Themed “The Greater Bay Area New Horizons: Together for High-level Reform and Openness,” the 3rd China (Macao) High-Quality Consumption Exhibition and Hengqin Global Bay Areas Forum took place in Hengqin on September 26.
At the forum, scholars and representatives from around the world shared their insights on China’s economic growth and enhancing cooperation among global bay areas.
Promoting High-Quality Development
As the world economy undergoes a period of profound adjustment, with slow and uneven recovery, China’s economy continues to demonstrate resilience. To steer the economy back toward expansionary growth, economists emphasized the importance of urbanization and rural development.
Liu Shijin, former vice minister of the Development Research Center of the State Council, suggested that the government should accelerate the development of small and medium-sized cities within metropolitan areas, driving a second wave of urbanization in China. This would foster a high-quality, sustainable modern urban system that integrates urban and rural development.
Liu said, “The next step for China’s economy is to promote high-quality development, including high-quality consumption, creating a new cycle. Promoting high-quality development includes expanding consumption, upgrading human capital, and advancing industrial transformation with a focus on high-tech and high-value-added sectors.”
David Blair, Senior Economist and Vice President of the Center for China and Globalization, pointed out that China’s economy must be driven by domestic consumption, which in turn is driven by rising incomes. He noted that rural revitalization is one of the key policies supporting this effort.
He added, “In recent years, China’s rural areas have received significant investments through rural revitalization. When I was hiking, I saw people engaging in small businesses. Many farmers who were poor 20 years ago are now becoming wealthy.”
Blair emphasized that rural revitalization and development are crucial components of China’s future.
Enhancing Global Cooperation
Amid sweeping changes in the global economy, the Guangdong-Hong Kong-Macao Greater Bay Area is emerging as a beacon of innovation, resilience, and dynamic growth.
Blair remarked, “The Greater Bay Area has a nearly unique economy in the world. It combines incredible entrepreneurship with centers of production that span a wide array of products.”
Liu emphasized that the Greater Bay Area should lead the way in high-quality development, given its advantages in urbanization, industrial support, technological progress, and human capital.
Looking to the future, Jennifer Zou, Chief of China Business Development at the Bay Area Council (BAC), stressed the importance of enhancing cooperation and communication among global bay areas. “Bilateral exchanges and visits are crucial for building mutual trust and understanding,” she said.
Emil Marques, Head of the Executive Training and Lifelong Learning Office at the University of Saint Joseph, noted that as a “super-connector,” the Macao SAR should play a more significant role in fostering global exchange and building new systems for China’s higher-level opening-up by linking the Chinese mainland with the world.
The 3rd China (Macao) High-Quality Consumption Exhibition and Hengqin Global Bay Areas Forum was supervised by the Government of the Macao Special Administrative Region, the People’s Government of Guangdong Province, the State-owned Assets Supervision and Administration Commission of the State Council, the Liaison Office of the Central People’s Government in the Macao Special Administrative Region, and the China Council for the Promotion of International Trade. Southern Finance Omnimedia Corp. served as the special co-host.
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