On 13 July, Minister Yang Xiaoguang attended the Webinar on the Guangdong-Hong Kong-Macao Greater Bay Area and delivered a keynote speech in which he introduced the Greater Bay Area and the important opportunities it will bring to the world and China-UK cooperation. Around 200 guests from the political, business and academic communities of the two countries attended the webinar.

In his speech, Minister Yang called the Greater Bay Area one of the most open, most international and economically most vibrant regions in China, where President Xi Jinping is personally involved in the planning, deployment and promotion of the major development strategy. Since its official launch four years ago, the Area has seen remarkable progress in its development and notable improvement in its competitiveness.

Minister Yang pointed out that the door to the Greater Bay Area is open to all countries and the opportunities it has to offer will be shared not only in China but also with the world.

First, the Area will be a “land of opportunities” for China’s high-quality growth in the next five years. It will further consolidate China’s role as the powerhouse for world economic growth and this will create growth opportunities for all countries.

Second, the Area is a “test field” for building a new economic system with a higher level of opening up. It has focused on fostering a business environment that is up to advanced international standards. As part of China’s efforts to build a new economic system with a higher level of opening up, the Area will offer a more enabling business environment that will release more opportunities for companies from all over the world.

Third, as an important hub of the Belt and Road Initiative, the Area is becoming a platform for international cooperation and creating opportunities for win-win results.

Minister Yang referred to a virtual dialogue with UK business leaders a week ago where Premier Li Keqiang stressed that reform and opening-up is China’s basic national policy and China will continue to pursue this policy unswervingly. China’s market is open to all partners from all countries. The opportunities of the Area and China’s development and opening up are enormous, of which all parties should make full use to enhance efficient cooperation.

China and Britain can tap the potential of the synergy between China’s development and opening up policies, such as the development of the Area, and the UK’s “free ports” initiative. The two countries should also step up cooperation on BRI and third-party markets with a view to achieving better common development.

Chairman Perry of the 48 Group Club spoke at the event. He hailed the Guangdong-Hong Kong-Macao area as the frontier of China’s reform and opening-up and modernization development. The Area, as one of China’s four key city clusters, is offering huge potential for development and opportunities for cooperation, and will play an important role in China’s economic development and governance reform in the next 10 to 15 years. Countries around the world should seize the opportunities brought by the development of the Area to deepen practical cooperation.

The webinar was hosted by Dezan Shira & Associates. The 90 minute discussion session that followed focused on the basic information of the Greater Bay Area, the relation between the Area and the BRI and the “Health Silk Road”, and Hong Kong’s role in the development of the Area. The panelists spoke on these topics, had discussion and took questions from the online audience.