China's GBA economic scale tops global bay economies by end of 2023: report

A blue book on the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) released on Monday indicates that the region's economic scale ranked top among global peers at the end of 2023, surpassing New York and San Francisco Bay areas, the China News Agency reported.

The comprehensive think tank report, published annually since 2018, was jointly released by the Guangdong Academy of Social Sciences and China's Social Sciences Academic Press in Guangzhou.

Since the Chinese government issued a pivotal development plan for the GBA more than five years ago, the region's GDP soared from 10.8 trillion yuan ($1.9 trillion) in 2018 to 14 trillion yuan in 2023. This growth is nearly equivalent to Shenzhen's GDP in 2023, according to the report, citing Wan Lu, an official from the Guangdong Academy of Social Sciences.

The report revealed that the economic scale of the GBA by the end of 2023 far outpaced the $1.8 trillion of the New York Bay Area and the $1.38 trillion of the San Francisco Bay Area. Its size was on par with that of the Tokyo Bay Area.

The report underscores that the GBA has consistently prioritized the development of manufacturing and the real economy, improved urban functions and encouraged cooperation among industries.

On December 11, the Huangmaohai Link, a cross-sea passage in the GBA, opened to traffic, serving as another major cross-sea passage following the Hong Kong-Zhuhai-Macao bridge and the Shenzhen-Zhongshan Link in the region.

With the completion of the cross-river and cross-sea channels, the region is building a world-class industrial corridor anchored by trillion-yuan-level clusters in sectors like advanced equipment manufacturing on the west bank of the Pearl River and high-end electronics on the east bank, according to the report.

In addition to the rapid connection of air routes, the construction of the GBA's rail network has achieved remarkable results, resulting in a world-class regional transportation corridor.

In addition to bolstering sea connectivity, the GBA has made substantial progress in rail infrastructure. By the end of 2023, the region's railway network surpassed 2,700 kilometers, while urban rail systems reached 1,373 kilometers. This expansive transportive network is accelerating the realization of the GBA's "one-hour living circle."

The GBA also boasts a world-class aviation network, featuring seven airports and 11 runways. Key hubs such as Guangzhou Baiyun International Airport, Hong Kong International Airport and Shenzhen Bao'an International Airport have collectively emerged as a leading global airport cluster, achieving passenger throughput surpassing that of Tokyo, New York and San Francisco, the report said.