On 7 April 2022, the Faculty of Finance of the City University of Macau held the Finance Seminar Series [19], at the Ho Yin Convention Centre. Prof Yan Hua Mao, Professor in Economics of the Center of Hong Kong, Macau, and Pearl River Delta Development Studies, Sun Yat-Sen University, Director of the Belt and Road and Guangdong-Hong Kong-Macau International Collaborative Research Center, and Member of the Academic Committee of Guangdong Maritime Silk Road Institute and Academic Committee of the Collaborative Innovation Center of China Pilot Free Trade Zone, was invited to deliver a speech titled “Interconnection and Integrated Development of Guangdong-Hong Kong-Macao Greater Bay Area”. Guests attending this seminar include Dean Adrian Cheung and Associate Dean Eva Khong of the Faculty of Finance, City University of Macau.

To begin with, Prof Yan Hua Mao introduced the evolution logic and stages of the cooperative relationship between Guangdong, Hong Kong and Macau. Implementation of reform and opening-up promote institutional innovation, open markets and infrastructure construction boost the cross-border flow of factors and industrial division of labor, so as to obtain the benefits of scale and specialization. With the manufacturing division and cooperation characterized by “front shop, back factory”, Hong Kong and Macau have transformed into a service-oriented economy, while the Pearl River Delta has transformed from an agricultural economy to a modern industrial economy, forming the prototype of Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Since then, the mainland has entered a new round of opening-up, service industry cooperation, and investment have been liberalized, forming a region with strong economic strength, agglomeration of innovation elements, a leading level of internationalization and a solid foundation for cooperation. Following the strategies of free trade areas, the Belt and Road Initiative and the Go Out policy, the economic and social integration of Guangdong, Hong Kong and Macau has accelerated the construction of an international first-class bay area and a world-class city cluster.

Prof Yan Hua Mao pointed out the key directions and trends of the integrated development of the GBA. The goal of the GBA is to fully build a world-class bay area by 2035. The construction of the GBA is a cross-regional cooperation of “one country, two systems, three customs territories, jurisdictions and currencies”, which focuses on the interconnection of the rules in this region. In accordance with the objectives and requirements of promoting the construction of the GBA with high quality, this idea is to accelerate the exploration of infrastructure, rules and mechanisms, scientific and technological talents, industrial coordination and exchanges, strengthen the connection of rules and mechanisms in the GBA, and achieve the internal integration of the Bay Area, so as to give a full play to the functions of efficient allocation of resources, free flow of factors and complementary industrial advantages.

Prof Yan Hua Mao has long been engaged in teaching and research in the fields of international trade, regional economics and Guangdong-Hong Kong-Macao cooperation. He has presided over a number of major national projects and policy-making consultation topics of the provincial and municipal governments, such as “Research on the coordinated development mechanism system of GBA in the new era”. He has published more than 70 papers and 5 books including “Forty Years of cooperation between Guangdong, Hong Kong and Macao”. His research reports have received important recognitions from central leaders and relevant departments many times, and have won many awards including the An Zijie International Trade Research Award. Prof Yan Hua Mao offered a wealth of information to share with the students in this seminar, which helped the students to have a deeper understanding of the development history and trends of the GBA. The Faculty of Finance will continue to invite experts from different fields of the financial industry to share their insights with students in order to enrich their practical knowledge.