"Bay areas are the engines of growth and our driving force. The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is one of the cradles of the Fourth Industrial Revolution worldwide."
This claim was made by Zheng Yongnian, Board Chairman of the Guangzhou Institute of GBA, at the launch of his newly published monograph New Growth Engines: Bay Area Economies, held on August 16 at the Southern China Book Fair.
The book cover of New Growth Engines: Bay Area Economies (South Photo)
Geographically embedded world economic hubs
Zheng detailed his analysis of four major bay areas worldwide as new engines for economic growth via geographically embedded world economic hubs, a concept he coined himself.
"When a region possesses all the elements necessary to support this industrial revolution, it is considered a geographically embedded hub," he noted.
Regarding the allocation of production factors for economic activities, based on the research of Zheng's team, three key elements must align with each other: an active government, an efficient market, and a vibrant society.
Zheng Yongnian is interviewed by South in Guangzhou on August 16, 2025. (South Photo)
He elaborated that the first two have been emphasized quite a lot. Nonetheless, the third is crucial. Development is impossible without a vibrant society, as he highlighted.
"These three elements must be integrated ... in this vein, one region can nurture a geographically embedded world-class economic hub," Zheng concluded.
He then noted that the New York Bay Area, the San Francisco Bay Area, the Tokyo Bay Area, and GBA are very typical in this regard, as these four possess all factors of production in the Fourth Industrial Revolution, such as talent, technology, fundamental research, and financial services.
A thorough penetration of GBA via four criteria
Zheng Yongnian delivers a keynote speech at the book launch in Guangzhou on August 16, 2025. (South Photo)
Echoing Zheng's keynote speech during the launch, He Dongni, co-author of the book and executive director of the Guangzhou Institute of GBA, told a South reporter that the Bay Area economy is oriented to the sea, born in the sea, and prosperous by the sea.
"Therefore, it is closely linked to the marine economy. This is the natural endowment of GBA. It is also our mission," she added.
To provide more details about the GBA, she analyzed the region through four domains: original innovation, industry convergence, flow of production factors, and its open ecosystem.
With over 140 registered universities and more than 270 new R&D institutions currently, the GBA gathers China's top universities, national laboratories, and research institutions.
"Many national and provincial laboratories are clustering in this region. In fact, regarding original innovation, we are constantly accumulating capabilities," He added.
The most critical characteristic of the GBA, according to He, is the industrial foundation established in the Pearl River Delta through reform and opening up.
She lauded the robust manufacturing in the GBA. Many manufacturing industries, including those involved in cutting-edge R&D and manufacturing, can find highly efficient supply chain support in this area.
Additionally, some leading enterprises that emerged locally have become the main force in expanding the industrial chain, as He observes.
He Dongni receives the interview by South in Guangzhou on August 16, 2025. (South Photo)
Speaking of the flow of production factors, she noted that GBA has concentrated numerous production resources.
Amidst the wave of the Fourth Industrial Revolution, talent is the primary factor in technological competition. GBA is also vying for all sorts of talent relentlessly and utilizing them effectively.
The final criterion is the open ecosystem, which GBA develops step by step. As He pointed out, governments, businesses, professional organizations, associations, chambers of commerce, and society, comprised of every resident, are all diverse participants.
"In the next decade, GBA will become one of the most dynamic regions for innovation worldwide. Many competitive firms cluster here. Residents live and work in peace and contentment. Considerable talent find this place to be their blessed land," He envisioned with high hopes.
Reporter: Zhang Ruijun
Photo: Liang Zijian
Editor: Yuan Zixiang, James Campion, Shen He
