China’s Greater Bay Area still has hurdles to clear if it wants to be a tech challenger to Silicon Valley
- Greater Bay Area aims to erase barriers between cities in the region in terms of policy, financing, logistics and talent
- However, regional shortage of hi-tech research capacity is turning into a hindrance, analysts say
The “Greater Bay Area”, touted as China’s answer to Silicon Valley, may serve as a symbol of China’s determination to match US technological might, but a shortage of top-notch talent and schools, along with the simmering trade war between the US and China, have clouded its prospects in the short term, according to analysts.
Beijing wants this proposed integrated area, which links nine cities in Guangdong province – including Shenzhen and Guangzhou – with the Hong Kong and Macau special administrative regions, to become an economic powerhouse that can match any other technology hub on the planet. This may take time though.
The detailed bay area plan, released by Xinhua on Monday evening, vows to develop an international innovation and technology hub.
That will leverage the region’s scientific research and development capabilities, which includes a number of universities, research institutes, hi-tech enterprises and national science programmes, according to the plan.
It said China aims for the bay area to deepen hi-tech cooperation between Guangdong province, Hong Kong and Macau by pooling resources and promoting policies that foster innovation. In addition, the bay area will focus on improving the commercial application of new technological achievements and becoming a major source of emerging industries.