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1 An overview of the Greater Pearl River Delta An overview of the Greater Pearl River Delta Definition of the Greater Pearl River Delta The GPRD includes the HKSAR, the Macao Special Administrative Region, and the PRD Economic Zone portion of Guangdong Province. The PRD Economic Zone, as specified by Guangdong Province, includes nine municipalities, namely Guangzhou, Shenzhen, Dongguan, Foshan, Jiangmen, Zhongshan, Zhuhai, and the urban areas of Huizhou and Zhaoqing (see Exhibit 1 and map below for the 11 jurisdictions of the Greater Pearl River Delta and their land area). Guangdong Province and the Pearl River Delta Economic Zone ( Source: Invest HK ( Qingyuan Shaoguan Heyuan Meizhou Chaozhou Zhanjiang Zhaoqing Foshan Guangzhou Jieyang Huizhou Shantou Dongguan Shanwei Yunfu Zhongshan Shenzhen Jiangmen Zhuhai Hong Kong Macao Yangjiang Maoming Note : The area shaded orange denotes the Pearl River Delta Exhibit 1: Jurisdictions of the Greater Pearl River Delta and their land area Hong Kong Pearl River Delta Economic Zone Dongguan Foshan Guangzhou Huizhou Jiangmen Shenzhen Zhaoqing Zhongshan Zhuhai Macao 1,100 sq km 41,698 sq km 26 sq km 25

2 Zhaoqing Foshan Guangzhou Dongguan Huizhou Jiangmen Zhongshan Macao Shenzhen Hong Kong Zhuhai ( Source: Invest HK ( Development of the GPRD Some twenty years ago, the PRD in Guangdong Province was largely undeveloped and largely engaged in agricultural activities. It was not until the introduction of the open-door policy and economic reforms in the late 1970s that the region has transformed into one of the fastestgrowing areas in the world. In the early 1980s, the areas next to Hong Kong and Macao became the Special Economic Zones (SEZs) of Shenzhen and Zhuhai respectively. These SEZs had special regulations and taxation to attract foreign investments. Hence, many Hong Kong manufacturers moved into the Shenzhen SEZ nearby as well as other parts of the PRD to take advantage of cheaper land, labour and operating costs. Whilst labourintensive activities shifted to the PRD, higher value-added activities, such as management, finance, logistics, design, R&D, quality assurance etc. remained in Hong Kong. 26

3 An overview of the Greater Pearl River Delta In recent years, a new wave of transformation of the PRD s economic structure - from one that has been predominantly manufacturing-based to one that is gradually becoming knowledge-based - has taken place. Guangdong Province has been keen in developing its service capabilities and diversifying into higher value-added services. Meanwhile, it has increased the proportion of high-tech and heavy industries such as automobiles, petrochemicals and equipment manufacturing industries, which feature high growth and long production industry value chains. Hence, the PRD is transforming into a dynamic place with high levels of productivity and considerable scientific R&D capabilities. It is the combination of Hong Kong s strengths in financing, management, accounting, legal service, product design, branding, distribution management, marketing and public relations with the PRD s abilities in production and R&D research that has enabled the GPRD to emerge as an economic powerhouse. The GDP of the PRD grew from just below 12 billion yuan (US$1.45 billion) in 1980 to over 1,134 billion yuan (US$ 137 billion) in 2003 (see Exhibit 2 for a summary of the major economic indicators of the PRD). During the period, the average annual growth rate of GDP in the PRD was 21.9%, well above that of Guangdong Province (13.6%) and the country as a whole (9.6%). The per capita GDP of the PRD amounted to 39,782 yuan (US$ 4,806) in 2003, which is 2.3 times that of Guangdong Province and 4.36 times that of the whole country. Within the PRD region, Guangzhou, Shenzhen, Foshan and Dongguan are the most prosperous cities, and the per capita GDP of each of them was over 40,000 yuan (US$4,833) in 2003 (Exhibit 3). The PRD is the economic hub of Guangdong province. It accounted for 25% of Guangdong s land area but contributed to 83.2% of the province s GDP in Moreover, the PRD has increasingly become an attractive consumer marketplace. Over the past two decades, the retail sales of consumer goods in the PRD increased dramatically from 7.07 billion yuan (US$ 0.85 billion) in 1980 to billion yuan (US$ billion) in In 2003, the retail sales of consumer goods grew by 11.8% year-on-year, and accounted for over 70% of the provincial total. 27

4 Exhibit 2: Pearl River Delta Region Major Economic Indicators (at current prices) Indicator ( ) ( ) Registered population (million persons) (Note) ( ) Gross domestic product (billion yuan) ( ) Primary industry (billion yuan) ( ) Secondary industry (billion yuan) ( ) Tertiary industry (billion yuan) ( ) Total amount of investment in fixed assets (billion yuan) ( ) Total amount of retail sales of consumer goods (billion yuan) ( ) Total amount of exports (US$ billion) ( ) Amount of foreign capital actually utilized (US$ billion) ( ) Government revenue (billion yuan) ( ) Government expenditure (billion yuan) ( ) Savings deposits by urban and rural residents at year-end (billion yuan) Sources: Guangdong Provincial Statistics Bureau, and Guangdong Statistical Yearbook 2001, 2002, 2003, Note: According to the 2000 National Census, the PRD Economic Zone had a population of 40.8 million people. This contrasts with the official registered population. The main reason for the difference between the Census and registered populations is that the former figure includes the migrant and floating populations and the latter does not. Given the large number of people that come to the PRD for employment, but do not have official registered status, this discrepancy is larger in the PRD than elsewhere in China. 28

