Can the Guangdong-Hong Kong-Macao Greater Bay Area Become the No. 1 Regional Economy in the World?

Can the Guangdong-Hong Kong-Macao Greater Bay Area Become the No. 1 Regional Economy in the world?
CHAPTER ONE: INTRODUCTION
1.1 Introduction
The world has become more competitive with countries around the world are putting measures in place to enhance their competitiveness on the global stage. For instance, Aiginger, Bärenthaler-Sieber, and Vogel (2013) reported that the European Union has been working on new policies that enhance competitiveness by promoting new industrial and service industries. Given the global world and economy we live in today, gone are the days when countries can protect their economies using previous tools and policies. As a result, opening economies has become an important factor in enhancing competitiveness today (Wignaraja, 2003). The opening up of the economy has been accelerated by the need for countries to take advantage of markets in other countries. At the same time, regional integration has gained popularity (Kokko & Gustavsson, 2004). Regional integration has become important as countries and regions collaborate to promote economic growth and address global challenges. Regional integration has been applauded for increasing the interconnection of the global economy. According to the Asian Development Bank Institute and Asian Development Bank (2015), when countries and regions work together, they become more effective in tapping into global markets, sharing resources, and minimizing costs. In China, regional integration has become necessary as the nation’s economy becomes more complex (Azis and Menon, 2013). China has experienced economic growth, which has allowed it to tap into global markets (Barnett et al., 2004). For China to sustain economic growth, it must ensure its regions are more integrated. When regions work together, they enhance cooperation in policymaking and facilitate the development of common policies (Azis and Menon, 2013). Mussa (2000) suggested that the primary motivating driving force in establishing economic integration is overcoming economic bottlenecks by introducing new policies and regulations to stabilize the economy.
The Greater Bay Area (GBA) of Guandong, Hong Kong is comprised of nine cities, two administrative regions, and over 66 million people and is considered a great attraction for investors to strengthen their productivity (Shao et al., 2020). The GBA has recently issued an ‘Outline Development Plan for the Guandong,’ emphasizing regional economic development and fostering ongoing processes to deepen China's reforms (Li and Kwok, 2019). China's previous policies on cross-border collaboration are based on harmonization and integration to strengthen the economy. Leveraging the advantages of location and a strong plan is expected to stimulate the dynamic mechanism for the entire region (Li & Kwok, 2019). This paper analyzes data from secondary sources to determine whether it is possible, and if so, what it would take, for the GBA to become the world's Number 1 regional economy in the world.
1.2 Purpose and benefits of study
The overall purpose of this study is to determine whether it is possible, and if so, what it would take, for the GBA to become the world's Number 1 regional economy in the world. Understanding how the re...