Enhanced cooperation vital for Greater Bay Area development

Policy support, institutional innovation, regional cooperation and market-driven forces are crucial for success of the Guangdong-Hong Kong-Macao Greater Bay Area, according to a new report from global consultancy firm Deloitte.

Though the region is endowed with institutional diversity, it has an industry structure that is geared toward manufacturing. Though upgrade of the industrial infrastructure is continuing, other aspects like division of labor among the 11 cities and a deeper analysis of how to realize the region's innovative potential are also necessary, the report said.

"The Greater Bay Area, with its compelling advantages such as a strong atmosphere of innovation and technology as well as a strong telecommunication industry, would help China move up the value chain of the manufacturing industry whose global market share is already very high; in fact, such high market share has made manufacturing upgrade imperative," Deloitte China Chief Economist Xu Sitao told China Daily in an interview.