The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference opened on Monday in Guangzhou, capital of south China's Guangdong Province, gathering more than 1,200 people to discuss the development in the Greater Bay Area and explore new business opportunities.
Representatives from both domestic and international government bodies and business communities engaged in in-depth exchanges on topics including cross-border financial collaboration, commercial legal integration, and industrial linkages in artificial intelligence and biomedicine.
Themed "Empowering the Greater Bay Area, Unlocking New Opportunities," the two-day event focused on global supply chain innovation and trade risk mitigation.
"With the hope to meet the current demands and future vision of the development of the Greater Bay Area, the conference aims to build a consensus in the global business community, deepen cooperation in the Greater Bay Area, strengthen regulatory and institutional alignment, and boost international confidence in the region's development," said Li Qingshuang, vice chairwoman of the China Council for the Promotion of International Trade (CCPIT).
Guangdong's economic ties with Hong Kong and Macao have reached new heights, with over 260,000 enterprises from these regions operating in the province.
In 2024, trade between Guangdong's nine cities and the two special administrative regions surpassed one trillion yuan (137 billion U.S. dollars), and Guangdong, Hong Kong, and Macao jointly produce 70 percent of the world's consumer drones, 40 percent of smartphones, a quarter of China's new energy vehicles, and one-fifth of integrated circuits.
An important program of the conference was the release of the first Report on Supply Chain Promotion in the Greater Bay Area, offering a comprehensive review of recent developments from a business perspective.
The Report includes supply chain maps for smart vehicles and innovative pharmaceuticals, shedding light on new opportunities for industrial collaboration and innovation brought up by the supply chain promotion system.
It also outlines 39 policy recommendations on areas such as infrastructure development, coordinated supply chain policy, innovation-friendly environments, and inclusive financial services.
"We hope the report provides fresh insights into the latest industrial policies, trends, and international supply chain cooperation in the Greater Bay Area," Li said.
In addition, the Guidelines for Ad Hoc Arbitration in the China (Guangdong) Pilot Free Trade Zone were released as well during the conference. It outlines the legal frameworks and procedural rules for resolving cross-border commercial disputes, aiming to establish a model for international maritime arbitration.
3rd Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference opens in Guangzhou