5 An overview of the Greater Pearl River Delta Exhibit 3: Living standard of local residents in major cities of the PRD in 2003 Major City GDP () (million yuan) ( ) (yoy growth) Per capita GDP () (million yuan) ( ) (yoy growth) Total Retail Sales of Consumer Goods () (million yuan) ( ) (yoy growth) Guangzhou 349, (15.2%) 48,372 (14.2%) 149,427 (9.02%) Shenzhen 289, (19.2%) 54,545 (9.3%) 80,177 (16.27%) Zhuhai 47, (17.5%) 37,675 (16.3%) 15,918 (10.95%) Foshan 138, (16.1%) 40,444 (14.7%) 47,319 (12.72%) Jiangmen 73, (11.1%) 19,131 (10.9%) 27,784 (11.86%) Dongguan 94, (19.5%) 60,158 (17.6%) 33,800 (50.26%) Zhongshan 50, (18.6%) 28,645 (16.4%) 15,361 (14.35%) Huizhou 59, (13.9%) 20,759 (12.7%) 18,167 (12.84%) Zhaoqing 46, (11.4%) 11,907 (10.9%) 17,120 (10.72%) Source: Guangdong Statistical Yearbook 2004 Competitiveness of the GPRD The economic interaction between Hong Kong and the PRD has fostered the development of a range of internationally competitive industries and clusters in the GPRD. The region is important as an industrial market for all sorts of inputs, materials, and capital goods. It is also a major market for transportation and trade-related services. (1) Manufacturing industries The GPRD has achieved a high level of international competitiveness in light manufacturing and technology-based manufacturing. The region has become perhaps the world s leading centre for a wide range of lightmanufactured goods and one of the leading locations for assembling manufacturing of high-tech electronics products. The region s greatest strengths in these industries include low land and labour cost, productive workforce, reasonable infrastructure, improving technical skills, and a supportive policy regime. The industries also benefit from the investment, management, market knowledge, technology, and international connections obtained through Hong Kong. 29

6 (2) Transportation services Transportation services in the GPRD region are driven largely by international trade. Given the growing prominence of the GPRD as one of the world s leading manufacturing and export bases, the region has become one of the largest markets for sea and air cargo services in the world. Hong Kong has long been the world s busiest container port and airport for international airfreight. Recently, the ports and airports in the PRD, particularly those in Shenzhen and Guangzhou are developing very fast. This provides shippers with additional capacity and additional choice, as well as impetus for development of transportation services in the region. (3) Trade-related and business services The massive export surge of the GPRD region over the last two decades has increased demand for trading, sourcing, freight-forwarding, logistics, trade fi nance, legal, and other related services in the region. Hong Kong being an international trade and finance centre, with a welldeveloped service industry, has become a magnet to the buying and sourcing offices of multinational enterprises, as well as to logistical, information, and other services related to trade. Increasingly, similar services are developing in the PRD. Hence, the GPRD has become a major centre for trade-related services in the Mainland. As for business services, Hong Kong s free flows of capital, efficient regulatory system and skilled professionals from all over the world have greatly contributed to a good supply of professional and business services to meet the enormous demand for such services in the GPRD. (4) Industrial clusters A distinctive feature of the development of the GPRD is the emergence of a broad range of clusters in various industries such as garments and textiles, footwear, plastic products, electrical goods, electronics, printing, transportation, logistics, financial services, etc. Many of these clusters can be found in relatively small geographic areas. (Exhibit 4 shows a wide range of industries in which there is a strong geographic concentration in individual cities or towns in the PRD). Industrial cluster has become a major source of the GPRD s competitiveness - enterprises within a cluster can enjoy economies of scale from sharing related production inputs, specialized labour pools, distribution and communication channels, and also networking. Moreover, such clustering can also spur competition, which encourages information, knowledge and technology transfer among related 30

