Hong Kong-Greater Bay Area Plan to Nearly Triple its GDP by 2032

The 2022 Foundation is a think tank which has released a report about the plan for Hong Kong integrate with Shenzhen and the other cities in the Great Bay Area. The Beijing-Tianjin-Hebei region (Jing-Jin-Ji), the Yangtze River Delta (YRD), and the Pearl River Delta Greater Bay Area (PRD) will be developed by China as three world-class city clusters. These are part of China’s 19 mega city clusters infrastructure campaign to lead the next stage of urbanization and economic development. In 2017, the bay area had a combined population of about 70 million and its gross domestic product reached around 10 trillion yuan ($1.48 trillion) in 2017. By 2030, the bay area’s population will increase to a maximum of 88 million, and its economy will be in the range of $3.2 to $4.1 trillion. Per-capita income gap between satellite towns and metropolises like Guangzhou and Shenzhen will narrow from the current 43 percent to around a third. China has similar plans for the integration of the cities and regions around Shanghai and Beijing.

Yangtze River Delta

In 2016, the Yangtze River Delta generated a GDP of RMB 17.72 trillion (US$2.76 trillion) – about 20 percent of national GDP. It is responsible for one-third of China’s imports and exports. It has a population of about 150 million people – 11 percent of the country’s total.

in June 2018, Shanghai, Zhejiang, Jiangsu, and Anhui agreed a three-year action plan (2018-2020), which will provide a strategic roadmap for integration and includes nearly a dozen collaborative projects to increase the region’s competitiveness on a global scale.

A RMB 100 billion (US$16 billion) fund, The Yangtze River Delta Collaborative Advantage Fund, was launched in Shanghai.

SOURCES- 2020 Foundation, China Briefing

Written By Brian Wang

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