Bay Area Economy

by Li Zhuoxi

“Bay Area Economy” refers to an economic effect derived from port and town clusters along coastal areas. According to a study by the World Bank， 60 percent of the worlds total economic output comes from ports and gulf regions and their direct surroundings. Open economic structure， efficient resource allocation ability， powerful agglomeration spillover function and advanced international interaction networks are the major features of a bay area economy.

A bay area economy is not only a growth pole， but more importantly an innovation hub. Chinas economic development is presently facing both international and domestic pressure and challenges. The country has urgent need to cultivate new growth poles and driving forces.

In 2017， the central government of China proposed a plan to develop a city cluster in the Guangdong-Hong KongMacao Greater Bay Area， marking the beginning of the Chinese governments focus on bay area construction. The Greater Bay Area covers Hong Kong and Macao special administrative regions and nine cities in Guangdong Province： Guangzhou， Shenzhen， Zhuhai， Foshan， Huizhou， Dongguan， Zhongshan， Jiangmen and Zhaoqing.

On April 9， 2018， the GuangdongHong Kong-Macao Greater Bay Area panel discussion was held during the Boao Forum for Asia Annual Conference in Boao， Hainan Province. Participants estimated the total economic volume of the Greater Bay Area at near that of the New York Bay Area. It has attracted 16 of the global top 500 companies， with great potential for development.