The Greater Bay Area Witnesses Strong Economic Growth Despite the Pandemic

The pandemic may have hindered cross-border travel, but deals have shown no signs of stopping as international investors strive to make use of mainland China's fast growth, according to industry watchers.

China's strong economic recovery this year, along with the government's promotion of the Greater Bay Area and other development projects, has encouraged international investors to invest their money into the world's second-largest economy. Foreign direct investment in China grew at the fastest pace in more than a decade during the first quarter of 2021, according to data released by the Ministry of Commerce last month. More than 10,000 new foreign-invested companies were established in China during the first three months of the year, an increase of nearly 50 percent from a year ago, ministry data shows.

Tricor, a Hong Kong-headquartered company with 2,800 staff in 21 markets including Shenzhen, Singapore, Japan and Australia, has seen strong interest in investment going in and coming out of the bay area in recent years. Many international companies have established their presence in the bay area.

In February 2019 Beijing had a blueprint that included measures to attract capital and talent into the area to help turn it into an economic powerhouse. Such policy includes the upcoming Wealth Management Connect Scheme for cross-border trading of investment products. Leading banks such as HSBC and Standard Chartered are about to expand their manpower.

"China has gradually opened up its market for international firms to invest. The fast-growing economy and huge consumer market have attracted international investors to come to the country," said Derek Lai Kar-yan, Vice-chairman of Deloitte China. The latest case is BlackRock, the world's biggest asset manager, whose majority-owned joint venture BlackRock CCB Wealth Management in China has been approved of starting its operation in the country.

In spite of the pandemic, with the government's promotion, the Greater Bay Area has seen a strong economic growth, expecting an even more prosperous future.