Amid global anticipation, experts have lauded the Greater Bay Area in south-east China as a beacon in the realm of the fourth industrial revolution. This critical nucleus, teeming with AI and Web3 enterprises, has not only showcased its innovation prowess but also underlined its potential to shape the future.
A study from HSBC Asia-Pacific highlights China’s digital economic ascent. Between 2012 and 2021, China’s digital economy skyrocketed from ¥11trillion to ¥45.5trillion. This growth, accounting for a leap from 22 per cent to 40 per cent of the nation’s GDP, largely emanated from the Greater Bay Area.
The area, a sprawling nexus of 86 million people including Guangdong Province, Shenzhen Special Economic Zone, the Hong Kong Special Administrative Region, and Macao, boasts a collective GDP of a substantial $1,943.54billion and has an economic prowess evident in its combined GDP of $1,943.54billion.
Experts underline the significance of China’s re-engagement with the world, a move that particularly invigorates sectors such as blockchain technology, Web3, AI, drones, robotics and fintech. August saw China reviving group visa opportunities for countries like the US, Japan, and the UK, amplifying its global connectivity.
Source: The Fintech Times