Beijing Greenlights Plan to Create Chinese Silicon Valley
Silicon Valley East
Silicon Valley won’t be the global center for all things tech for much longer — at least if China has any say in the matter.
On Saturday, Chinese officials approved a blueprint for what they call the “Greater Bay Area.” The plan is to transform part of the nation into an economic powerhouse centered on science and technology, and if it pans out, this new Bay Area could eclipse the U.S.’s own in terms of influence and innovation.
The Greater Bay Area encompasses 11 cities, including Hong Kong and Macau, for a total area of about 21,814 square miles (56,500 square kilometers). China hopes to transform these currently disparate markets into a single massive one through the elimination of trade barriers and the encouragement of business between cities.
China has been developing its blueprint for the Greater Bay Area for more than three years now, and according to the South China Morning Post, the plan now has the approval of Chinese Vice-Premier Han Zheng, the top official for all affairs related to Hong Kong and Macau.