Abstract
The Sino-US conflicts and the COVID-19 have significantly impacted the Chinese economy and the Chinese government has proposed the “Dual Circulation Economy” strategy as countermeasure. As one of the most developed regions in China, the Guangdong -Hong Kong-Macao Greater Bay Area is expected to shoulder responsibilities in this ambition. In this paper, we analyze the challenges for the Greater Bay Area to participate from the perspective of industrial development. We then employ a quantitative method to identify the industrial potential of the Greater Bay Area cities in facilitating the dual circulation economy. At last, we provide several policy recommendations including promoting cross-regional industrial cooperation and enhancing the spatial spillover effects of core cities.
Highlights
The global political and economic order is in turmoil
When the world is in structural changes, it is necessary to explore the role of the Greater Bay Area in participating in the “dual circulation”
Guangzhou and Shenzhen possess abundant industrial resources and favorable policies to attract high-end elements, and there is a huge gap in the factor resources available for deployment between the center and the peripheral cities. It is often difficult for the secondary cities in the Greater Bay Area to enjoy the dividends brought by the industrial division of labor
Summary
The global political and economic order is in turmoil. Especially under the impact of the COVID-19, the global economic governance system and the world market have been greatly overturned (Yang, 2020; Lin, 2020; Ferrannini et al, 2021; Bishop & Payne, 2021) [1,2,3,4]. Under the pressure of the external environment, to lay a solid foundation for the construction of the “dual circulation” is of significance (Shen & Zhao, 2020; Sheng, 2020).[5,6] It yields extensive benefits to further the reform and opening-up, achieve high-quality economic development, contribute the Chinese wisdom to global governance, and facilitate the building of a worldwide community with a shared future for mankind (Blanchard & Zeng, 2020).[7] As one of the most vital region in China's economic development, the Guangdong-Hong KongMacao Greater Bay Area (Greater Bay Area) has the comparative advantage of connecting the domestic and foreign institutions, rules and markets (Eddie et al, 2020; Yan & Liu, 2020).[8,9] When the world is in structural changes, it is necessary to explore the role of the Greater Bay Area in participating in the “dual circulation”. We analyze the challenges faced by the Greater Bay Area in participating in the “dual circulation”, and propose the policy recommendations
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