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Published: 21:36, September 13, 2021
Greater Bay Area 'to play key role under 14th Five-Year Plan'
By Ao Yulu
Published:21:36, September 13, 2021 By Ao Yulu

A rainbow appears in the air over the city of Guangzhou, South China's Guangdong province, Oct 3, 2016. (PHOTO / VCG VIA CHINADAILY.COM.CN)

The Guangdong-Hong Kong-Macao Greater Bay Area will embrace new development opportunities under the 14th Five-Year Plan (2021-25), Deloitte predicted on Monday while announcing that it has initiated three new initiatives in the region.

The accounting firm predicts that the Greater Bay Area can play a pivotal role under the 14th Five-Year Plan. However, it said that while the GBA contains numerous leading tech companies and abundant talent, there is a need to enhance the cluster’s international influence, industry synergies, and enterprises’ innovative capability, as its current rate of regional patent cooperation is 0.95 percent, which is far lower than the other three leading international bay areas.

Deloitte suggested that the Guangdong-Hong Kong-Macao Greater Bay Area should make use of preferential policies to develop the region in international innovation, green transformation, supply chain coordination, and cross-border e-commerce

Deloitte suggested that the GBA should make use of preferential policies to develop the region in international innovation, green transformation, supply chain coordination, and cross-border e-commerce. 

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Freddie Chui, the markets and global network leader of Deloitte’s financial services industry, said that the government has introduced various policies on financial connectivity, such as the Wealth Management Connect, and the Bond Connect, which would gear up for the development of the financial industries.

“I believe the growth of the Greater Bay Area will continue. And the financial institutions generally have full confidence in the future development of the Greater Bay Area,” said Chui.

“The establishment of an innovative ecosystem can enhance the clusters and industries’ coordinated development,” Deloitte China Southern Region Mainland Managing Partner Tom Kwok said.

He noted that the convergence of research capabilities, innovative industries, and capital will boost investment diversification, internationalization, and market-based operations.

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Kwok added that the GBA can also link the scientific and technological advantages of Guangdong, Hong Kong, and Macao by absorbing international resources to enhance the region’s international influence.

In addition, Deloitte announced that it has initiated three initiatives for the region, including a think tank center, a market research center, as well as a security analysis center, to support and contribute to the GBA’s further development.

aoyulu@chinadailyhk.com


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