Bay Area Economy: Geographically Embedded World Economic Hub

Yongnian Zheng () and Dongni He ()
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Yongnian Zheng: Chinese University of Hong Kong
Dongni He: Guangzhou Institute of the GBA

Chapter Chapter 1 in Geographically Embedded World Economic Hubs, 2025, pp 1-19 from Springer

Abstract: Abstract A world-class bay area represents a globally influential economic agglomeration characterized by its capacity to shape international markets, innovation ecosystems, and cross-border capital flows. Such regions distinguish themselves through a synergistic framework that harmonizes market-driven dynamism, rule-of-law governance, and deep global integration, thereby creating a competitive edge in attracting and retaining critical factors of production, such as capital, technology, and talent. This, in turn, promotes the full integration of regionally advantageous industries into the global production chain, thereby sustaining continuous economic and technological upgrading in the region. This is the essence of a Geographically Embedded World Economic Hub (GEWEH), with capital, technology, and talent all concentrating in the hubs, with no desire to leave or unable to do so easily after they are pulled in. This is also the linchpin to the continuous economic and technological upgrading of world-class bay areas. Bay area economies that have become GEWEHs derive their global influence from their development capacity. Innovation is the decisive factor and works as the core of development capability, given that pioneering technological leadership shapes a hub’s impact on the evolution of the global technology industry.

Date: 2025
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DOI: 10.1007/978-981-96-7355-1_1

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