SHENZHEN: China’s Greater Bay Area (GBA) is lucrativefafa191, with its combined gross domestic product (GDP) of 14 trillion yuan (US$2 trillion) last year - larger than that of the whole of South Korea’s.

But some areas have not yet realised their potential, said observers. Among them is Qianhai, a district within the southeastern city of Shenzhen.

Shenzhen and eight other municipalities in Guangdong province, along with the two special administrative regions of Hong Kong and Macao, form the Greater Bay Area.

The GBA was established by China in 2019 as part of the country’s national economic development strategy. 

The megalopolis, with a population of over 86 million people, generated about 11 per cent of China's GDP last year.

Qianhai is attractive on paper - situated near an airport and connected by bridge to Hong Kong. It was once even hailed as the next Hong Kong, but proposals to realise such an ambition failed as plans for open information access fell through.

The district’s appeal soon waned against the rise of central Shenzhen, where many foreign businesses are now concentrated.

Qianhai is now trying to revive development by giving tax subsidies to eligible firms, and to Hong Kong residents working in the zone.

Medical robotics firm PokField Technology, which was started by students from the University of Hong Kong's new tech academy, is among the companies that have put roots in Qianhai for its favourable business environment.

“From the aspect of tax, as well as from the aspect of rent, there is a great advantage for us.” said its co-founder Duanmu Dehao.

In 2023, Qianhai achieved a GDP of about US$35 billion, a year-on-year increase of 15 per cent. 

As China’s first special economic zone, Shenzhen - which is sometimes referred to as China’s Silicon Valley - has set a high bar. Its GDP has now surpassed that of first-tier cities Beijing and Shanghai.

The nature of Shenzhen’s economy is changing as Guangdong sheds its reputation as the world’s factory. The province has shifted its focus from heavy production lines to e-commerce. 

Mr Kevin Wang, who hails from Anhui province, co-founded 3D printing start-up Elegoo in 2015 in Shenzhen. He has seen the changing face of the city through the years. 

“Now, more and more, I see (that) a lot of entrepreneurs, especially (in) Shenzhen, are talking about creating their own brand, (and) how to make that brand more popular,” he said.

Mr Wangfafa191, whose firm has seen success as far away as the United States, noted that the city has incentives for firms that build their own brand - they get monetary rewards for achieving high yearly revenues.

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