Can the Guangdong-Hong Kong-Macao Greater Bay Area be the World's No. 1 Regional Economy

Can the Guangdong-Hong Kong-Macao Greater Bay Area Become the No. 1 regional economy globally? Research Proposal
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Can the Guangdong-Hong Kong-Macao Greater Bay Area Become the No. 1 regional economy globally? Research Proposal
Introduction
Topic and Purpose of the Study
The study aims to determine whether Guang-Hong Kong Macau Bay Area (GD-HK-MO) can be the world's number one regional economy. Guang-Hong Kong Macau Bay Area, also known as Greater Bay Area, has an area of 56,000Km2 and has 86 million people with a GDP of $ 1,668.8 as of 2020 (Zhang et al., 2020). Due to such a vast population and economic stability, many indications show the potentiality of the area in the global economic space. Therefore, it is necessary to conduct economic research to justify its position economically. Greater Bay Area is also an economic area of concern since it comprises larger cities, such as Hong Kong. The major aspect of understanding whether the Greater Bay Area can penetrate the global economic space is due to economic integration. The study will also justify whether the development provided by Greater Bay Area is feasible and make it sustain it economically.
Research Questions
The research questions will guide the research and streamline goals and research strategies. Besides, the methodological aspect of the research will be based on the research questions. The key research questions are:
1: Can the Greater Bay Area be the world's number one regional economy after the COVID-19 pandemic recovery?
2. What political, regulatory, and economic constraints influence Greater Bay Area?
3. What recommendations are necessary for Greater Bay Area's economic projection?
Significance
The study is significant since it will outline the necessity of economic integration in determining the economic prosperity of the Greater Bay Area. The data identified can be used for projecting the strategies for community economic development. Besides, it will identify the economic gaps that regionally impact the area. Adequate information from the study is also significant in understanding the regional competition forces and their role in global development. Lastly, the study is significant since it will spearhead the economic transformation regardless of challenges like the COVID-19 pandemic. Therefore, it is necessary to justify that the research is significant regionally and globally and would determine the need of different regions to enhance economic integration.
Implications of Research
The research implies that the growth of any regional economic block does not rely on the past economic challenge such as pandemics but on the development plans and economic strategies. Besides, the research implies that economic integration is the key requirement for penetrating the global space. The research also implies that the key strategies employed by GBA, such as cross-border harmonization, determine the economic viability of any country. Lastly, the research implies the need to embrace different ideologies in regional economic transformation, such as policy adjustment.
Literature Review
Regional economic development is a key requirement for global penetration and success. The growth of regional blocks such as GBA depends on the market advantage, industrial competitiveness, and industrial mix. The strategy used by GBA is described as regional economic integration. According to Li & Kwok (2019), regional economic integration is whereby cities or regional blocks come together to form a strategic development framework considered for growth and transformation. Many gaps exist in the regional development framework due to different issues which must be addressed. Regional or community economic development must be based on a reliable framework necessary for transforming and enhancing growth.
Semantic scholars have conducted different research to understand the community economic development phenomena. According to Li & Kwok (2019), GBA focuses on specific community development ideologically to penetrate China and improve its economic position. The two concepts that it considers are cross-border integration and harmonization. Based on the theoretical framework, integration and harmonization are effective for GBA due to economic significance, such as free trade. However, the key gap is to prevent the institutional contradiction that jeopardizes growth and commitment. Li & Kwok (2019) noted that harmonization and integration are critical in stimulating a dynamic mechanism that would leverage economic benefits such as Macao and Hong Kong. The article is comprehensive; however, it depicts a gap between stakeholders' requirements and economic governance. Economic governance is significant in enhancing growth and development due to resource mobilization and use. Therefore, more research is necessary to reduce the economic gap for GBA to penetrate the global space.
