Can China develop the Guangdong-Hong Kong-Macao Greater Bay Area into a sustainable innovation technology and finance hub?

Peter K.W. Fong and Alice Y.C. Te

Public Administration and Policy: An Asia-Pacific Journal, 2025, vol. 28, issue 3, 254-270

Abstract: PurposeThis paper reviews whether China’s Guangdong-Hong Kong-Macao Greater Bay Area (GBA) can be developed into a sustainable innovation technology and finance hub through analysing the policy measures and actions taken by the governments to deal with the challenges in the plan implementation.Design/methodology/approachThe study employs a qualitative framework based on policy document reviews, including the GBA Development Plan (2021-2035) and cross-border case studies of Hong Kong and Shenzhen. A comparative approach evaluates the GBA’s progress with those of global best practices in sustainable urban development and innovation ecosystems in Japan and the USA.FindingsThe GBA has made significant achievements in sustainable innovation, driven by strong policy support for R&D investment and cross-border collaboration. However, some challenges such as regulatory harmonisation and economic disparities amongst cities are identified. The case studies of Hong Kong and Shenzhen reveal that Hong Kong is one of the world’s leading finance centres, serving as a gateway between Mainland China and the world. In contrast, Shenzhen has emerged as a pioneer in high-tech industries, advanced manufacturing, and sustainable urban growth. Deeper collaboration between the governments and the communities — the market, private enterprises, and professional communities — is required to ensure long-term policy coherence, collaborative governance, and inclusive growth, in securing the GBA’s position as a 21st-century leader in finance, technology, and sustainability.Originality/valueThe paper provides a comparative review of the development of the GBA through analysing the two cases of Hong Kong and Shenzhen, as well as a comparison with Tokyo, New York and San Francisco Bay Areas.

Keywords: China’s Greater Bay Area; Development plan; Innovation technology and finance hub; Hong Kong; Macao; Shenzhen (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:pappps:pap-08-2025-0145

DOI: 10.1108/PAP-08-2025-0145

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