The total economic output of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) exceeded 14 trillion yuan ($1.97 trillion) in 2023, achieving one ninth of China's total with less than 0.6 percent of the national territorial area, local authorities have revealed.

Zhu Wei, executive deputy director of the GBA office in Guangdong, said the total economic output of the GBA was 10.8 trillion yuan in 2018, and the past five years witnessed an increase of 3.2 trillion yuan.

Meanwhile, the GBA has seen an improved scientific and technological innovation capacity, transportation network, more facilitating platforms and a better business environment, Zhu said.

The technological innovation capabilities are continuously advancing. Initiatives such as the International Science and Technology Innovation Center, the Comprehensive National Science Center, and high-level talent hubs are being comprehensively promoted. Key institutions like the Pengcheng Laboratory and the Guangzhou Laboratory, considered as crucial national assets, are being strategically established. With over 75,000 national-level high-tech enterprises, the Greater Bay Area has witnessed the emergence of leading technology companies such as Huawei, Tencent, BYD, Midea, and Gree. The "Shenzhen-Hong Kong-Guangzhou" technology cluster has consistently ranked second globally for four consecutive years.

Internal and external connectivity networks are being improved at a greater pace. The "Greater Bay Area on Rails" is becoming a reality. As the Hong Kong-Zhuhai-Macao Bridge is completed and operational, the travel between major cities in the region has been reduced to within one hour. The airports in the Greater Bay Area collectively handle over 280 million passengers annually, while the port clusters handle over 85 million standard containers per year. Moreover, the shipping route network covers major cities worldwide and key international trade ports.

Significant progress is being made in the construction of major cooperation platforms. Hengqin officially commenced operations as a closed area on March 1st this year. Qianhai has introduced the country's first investor protection regulations, actively promoting cooperation with Hong Kong in modern services such as finance and law. Nansha has established futures, shipping, and data exchanges, and China Enterprise "Going Global" Comprehensive Service Base is operational. Additionally, the cooperation in scientific and technological innovation between Hetao, Shenzhen, and Hong Kong is showing promising momentum.

The level of market integration is gradually increasing. Initiatives such as the "Hong Kong-Macao Medical Connect," the "Greater Bay Area Insurance Connect,""Cross-border Wealth Management Connect," and government services like "Cross-border Administration" have been implemented. Since the implementation of policieslike"Macao Vehicles Northbound Policy" and "Hong Kong Vehicles Northbound Policy," the number of single-license vehicles from Hong Kong and Macao entering and exiting through the Zhuhai Port of the Hong Kong-Zhuhai-Macao Bridge has surpassed 2 million trips. Furthermore, the three regions have jointly announced 183 "Greater Bay Area Standards" covering various sectors including food, traditional Chinese medicine, and elderly care.