2020-10-22

​Zheng Yongnian:Guangdong-Hong Kong-Macao Greater Bay Area can be built into China’s internal”EU”

By yqqlm yqqlm

On October 22, Guangzhou-Shenzhen”Twin Cities Interaction” Forum was held in Shenzhen. Zheng Yongnian, Dean of the Institute for Advanced Study of Global and Contemporary China at The Chinese University of Hong Kong (Shenzhen), proposed at the forum that the Guangdong-Hong Kong-Macao Greater Bay Area should be built into a super-large and competitive world economic platform, making it a further economic and social platform for my country. The gripper of development.

Zheng Yongnian said that at present, the United States is”containing” China on the one hand, and on the other hand, its internal system has undergone tremendous changes. The world has entered a period of uncertainty. In this situation, China must first do a good job in the international and domestic”dual cycle” to deal with challenges.

He further pointed out that, first of all, we must focus on the domestic cycle, which reflects the basic fact that the contribution of domestic consumption to economic growth is dominant. Secondly, we must pay attention to the international cycle. China’s reform and opening up, especially the development of Shenzhen, relies on the international cycle and takes place in the context of globalization. Zhejiang, Shanghai, Jiangsu, Guangdong and other provinces and cities also rely on the international cycle. It can be seen that the outer circulation also has an important position at present.

Zheng Yongnian stated that although the West has experienced constant crises since the Great Depression in 1936, it experienced a global financial crisis in 2008. However, the New York Greater Bay Area, the San Francisco Greater Bay Area, and the Tokyo Greater Bay Area still concentrate high-quality technologies, talents, and resources, and superior talents and technologies from developing countries continue to enter these platforms.”So despite the constant political crises in Western countries, economic development is still sustainable.”

He emphasized that the two cities of Guangzhou and Shenzhen are at the critical link between the inner and outer cycles, and China should seize the opportunity , To build the Guangdong-Hong Kong-Macao Greater Bay Area, especially the two central cities of Guangzhou and Shenzhen, into an embedded world economic platform.

For the establishment of an”embedded world economic platform”, Zheng Yongnian believes that my country has the following two main advantages.

First of all, my country has the potential to open up. In the past year, about 200 billion U.S. dollars flowed into China’s capital market, indicating that the Chinese market has a strong appeal. Some western countries try to attract enterprises to return, but the motivation is severely insufficient.”The middle class in the United States is only 200 million, while our country has 400 million.” He said,”Our middle class is very large. If we continue to reform and open up, Western technology will not go away.”

Secondly , my country’s market economy is coordinated by the central government. If only the market plays a role, it will often go into a vicious circle.”We are neither state capitalism nor Western liberalism, but a mixed economy. This is the optimal structure.” Zheng Yongnian said,”We can build the Guangdong-Hong Kong-Macao Greater Bay Area into China’s internal’EU’. It can even do better than them.”

The competition of countries is the competition of cities. Zheng Yongnian said that if Shenzhen wants to be”special zone and not special”, its experience is to be”promotable and reproducible”; while Guangzhou is truly”special” and has special advantages-a thousand-year-old ancient capital and profound cultural heritage. As long as the government coordinates well, both Guangzhou and Shenzhen can play their respective advantages in the twin-city linkage.

Zheng Yongnian also emphasized that the Guangdong-Hong Kong-Macao Greater Bay Area must unify the rules and take the market as the main body. At the same time, the government must strengthen the rule of law.

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