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Ⅰ. The Macro-environment of the GBA

1.1.1 The GBA economy has become an important growth pole for the development of

global economy

The statistics departments of Guangdong, Hong Kong, and Macao successively announced the economic
data for 2022 in the first quarter of 2023. Data shows that in 2022, the total economic aggregate of the GBA

exceeded RMB 13 trillion, and its comprehensive strength has significantly increased. It is accelerating towards

the established goal of building an international first-class bay area and a world-class city cluster.
The Outline Development Plan for the GBA has been issued for over four years, achieving very fruitful
results. According to the data from the Guangdong Provincial Bureau of Statistics, the Gross Domestic Product

(“GDP”) of the nine regions in the GBA in 2022 was RMB 10,468.1 billion. According to the data released by

the Census and Statistics Department of the Government of Hong Kong Special Administrative Region (“SAR”),
Hong Kong has achieved a regional GDP of HKD 2,827 billion, which is approximately RMB 2,428 billion
based on the average exchange rate in 2022. According to the data released by the Government of the Macao

SAR, Macao has achieved a regional GDP of MOP 177.3 billion, approximately RMB 147 billion. As a result,

the total economic output of the GBA exceeded RMB 13 trillion. 3
The GBA offers great prospects and wider space for development. On November 8, 2023, at the 2023 GBA
Global Investment Promotion Conference held in Guangzhou, 859 investment and trade projects with a total

amount of RMB 2.2 trillion were confirmed. In addition to the RMB 2.5 trillion investment achieved at the

first GBA Global Investment Promotion Conference last year, the GBA has attracted nearly RMB 5 trillion of
investment in just these two sessions of global investment promotion conferences. 4
As an important growth pole for the development of the global economy, the GBA economy has a diversified

industrial structure and has become an important indicator and barometer of global economic development

trends. According to the 2021 Fortune Global 500 list, the GBA surpassed the New York Bay Area for the first
time among the Fortune Global 500 companies in 2021, expanding the number of companies on the list to
25. Statistics show that in the past five years, Guangdong has over 250 large projects with actual investment

exceeding USD 100 million, and actual foreign investment exceeding USD 80 billion. Major projects such as

3 The total economic output of the GBA has exceeded RMB 13 trillion, Xinhua News Agency (March 22, 2023),
https://www.gov.cn/xinwen/2023-03/22/content_5747768.htm
4 GBA becomes one of the most promising growth poles in the world, China Economic Network (November 14, 2023),
http://district.ce.cn/newarea/roll/202311/14/t20231114_38790725.shtml

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