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Greater Bay Area in China & the role of Macao in its development

Macao’s role in China’s Greater Bay Area development plan is strategically positioned as a center and platform for moderate economic diversification and sustainable development. The city has been identified as a key player in the development of the Greater Bay Area, which encompasses Guangdong, Hong Kong, and Macao. The plan emphasizes the deepening cooperation among the Mainland, Hong Kong, and Macao, further enhancing the Greater Bay Area’s supporting and leading role in the country’s economic development and opening up. Macao’s positioning as a center and platform in a global context presents opportunities for the city to achieve moderate economic diversification, further deepening the cooperation between Guangdong, Hong Kong, and Macao, and facilitating in-depth integration within the region. The plan aims to transform the Greater Bay Area into a vibrant world-class urban agglomeration, a global international hub for innovation and technology, and an important pillar of support for the Belt and Road Initiative, emphasizing the need to maintain the long-term prosperity and stability of Hong Kong and Macao.

The development plan for the Greater Bay Area is designed to foster a world-leading business environment, increase the area’s appeal, and attract more international firms to the hub, which includes Hong Kong and Macao. The plan emphasizes the gradual expansion of openness in the financial sector to Hong Kong and Macao, supporting service providers from Hong Kong and Macao to establish and operate elderly care facilities, and advancing the application convenience of travel documents for residents from Hong Kong and Macao. It also aims to attract investment from developed countries in advanced manufacturing, technological innovation, and modern services, aligning with high-standard international trade rules and increasing the area’s attractiveness for inward investors.

In summary, Macao’s role in China’s Greater Bay Area development plan is integral to the region’s economic development and opening up. The city’s positioning as a center and platform presents opportunities for moderate economic diversification and in-depth integration within the region. The plan not only aims to enhance the area’s supporting and leading role in the country’s economic development but also to create a world-class urban agglomeration and a global international hub for innovation and technology, emphasizing the need to maintain the long-term prosperity and stability of Hong Kong and Macao.

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