 trillion yuan, a year-on-year increase of 14.4%, accounting for 5.5% of the total import and export volume of goods trade in the same period.

"The growth of global online consumer demand, the active support of policies for cross-border e-commerce, and the favor of cross-border industries by capital have ushered in important development opportunities for China's cross-border e-commerce." Liu Ping, general manager of the National Service Trade Innovation and Development Guidance Fund, said that the Guangdong-Hong Kong-Macao Greater Bay Area has gathered the country's best service-oriented enterprises, e-commerce enterprises and digital platforms, plus many small and medium-sized enterprises, foreign-funded and foreign trade enterprises, which can be described as a gathering of high-end factors, forming an excellent industrial ecological cluster, and an important engine for the development of national service trade. "Guided by the service trade policy of the Greater Bay Area, the Service Trade Fund has invested in nearly 80 related enterprises in the Greater Bay Area, with an investment amount of nearly 60 billion yuan, actively driving the innovative development of cross-border e-commerce trade, digital trade and other fields." He said that the Fund for Trade in Services is also actively building an ecological synergy system for cross-border industries, hoping to help promote the overall development of the industry.

Hong Kong and Macao give full play to their unique advantages

Promote exchanges and cooperation in the service industry in the Greater Bay Area

A smart crutch that can detect whether users have fallen, a degradable Coke cup made of plant materials, a bamboo pulp paper towel made by traditional Chinese craftsmanship and extreme extraction technology... In the "Hong Kong Pavilion" of the 2023 Guangdong-Hong Kong-Macao Greater Bay Area Conference on Trade in Services, a series of products with both a sense of technology and environmental protection concepts have attracted many people. Visitors can also participate in the "AR Virtual Interactive Game" through their mobile phones to experience Hong Kong's advantages in international finance, innovation and technology, professional services, trade centre and sea and air transport hub.

Mr Wong Tin Wai, Chief Representative of HKTDC South China, said that the theme of this year's Hong Kong Pavilion is "Leveraging Unique Strengths to Promote High-quality Development" and the design concept of "Working Together to Create a New Chapter", which aims to showcase Hong Kong's unique advantages and new positioning under the National 14th Five-Year Plan. "Hong Kong's traditional services, such as finance and logistics, can serve the transformation and upgrading of enterprises in the Bay Area and their overseas expansion. Hong Kong's innovative services, such as innovation and technology, cultural and creative industries, can also be commercialised and commercialised in the GBA. Huang Tianwei said that the exhibits of the "Hong Kong Pavilion" show Hong Kong's diversified innovative design services, hoping to let more people see the advantages and latest achievements of Hong Kong's service industry, and promote exchanges and cooperation in the service industry in the Greater Bay Area.

In 2022, Hong Kong's total trade in services amounted to HK$11431,4.4 billion, up 2022.93% year-on-year. "At the Hong Kong level, Hong Kong is one of the world's most service-oriented economies. In 4, Hong Kong's services sector accounted for <>.<>% of GDP, and Hong Kong's professional services can serve the needs of the country. At the national level, the National <>th Five-Year Plan has given Hong Kong a new positioning as an 'eight centres', providing a 'big platform' and 'new opportunities' for the sustainable development of Hong Kong's service industry. Huang Tianwei said that the total volume of trade in services in the Guangdong-Hong Kong-Macao Greater Bay Area has been steadily expanding, the internationalization capacity has been continuously improved, and the opening up and cooperation have been deepened. Different cities in the Mainland have their own differentiated advantages, which also provide a well-developed ecosystem for Hong Kong's service industry. With the development of digital services, the Greater Bay Area is expected to further circulate cross-border data, cross-border finance, and cross-border credit in the future. "In terms of digital trade, Hong Kong can work hand in hand with different provinces and cities in the Mainland to complement each other's advantages and make Hong Kong's contribution to China's economic and trade development."

"As an important part of the Greater Bay Area, Macao continues to promote the integrated development of digital technology and trade in services, and the total import and export value of trade in services increased by 151% year-on-year in the first three quarters of this year." The Secretary for Economy and Finance of the Macao Special Administrative Region, Lei Wai Nong, said that the Macao SAR Government announced the first comprehensive and systematic "1+4" industrial development plan last month, combining the new trends and opportunities of service digitalization and trade digitalization, while making the comprehensive tourism and leisure industry better, more refined and stronger, vigorously promoting the development of key industries such as traditional Chinese medicine and health, modern finance, high-tech, convention and exhibition, commerce and trade, and culture and sports, and promoting all sectors to work together to create and apply more diversified digital technologies. Create a good environment for the further development of trade in services and the digital economy.

At the 2023 Guangdong-Hong Kong-Macao Greater Bay Area Conference on Trade in Services, IPIM set up a 126-square-metre "Macao Pavilion" to promote the business environment and policy advantages of Macao and Hengqin, and provide investors with important information on Macao's exhibition and investment through video. More than 20 representatives from Macao's trade, convention and exhibition, finance, e-commerce, traditional Chinese medicine, science and technology, tourism, advertising, logistics, import and export and other fields participated in the exhibition.

Sze Chun Chung, Deputy General Manager of Macau Zongheng Culture Co., Ltd., who participated in the exhibition for the first time, said that the company's business scope includes the planning and development of cultural tourism and research projects, the planning and undertaking of conferences and exhibitions, etc., and hopes that by participating in the Greater Bay Area CIFTIS, it can attract more customers in the region and explore new businesses.

Tang Man-wah, Vice President of the Macao Exhibition & Trade Association, pointed out that the construction of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin has brought new opportunities to Macao's exhibition and trade industry, such as the innovative model of "one MICE and two places", which will help accelerate the integrated development of the MICE industry in Macao and Qinqin, and promote more MICE enterprises to settle down and high-end talents to gather. (Nanfang Daily)