Development of the Guangdong-Hong Kong-Macao Greater Bay Area will be a major priority for the provincial government, according to Guangdong Governor Ma Xingrui.
Ma said the new cluster is crucial to enhancing Guangdong's social and economic progress in the near future.
The three Greater Bay Area members have strengths in different areas, Ma said. Guangdong has long been strong in manufacturing and foreign trade, while Hong Kong is internationally renowned for its finance, shipping and trade services and Macao is a tourism hub.
Guangdong's import and export value reached 7.16 trillion Yuan (USD999 billion) last year, accounting for nearly a quarter of the country's total, according to the provincial government.
According to the report, research and development talent in 70 percent of companies in the Greater Bay Area accounts for more than 10 percent of employees.
Moreover, 10 percent of companies in the area said their investment in technology research equated to just over 40 percent of their sales revenue.
The State Council Information Office said R&D expenditure in Guangdong exceeded 250 billion Yuan last year, ranking first in China and accounting for 2.65 percent of the country's GDP. Guangdong ranked first in regional innovation capability in both 2017 and last year. The number of patent applications and grants reached 793,800 and 478,400 respectively.
In addition, contract turnover in the technology market was worth 138.7 billion Yuan, the information office said.
Source: China Daily
