China’s powerhouse Guangdong pins modest growth target on R&D, Greater Bay Area

Name: High hopes for China’s Greater Bay Area, but integrating 11 cities will pose challenges
Uploaded: 2022-01-20T06:39:53.000Z
Duration: 6 min 19 s
Description: High hopes for China’s Greater Bay Area, but integrating 11 cities will pose challenges

Relatively modest aim of 5.5 per cent is lower than the province’s growth last year, but in line with national average

In his first work report as acting governor, Wang Weizhong also promises support for Hong Kong universities to establish branches in the province

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The Guangdong People’s Congress has been told development of the Greater Bay Area is a priority for the year ahead. Photo: Martin Chan

Guo Rui

Published: 2:39pm, 20 Jan 2022Updated: 3:02pm, 20 Jan 2022

Guangdong province, the southern Chinese economic powerhouse, has set a modest 5.5 per cent growth target for 2022 and pledged to speed up development of the Greater Bay Area – especially the Qianhai and Hengqin economic zones next door to Hong Kong and Macau.

In his first work report to the Guangdong People’s Congress on Thursday, acting governor Wang Weizhong said the province would meet the economic target by accelerating development of core technologies and stimulating domestic consumption.

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High hopes for China’s Greater Bay Area, but integrating 11 cities will pose challenges

Wang, the former Shenzhen Communist Party chief who succeeded Ma Xingrui last month, said development of the Greater Bay Area and the establishment of Shenzhen as a base for pilot reforms were the province’s top priorities.

Guangdong will also give full support to Hong Kong universities opening branches in the province and will welcome start-ups by young people from the city, he said.

As part of its main goal to become an international centre for cutting-edge technologies, Wang said Guangdong will build scientific research and development laboratories with partners from Hong Kong and Macau.

The province will “strengthen the construction of the China (Guangdong) Intellectual Property Protection Centre, support enterprises to set up overseas R&D institutions and actively integrate into the global innovation network”, he said.

While the province’s economic target is relatively low compared with the 8 per cent growth it achieved last year, it is in line with the national average. Guangdong also set a 3 per cent growth target for foreign trade in 2022.