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Foreign investment has played a role in the development of Guangdong, the southernmost province of China's closest Hong Kong and Macao, which was once focused on agriculture. According to HSBC, investments from Hong Kong – considered as a foreign entity due to separate exchange rules and investment rules – account for 65% of Guangdong's GDP. In just a few decades, the province has become a manufacturing hub – a powerful symbol of China's rise to power.
The Greater Bay Area is also home to some of the world's biggest tech giants; Telecommunications giant Huawei, conglomerate Tencent and DJI drone maker are just some of the heavyweights based in the region.
Investors, government officials and business leaders are hoping to see the region attract young entrepreneurs and compete with Silicon Valley. To achieve this, investors have already begun to inject money to build new developments and, more ambitiously, new cities in the greater bay area.
Nee Pai Chee, vice president of the Sino-Singaporean City of Development and Investment City of Knowledge (SSGKC), oversees a collaboration between China and Singapore to contribute to the construction of a new city in the region can accommodate half a million people. He projected that the majority of occupants will come from outside the region over the next 20 years, attracted by new developments important enough to "live, work and play".
Nee expressed confidence that Greater Bay will be competing with cities like Beijing, Shanghai and Singapore: "We have a lot of international colors in us, in this development. If they come here, we can help them to build relationships not only with Singapore, but also with the American and European countries. "