7 An overview of the Greater Pearl River Delta enterprises within the cluster. Such type of knowledge and technology transfer may lead to new industry growth, thereby helping to drive the overall growth of the cluster. Industrial cluster is an integral part of the regional economy. The GPRD economy has been benefiting from the steady growth of the local clusters. Exhibit 4: Localised Industries in the Pearl River Delta Region Industrial ceramics Ceramic artwork Needlework Textiles Children s garments Electrical appliances Woodworking Shipping containers Furniture Machinery Bicycles Textiles Aluminium prods Motorcycles Underwear Water-heating Equipment Sanitary ware Textiles Garments Paper Batteries Lighting fixtures Lamps Metal products Motorcycles Casual wear Locks Audio equipment Flower farming Ornamental fish Turf farming Sports goods Textiles Garments Jewellery Toys Electric supply equip Shipping containers Autos and parts Transport equip Electrical prods Electronics Chemicals Garments Textiles Business services Software Toys Garments Electronics Electronics Computer prods Telecom prods ICs Toys Plastics Watches Clocks Oil paintings Port services Logistics Finance Printing Artificial trees Laser diodes Digital electronics CD-Roms Telephones Batteries Circuit boards Precision machinery Plastics Chemicals Electronics Computers Components Peripherals Garments Furniture Shoes Toys Watches Clocks Cutlery Kitchen tools Soldering machinery Angling equipmt Source: Hong Kong and the Pearl River Delta: the Economic Interaction, M. Enright et al.,

8 Recent initiatives shaping the development of the GPRD (1) WTO and CEPA China s continuing process of economic liberalisation and opening will have an important influence on the economies of the GPRD. China s accession to the WTO in 2001, the signing of CEPA between the Mainland and Hong Kong in 2003, and the various policy initiatives to enhance economic cooperation between Guangdong and Hong Kong have helped strengthen economic growth of the GPRD. Under WTO s agreement, China has to gradually open up its service sector to the world. Many multinational enterprises will make use of this opportunity to tap the huge Chinese market. In this connection, the PRD, with its proximity to world-class service providers based in Hong Kong, shall be a strong beneficiary. With CEPA, the GPRD is expected to integrate even faster through trade in goods and services, investment facilitation and tourism. In many service sectors, CEPA is lowering barriers of entry into the Mainland for Hong Kong service providers before China s WTO commitments take effect, allowing enterprises based in Hong Kong an early mover advantage. (2) Pan-PRD cooperation The concept of Pan-Pearl River Delta (Pan-PRD) regional cooperation was proposed by the Guangdong Government in August The Pan-PRD region comprises nine provinces and the Hong Kong and Macao Special Administrative Regions 1. The region makes up one-fifth of China s landmass, contains more than one-third of its population and a combined GDP of $5,214.5 billion yuan (US$630 billion). Nowadays, international competition is no longer on a city basis, but rather on a regional basis, and that each economic region possesses unique strengths ( core ) and a hinterland. A successful Pan-PRD regional collaboration will give a huge boost to the economic strength, status and influence of the region concerned and help realise the objective of coordinated regional development. Hence, Hong Kong and Guangdong, being the two most developed economies in the region, must together play a very critical role in exploring and utilising the potentials of and opportunities brought by this growing regional giant. 1 The Pan-PRD region is made up of nine provinces including Guangdong, Fujian, Hunan, Guangxi, Hainan, Sichuan, Guizhou, Jiangxi and Yunnan as well as Hong Kong and Macao special administrative regions. The region is also known as

9 An overview of the Greater Pearl River Delta (3) Improvement in transport infrastructure To facilitate GPRD cooperation, it is important to develop a range of transport infrastructure and related facilities to keep pace with the surging needs resulting from substantial growth of trade and investment in the region. Recently, the Hong Kong and Guangdong authorities have been making progresses concerning cross-boundary infrastructure developments. For example, the advanced planning work of the proposed bridge linking Hong Kong, Zhuhai and Macao has been progressing well, with consensus reached on the alignment and landing sites. They are also taking forward the preparatory work of the Guangzhou-Shenzhen-HK Express Rail Link and working at full steam on the construction of HK-Shenzhen Western Corridor with the objective of ensuring its opening by the second half of Similar cooperation in the Pan-PRD region would be important to facilitate better regional integration. Challenges faced by the GPRD There is no doubt that there is enormous potential for the GPRD region to extend its position as one of the most dynamic regions in the world. Yet the region is not growing without challenge the region is facing a number of issues and challenges that can infl uence its future development. In fact, many of these challenges stem from the rapid growth of the region. The rapid pace of development has placed great strains on the infrastructure, environment, energy and other public services in the PRD. Some issues, for instance, the problem of environmental degradation, have become a major concern for both Hong Kong and Guangdong. Besides, the GPRD is facing strong competition from other regions in China. The Yangtze River Delta (YRD), whose economy lagged behind the PRD some ten years ago, is surging as another major economic engine of China. The YRD s export growth recently overtook that of the PRD. The Bohai Rim in Northern China is also going to play a key role in economic development. Indeed, the challenges and issues that the GPRD faces would provide incentive for different parts of the region to work together even more closely. All in all, it is through close cooperation between governments and private sector in the region that the GPRD can continue to prosper in the future. 33

Chinese oil import policies and reforms 随着经济的发展, 目前中国石油消费总量已经跃居世界第二作为一个负责任的大国, 中国正在积极推进能源进口多元化, 鼓励替代

Chinese oil import policies and reforms SINOPEC EDRI 2014.8 Chinese oil import policies and reforms 随着经济的发展, 目前中国石油消费总量已经跃居世界第二作为一个负责任的大国, 中国正在积极推进能源进口多元化,