The Greater Bay Area initiative is a national strategic project to develop a world-class city cluster driven by economic reform, innovation, increased connectivity and integration. The release of China’s Outline Development Plan for the GBA last year, followed by a number of additional policy measures, lays a solid foundation for this ambitious goal and heralds new objectives to further facilitate the flow of goods, services, capital, talent and information across the region.
To gauge the latest business opinions regarding the opportunities and challenges in the region, KPMG China has again partnered with HSBC and the Hong Kong General Chamber of Commerce (HKGCC) to launch this flagship report on the GBA.
The report, titled "Keys to success in the Greater Bay Area", surveyed 747 business executives in mainland China, Hong Kong and Macau across a wide range of sectors. The survey results indicate businesses have full confidence in the region’s prospects, with over half (52 percent) of executives planning to expand geographically in the GBA before 2022.
Gaining access to the GBA market of more than 71 million is a key motivation for companies to invest in the region, cited by almost three quarters (73 percent) of executives. Other attractions include getting closer to business partners/customers, access to talent, lower costs and better transport infrastructure.
While the development of the GBA is expected to create business opportunities across all sectors, the survey respondents identified technology and innovation, financial services and trade and logistics as the three key sectors to benefit the most, for the third year running.
We hope that this report provides you with valuable insights, and we look forward to discussing how the findings relate to your company’s strategy and growth initiatives in the region, and how KPMG can assist.