2021-06-10-安永-Strategy_for_a_tech-driven_Greater_Bay_Area_24页_2mb

Summary of the Strategy for a Tech-Driven GBA

Core Content

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is positioned as a national innovation and technology hub, playing a pivotal role in China's transition to high-quality economic growth. This strategy emphasizes the integration of technology, innovation, and regional collaboration to enhance the GBA's competitiveness and influence on the global stage.

Main Views

• High-quality growth: The GBA is a key region for China's economic transformation, with a focus on structural reforms, domestic demand, and international collaboration.
• Tech-driven development: The GBA is expected to be the epicenter of China's technology industry, with Shenzhen, Zhuhai, and Dongguan leading in innovation and technology development.
• Innovation ecosystem: The GBA needs a balanced ecosystem that includes government support, private enterprise engagement, capital market development, and talent attraction.
• Collaboration with Hong Kong and Macao: Despite their limited industrial sectors, Hong Kong and Macao can contribute to the GBA's innovation environment through financial services, academic research, and talent mobility.
• Technology upgrades: The use of artificial intelligence (AI) and big data is being leveraged to optimize traditional industries, including real estate and health care.

Key Information

1. GBA as a National Champion

• The GBA is designated as a national innovation and technology development hub.
• The Outline Development Plan (2019) outlines the GBA's goal to become an international technology and innovation hub.
• The GBA Innovation Development Index measures progress in R&D, patent output, enterprise engagement, and innovative environment.
• The index tripled between 2013 and 2018, showing remarkable growth in innovation.

2. Leading Cities in the GBA

• Shenzhen is the innovation leader in the GBA, with the highest R&D investment and patent output.
• Zhuhai is known for its biomedical industry and strong R&D manpower.
• Dongguan has shown significant improvement in innovation, with its patent and new product output almost matching Shenzhen's in 2018.
• Guangzhou and Foshan lag behind in innovation, highlighting the need for targeted support.

3. Role of Hong Kong and Macao

• Hong Kong is a financial and academic hub, with strong research capabilities and international recognition.
• It is ranked 15th in the Global Scientific And Technological Innovation Centers Evaluation Report (2020), compared to Shenzhen (27th) and Guangzhou (46th).
• Hong Kong's financial market and talent pool can support the GBA's innovation ecosystem through cross-border financing, investment in R&D, and global talent attraction.

4. Technology Upgrade and AI Application

• The GBA is investing in technology upgrades to modernize traditional industries.
• Artificial Intelligence (AI) is being used to optimize budgeting and forecasting, especially in the real estate sector.
• AI models integrate macroeconomic data and micro-level insights, such as urban planning and consumer behavior, to enhance decision-making.

5. Four-Pronged Approach for Innovation Ecosystem

• Government: Must provide proactive policy support, fiscal investment, and regulatory reforms to foster innovation.
• Private Sector: Should embrace dynamic competition, benefit from technology infrastructure, and access affordable land.
• Capital Market: Needs a technology rating system to evaluate creditworthiness and support financing through intellectual property assets.
• Workforce: Requires global talent attraction, especially through Hong Kong and Macao, to address the shortage of R&D professionals.

Conclusion

The GBA is on a strong trajectory to become a tech-driven economic powerhouse, supported by government initiatives, private enterprise dynamism, and capital market reforms. While tangible progress has been made, the soft environment such as manpower and innovative culture still requires improvement. With collaboration between the mainland and Hong Kong, and the use of AI and technology, the GBA is expected to lead China's high-quality growth and create global ripples in the years to come.