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Greater Bay Area: the megalopolis, also known as the Guangdong-Hong Kong-Macau, is three times the size of the Bay Area in San Francisco


McKinsey Greater China, which opened offices in Shenzhen in 2013. Thecityhosts theheadoffices ofsmartphone


makersHuawei TechnologiesandZTE; electronic vehicle producer BYD Auto; drone maker DJI; andWeChat provider TencentHoldings. Since Hong Kong was linked to China’s


high-speed railway network in an $11bn pro- ject, travel times between the cities have been cut to just 15 minutes, giving Shenzhen greater access to Hong Kong’s foreign capital and inter- national tech talent.


Openfor visitors Often described as the ‘Las Vegas of Asia’ due to its large casinos and vibrant nightlife, Macau is set to specialise on its tourism sector. Though the special administrative region


has yet to showan uptick in inboundgreenfield projects in the tourism sector, the June 2019 expansion of Crystal Pavilion hotel complex by Wynn Macau, subsidiary of US-based casino operatorWynnResorts, wasworthan estimated $2bn, according to fDi Markets. Testament to its potential, Macau placed


second in fDi’s 2019/20 Tourism Locations of the Future awards, not only due to its leisure tourism but also its cultural attractions, which include 12 Unesco-listed heritage sites. Hong Kong’s tourism sector has also grown


as a result of improved connectivity with the other cities of the Greater Bay region. Following the September 2018 completion of the $20bn Hong Kong-Zhuhai-Macao Bridge, same-day tourist arrivals fromChina showed a 30% year- on-year increase in the fourth quarter of 2018, accounting for nearly half of all inbound tour- ists in the period, according to the Hong Kong Tourism Board. As Hong Kong’s tourism prospects have grown, there has also been an uptick in green-


August/September 2020 www.fDiIntelligence.com


field investment, and Hong Kong attracted its highest number of projects in the tourism sec- tor in a decade in2019, according to fDiMarkets.


Hingeingonintegration As well as key infrastructure projects, the Chinese government has implemented policies to facilitate the flow of people between the regions of the Greater Bay Area, such as the Mainland and Hong Kong Closer Economic Partnership, which has liberalised the trade of services, including healthcare. “Withour medical centre in Guangzhou,we


regularly invite our Hong Kong-based medical professionals to participate in events to share knowledge and best practices,” says Elaine Chu, general manager at Hong Kong-based Quality HealthCare, which, in January 2020, became the first foreign-invested wholly owned medical centre to qualify as a network medical facility in the Greater Bay Area. “Having a trusted health- care service can help increase movement in the area and attract Hong Kong residents to live in the region,” she adds. Hong Kong has been a crucial intermediary


in Western businesses gaining access to the Chinese economy, dating back to when the Chinese economic reforms began in the late 1970s. More recently however, the ongoing political tensions between the Chinese adminis- tration and Hong Kong have threatened this status – as evidenced by slowing cross-border financial investment between the two, and the US signing of an order to rescind special trade and economic privileges for Hong Kong. Though the policies, infrastructure and


plans are being implemented, how far the Greater Bay Area fulfils its ambitions as an eco- nomic hub and metropolis also hinge on the political challenges inherent in integrating Macau, Hong Kong and China.■


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