Bay Area

bay: Detailed plans for the project were unveiled in February 2019, when the government published its Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, setting out its ambitions to create a high-end manufacturing and innovation hub, while also using the project as a test bed for further opening up the economy, according to Global Times China. The development plan has implications for a range of sectors, including financial services, logistics and technology companies. Taking its inspiration from Japan's Tokyo Greater Bay Area, the San Francisco Bay Area and the New York metropolitan area in the US, the initiative aims to improve connectivity and cooperation between nine key cities in South China's Guangdong Province, Hong Kong and Macao. The project is also set to impact China's oil reserve bases and aid the internationalization of the yuan. In 2018, imports of crude oil rose by 10.1 percent year-on-year to a record 461.9 million tons. China is currently the world's largest crude oil consumer and importer. (news.financializer.com). As reported in the news.