10 trillion Guangdong, Hong Kong and Macao Dawan District planning is coming! CCTV: 2030 economic aggregate will exceed the UK

    Experts say that by 2030, the total economic volume of Guangdong, Hong Kong and Macau's Dawan District will more than double, reaching 3.2 trillion to 4.1 trillion US dollars ($1.5 trillion in 2017), more than the size of the UK economy. The fifth largest economy in global GDP.

    On February 18th, the Central Committee of the Communist Party of China and the State Council issued the Outline of the Development Plan for the Guangdong, Hong Kong and Macao Dawan District. The "Outline" consists of eleven chapters and forty-one sub-sections. According to the "Outline," the strategic positioning of Guangdong, Hong Kong, Macao and Dawan District is a dynamic world-class city group.

    The "Outline" pointed out that relying on Hong Kong and Macao as free and open economies and Guangdong as the vanguard of reform and opening up, we will continue to deepen reform and expand openness, and take the lead in the country in the construction of economic and high-quality development of the system and mechanism. Accelerate institutional innovation and pioneering, build a modern economic system, better integrate into the global market system, build a world of emerging industries, advanced manufacturing and modern service industry bases, and build world-class urban agglomerations.

    Key 1: Promote the construction of the “Guangzhou-Shenzhen-Hong Kong-Macau” Science and Technology Innovation Corridor

    The "Outline" pointed out that it is necessary to consolidate and enhance the status of Hong Kong's international finance, shipping and trade centers, promote the construction of the "Guangzhou-Shenzhen-Hong Kong-Macau" science and technology innovation corridor, and explore the cross-border flow of innovative elements that are conducive to talent, capital, information and technology. Regional financial policy initiatives to build a large data center and international innovation platform in Guangdong, Hong Kong and Macau.

    Key 2: Cultivate and strengthen strategic emerging industries

    Promote the development of a new generation of information technology, biotechnology, high-end equipment manufacturing, new materials, etc. as a new pillar industry, in new display, next-generation communication technology, 5G and mobile Internet, protein and other biomedicine, high-end medical diagnosis and treatment equipment, genetic testing A number of major industrial projects have been cultivated in key areas such as modern Chinese medicine, intelligent robots, 3D printing, and Beidou satellite applications. A number of strategic emerging industry major projects will be implemented around key areas such as information consumption, new health technologies, offshore engineering equipment, high-tech service industries, and high-performance integrated circuits. We will cultivate and expand new energy, energy conservation and environmental protection, new energy vehicles and other industries, and form an industrial gathering belt with energy conservation and environmental protection technology research and development and headquarters base as the core.

    Key 3: Support the mainland and Hong Kong and Macao insurance institutions to carry out cross-border RMB reinsurance business

    There will also be major reforms in the financial sector, supporting Shenzhen's development of a capital market centered on the Shenzhen Stock Exchange and accelerating financial open innovation. Support the mainland and Hong Kong and Macao insurance institutions to carry out cross-border RMB reinsurance business. Continuously improve the "Shanghai-Hong Kong Stock Connect", "Shenzhen-Hong Kong Stock Connect" and "bond-pass". Support qualified Hong Kong and Macao banks and insurance institutions to set up operations in Shenzhen Qianhai, Guangzhou Nansha and Zhuhai Hengqin.

    Key 4: Allow qualified and innovative technology companies to enter the Hong Kong-listed fund-raising platform

    The "Outline" proposes to vigorously expand direct financing channels and build a platform for scientific and technological innovation financial support based on the regional equity trading market. Support Hong Kong private equity funds to participate in the financing of innovative technology companies in Guangdong, Hong Kong and Macau, and allow qualified innovative technology companies to enter the Hong Kong-listed fund-raising platform and develop Hong Kong into a high-tech industrial financing center in Guangdong, Hong Kong and Macau.

expert's point:

    Zhang Yulong: Guangdong, Hong Kong and Macao Dawan District is the engine of economic development in the new era

    Zhang Yulong, chief strategist of CITIC Jiantou: The significance of the construction of Guangdong, Hong Kong and Macau's Dawan District for China is self-evident, with the following points:

    1. Guangdong, Hong Kong, Macao and Dawan District are attempts to open up a new pattern, which is conducive to creating an open economic new system, making the flow of resources more convenient and efficient, and more active regional exchange activities.

