China Center for International Economic Exchanges

Chen Wenling: Collaborative Innovation Will Create a Miraculous Bay Economy
Date:Jan 26,2019    Source:CCIEE

The coordinated development of Guangdong-Hong Kong-Macao Greater Bay Area is of great significance.

 “Discussing the coordinated development of the greater bay area in Guangzhou is of great significance. The coordinated development of the Greater Bay Area will help us to create a winning strategy,” said Chen Wenling.

The current world has undergone important changes and has brought us both opportunities and challenges. In the future, the competition between the world’s major powers will be a battle for manufacturing, high-tech, and innovation. The United States, Japan, Germany, Russia, and India have launched national strategies and plans to promote innovation, and the world competition has entered a period of collaborative innovation. Chen Wenling pointed out that China should take the lead in collaborative innovation.

Collaborative innovation will create a miraculous bay area economy.

The bay area normally has the best resources for innovation as it gathers high-quality resources such as the world’s top 500 companies, innovative enterprises, R&D centers, and high-end talents. Statistically speaking, 75% of the city, 70% of the industrial investment, and 70% of the population are concentrated within 100 kilometers of the coastline.

“Collaborative innovation will create a miraculous economy in the Bay Area,” said Chen Wenling. The synergy of the greater bay area can be characterized as “one country, two systems, three customs zones, and four central cities.” With innovation and development as the driving force, the greater bay area tries to break institutional barriers and constraints and creates innovative impulses across the Taiwan Straits.

Chen Wenling emphasized that Hong Kong, Guangdong, and Macao have their own advantages. If their advantages are combined together, they will form greater synergy, which is very different from any other bay areas. Other bay areas such as Tokyo bay area, San Francisco bay area, and New York bay area usually has one core city to lead the development of the neighboring cities, but the Guangdong-Hong Kong-Macau greater bay area has multiple centers and sectors. If they can create a comparative advantage based on coordinated innovation, they will have more advantages than any other bay areas in the world.

Guangdong has many world-renowned innovation companies, and the coordinated innovation of the greater bay area is expected to achieve a breakthrough.

Chen Wenling believes that in order to achieve coordinated innovation, the greater bay area needs to focus on optimizing the stock resources, amplifying the incremental resources, promoting the supply-side structural reforms, and achieving high-quality economic development.

A number of famous innovative enterprises was born in Guangdong, including Tencent, BYD and Huawei and there are many overseas delegations come to Guangdong to see China’s innovation. Chen Wenling suggested that Guangdong’s innovation if combined with Hong Kong’s innovation, will form a breakthrough in original innovation, disruptive and cutting-edge technology.

How to create new advantages of reform and opening up through collaborative innovation among Guangdong, Hong Kong, and Macao and make the greater bay area an example of demonstrating China’s image, power and style?

Chen Wenling emphasized that the greater bay area is the most open place in China. Hong Kong is an international metropolitan and its comprehensive competitiveness ranks among the top three in the world for many years. As a pioneer of reform and opening up, Guangdong has many special economic function zone such as a national economic and technological development zone, a national high-tech development zone, a national-level new zone, and a national experimental zone for comprehensive reform. Guangdong is also an important indicator of China’s foreign trade, accounting for a quarter of China’s foreign trade. In the future, the greater bay area will continue to play an important role in achieving various goals, such as moving from a big country to a strong country, achieving socialist modernization in 2035, and building a socialist modernization power by 2050.

The greater bay area is one of the few strategic highlands with a world-class business environment. If an innovative coordination mechanism can be formed in the greater bay area, it will help China a great deal in formulating an innovation-related strategy. Chen Wenling predicts that China is expected to have three major bay areas in the future: the Guangdong-Hong Kong-Macau greater bay area, the Yangtze River Delta bay area, and the Bohai bay area, which will truly become the strategic starting point for the Belt and Road.

Recommendation: building more innovative cooperation platforms to create innovation-driven demonstration zones.

Chen Wenling said that we must further liberate our mind, break down administrative barriers, form an innovative synergy mechanism among the three places, and build more platforms for innovation cooperation. In particular, we must abolish institutional barriers, allow the four central cities to play a leading role, and form a combined advantage of innovation and development. Human resource and information should flow freely so that collaborative innovation can play a greater role.

Secondly, she believes that we should make the best use of innovation-driven development and make the greater bay area a demonstration zone of innovation. Currently, the greater bay area has created a great environment for innovation, such as the Sino-Singapore Knowledge City in Guangzhou, the campus established by the University of Macau in Hengqin, and a modern financial service zone in Qianhai. In order to attract more talents, the greater bay area should have more attractive policies, make more effort in IP protection.

She stressed that it is necessary to further promote opening up, and bring the advanced experience of Guangdong to the countries along the region along the Belt and Road.

In addition to the three most important cities in the greater bay area Shenzhen, Hong Kong, and Guangzhou, there are also three important new areas, namely, Nansha, Qianhai and Hengqin. We should turn these special economic regions into innovation-driven strategical highlands. Finally, we must speed up the “go abroad” process so as to introduce our advanced experience and practices to countries along the Belt and Road region.

 

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