The driving force of digital economy for high-quality development in Guangdong-Hong Kong-Macao Greater Bay Area

WAN Xiaoqiong1 WANG Shaolong2

(1.Information Center for Social Science, Renmin University of China)
(2.School of Applied Economics, Renmin University of China)

【Abstract】The Guangdong-Hong Kong-Macao Greater Bay Area (shortened and known as the Greater Bay Area) has a high level of economic development and a high degree of openness, and its high-quality development can not only promote the construction of the domestic circulation, but also achieve a higher level of openness. The digital economy is a new economic form based on blockchain, artificial intelligence, big data, and other new-generation digital technology. The continuous expansion of the scale of the digital economy provides a new engine and momentum for the high-quality development of China’s economy. Based on the characteristics of the digital economy and the development status of the Greater Bay Area, this paper analyzes and discusses that the digital economy and the high-quality development of the Greater Bay Area will lead the formation of China’s new development pattern. First, the digital economy can improve the operational efficiency of enterprises and form economies of scale; second, it can improve the efficiency of resource allocation and form a situation of integration and innovation; and third, it can weaken the boundaries of traditional industries, break through the limitations of time and space, and produce economies of scope. Therefore, on the one hand, the digital economy can promote the connection and cooperation of all kinds of market entities, improve the efficiency of resource allocation, and promote the formation of China’s super-large-scale market and the release of the potential domestic demand; and on the other hand, it can also enable China to actively participate in the reconstruction of the global industrial chain and supply chain, constantly enhance China’s economic strength and scientific and technological innovation capability, and realize the “dual circulation” to promote each other. The Greater Bay Area’s collaborative innovation and high-quality development are in line with China’s “dual circulation” development strategy. First of all, the Greater Bay Area has a good manufacturing foundation, strong scientific research and innovation strength, a large economic scale, and a wide range of radiation, which can greatly promote effective investment, expand domestic demand, and facilitate the formation of the domestic circulation. Secondly, the Greater Bay Area is in the forward position of China’s reform and opening up. In the previous development of the international circulation, Guangdong’s manufacturing capability has been continuously improved and its participation in foreign trade has been increasing. At the present stage, with the help of Hong Kong and Macao, two cities with high degrees of openness, we can make use of international high-quality resources to form an international circulation of “gathering global resources + collaborative innovation” so as to lead the formation of China’s new development pattern. The Greater Bay Area occupies a dominant position in the reserve of digital talents, basic data resources, and the foundation of the digital industry. Based on the Greater Bay Area’s advantages in the digital economy and the characteristics of the digital economy, the digital economy will contribute to the Greater Bay Area’s high-quality development. First, the digital economy will weaken the influence of geographical factors, regionalize and fragment the layout of the value chain in the Greater Bay Area, optimize the spatial layout of industries, improve the efficiency of resource allocation through a big data platform, and reduce the phenomenon of industrial homogenization in the Greater Bay Area. Second, the digital economy can break down regional barriers, reduce the circulation cost of factors of production in the three places, weaken administrative boundaries, and improve the flow efficiency of innovative factors. It can also realize the “cloud flow” of scientific and technological talents in the three places by using digital technology and form an innovation pattern of “siphoning global resources + gathering global wisdom + collaborative innovation” through the reconstruction of the global value chain. Third, the digital economy promotes the formation of a unified market in the three places through the integration of resources, and promotes economic development. It also uses digital technology to achieve industrial decentralization and rationalization of income distribution in the Greater Bay Area, makes access to public services more equal, narrows the regional income gap, and expands middle-income groups to achieve common prosperity in the Great Bay Area.

【Keywords】 Guangdong-Hong Kong-Macao Greater Bay Area; digital economy; new developmental pattern; high-quality development;


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Vol , No. 03, Pages 115-123

May 2022


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