The Formation Mechanism of the Bay Area Economy and the Chinese Mode of the Economic Development of Guangdong, Hong Kong, and Macao Bay Area

The construction of the Guangdong, Hong Kong, and Macao Bay Area, and the establishment of an international first-class Bay Area and world-class urban clusters are the major trends of the country's development towards the world. Further deepen reforms, expand opening up, implement the "one country, two systems" strategy, and integrate Hong Kong and Macao into the major strategic plan for the development of the country. According to the experiences of the three major international bays, the basic conditions for the formation of the Bay Area economy include three aspects: resource sharing, opening to the outside world, and coordinated development. The formation mechanism is "Surrounded by sea and Embracing the bay, urban agglomeration and inland connection". "Surrounded by sea" is the geographical conditions required by the Bay Area economy, "Embracing the bay" promotes the accumulation of various production factors, "Urban agglomeration" generated the additive effect and innovation ability of "port groups plus industry groups plus city groups", and "inland connection "requests the Bay Area to expand the hinterland. The Guangdong, Hong Kong, and Macao Bay Area is the fourth largest Bay Area in the world after Tokyo, New York, and the San Francisco Bay Area. It has a strong attraction and radiation power for the global economy. The economic development model of Guangdong, Hong Kong, and Macao in the bay area has the commonality of the development of the Bay Area, so it should be based on its own reality with innovation as the guideline, collaborative development, institutional innovation, smart city cluster, and aim at deepening cooperation between Guangdong, Hong Kong and Macao, in search of the "China model" under the "one country, two systems" structure in the Guangdong, Hong Kong, and Macao Bay Area in the new era.