    2. Guangdong, Hong Kong, Macao and Dawan District are the engines of economic development in the new era. The four central cities are the core engines of regional development, enhancing the radiating role of the development of the surrounding areas, prospering the Pan-Pearl River Delta region, and even the hinterland.

    3. Guangdong, Hong Kong, Macao and Dawan District are the inevitable requirements for the construction of science and technology innovation centers. Deeply implement the innovation-driven development strategy, give play to the advantages of Guangshen Enterprise Science and Technology, combine high-quality scientific research resources in Hong Kong and Macao, promote communication, promote the flow of key elements of science and technology, focus on improving the transformation ability of scientific and technological achievements, and build an important source of global science and technology innovation highlands and emerging industries.

    4. To build a large bay area in Guangdong, Hong Kong and Macao, accelerate the interconnection of regional infrastructure, promote the construction of ecological civilization, and build a quality living circle that is livable and suitable for business. Whether it is nature or humanity, Guangdong, Hong Kong and Macao will become a model of China's urbanization, aiming to create a modern world-class city group.

    5. Build a modern industrial system with international competitiveness, accelerate the development of advanced manufacturing industries, foster and expand strategic emerging industries, accelerate the development of modern service industries, and promote the transformation and upgrading of economic structure.

    Xing Ziqiang: In 2030, the economic scale of Guangdong, Hong Kong and Macao Dawan District is equivalent to the fifth largest economy in the world.

    Xing Ziqiang, Chief Economist of Morgan Stanley China: The gradual formation of China's five major urban agglomerations (Guangdong, Hong Kong, Macao, Dawan District, Yangtze River Delta, Middle Yangtze River, Chengyu, Beijing-Tianjin-Hebei) helps support productivity growth, while Guangdong Hong Kong and Macau's Dawan District is the bridgehead in which to take advantage of the agglomeration. Unlike the other four urban agglomerations, which focus on only a few industries, the pillar industries of Guangdong, Hong Kong and Macau are more diverse, including high-end manufacturing (distributed in multiple PRD cities), IT innovation (Shenzhen), and finance (Hong Kong). And Shenzhen), professional services (Hong Kong), leisure and entertainment (Macau and Zhuhai), and shipping (the entire region). In addition, the Pearl River Delta region has been the bridgehead for China's reform and opening up and attracting foreign direct investment in the past 30 years. It has also benefited from the development of a complete manufacturing industry chain and gradually moving toward high-end manufacturing.

    It is expected that with the support of further reform and opening up policies, based on the synergy between hub cities and the radiation effects on satellite cities, the growth rate of total factor productivity in Guangdong, Hong Kong and Macau's Dawan District is expected to remain in the 1.5-2.2% range in the next decade. Continue the momentum of the past decade. At the same time, with reference to the population density of the international urban agglomeration and the population structure of the region, it is expected that the population size of Guangdong, Hong Kong and Macau's Dawan District will increase to between 76 million and 88 million in the next 10 years (currently 70 million).

    As a result, by 2030, the total economic volume of Guangdong, Hong Kong and Macau's Dawan District will more than double, reaching 3.2 trillion to 4.1 trillion US dollars ($1.5 trillion in 2017), exceeding the size of the UK economy. And the fifth largest economy in terms of global GDP contributes one-fifth of the country's GDP growth. At the same time, through economic integration, the income in the region is accelerating, and the per capita income gap between satellite cities and hub metropolises (Guangzhou and Shenzhen) is expected to narrow from the current 43% to about 1/3 of 2030.