According to Hui et al. (2018), the spatial order of regions and countries has shifted due to globalization. The key themes include developing BRI and strengthening economic development using Belt and Road Initiative (BRI). Hui et al. (2018) noted that GBI could successfully facilitate the urbanization of regions and improve economic growth and transformation with the spatial connection. Urbanization is a critical concept that promotes resource mobilization toward regional development. Therefore, spatial connection and urbanization are necessary for transforming GBA into an advanced economic block. Hui et al. (2018) agree with Li & Kwok (2019) that technology is a key element necessary for transforming community development. More research is needed to understand community development and regional growth. For instance, Hui et al. (2018) believe that technologies such as big data are necessary for economic transformation but do not provide a reliable framework to achieve them. Therefore research that connects spatial connection, urbanization, and GBA is necessary.
According to Chong & Pan (2020), GBA regional development is based on construction. It is unique from Li & Kwok (2019) and Hui et al. (2018), which do not embrace the construction of the regional block but spatial connection and institutional development. Chong & Pan (2020) notes that construction is a key process that positively leads to increased economic development due to technological advancement. Construction in GBA is also critical since it influences different economic sectors, including urbanization. The region has intensively developed due to network structure and local strategies. Besides, construction significantly influences the region's development due to increased cooperation. Chong & Pan (2020) agree with Hui et al. (2018) that the spatial structure of GBA is effective in the success of network development and growth. Therefore, Chong & Pan (2020) justifies that regional connection is significant for GBA to meet the global economic thresholds. However, like Li & Kwok (2019) and Hui et al. (2018), the article fails to address labor and other economic potentials creating a research gap. Therefore, the research would significantly close the identified gap and recommend the necessity of other economic drivers in regional development.
According to Shao et al. (2020), understanding the urban carrying capacity (UCC) is a critical component that comparatively determines community or regional development. Shao et al. (2020) noted that few researchers have focused on the UCC, a critical economic issue. The gap in the research is sealable by conducting a panel vector autoregressive model, which compares the capacity of different cities to determine their feasibility in promoting uniform development. Besides, the approach applies to GBA since it combines potential cities in China. Therefore, understanding the cities' capacity is significant since researchers can use it to predict the future of the cities based on economic development and growth. Besides, economic development is defined as a major aspect that streamlines the social carrying capacity in the country. Therefore, the key themes that Shao et al. (2020) address are urban and social carrying capacity. However, the key gaps are the guidelines for enhancing regional economic growth, which applies to GBA.
Weng et al. (2020) focus on specific concepts that portray GBA as a critical regional economic block that improves environmental, economic, and social transformation. Weng et al. (2020) used a reliable theoretical framework that assesses the carrying capacity to improve the index-based systems, including environment, economic and social aspects. Weng et al. (2020) found a decrease in UCC and need more resources to change the spatial orientation towards a positive trend. The key themes used are spatial distribution, urban agglomeration, and regional collaboration and entropy methods. However, Weng et al. (2020) failed to acknowledge the role of regional collaboration in promoting the growth and development of GBA. Therefore comprehensive research on regional collaboration would determine the growth of GBA and how it can become the world's largest regional economic block.
Xie et al. (2021) embrace the primary concept of focusing on the underground space to promote GBA regional development. The technique is considered due to its uniqueness and inadequately transforming the region. It is a concept many regions have not exploited in promoting economic development. Xie et al. (2021) agree that the underground space approach would alleviate the GBA's position and curb possible challenges that limit achieving the economic goals. Therefore, the key aspects that GBA should uphold are consistent integration, reliable flow of information, and enhanced sustainability. The identified strategies are relevant since they would stabilize the position of GBA. The major aspect left out in the research is the management of GBA's challenges for economic development.
Wu et al. (2021) conducted research and addressed different concepts, including eco-carrying capacities that would positively influence the transformation of GBA. GBA is constantly growing and thus faces different pressure from different sectors. Therefore, there is a need to build a successful economic relationship that would promote a green economy to allow it to achieve different goals. Wu et al. (2021) used the Ecological Carrying Capacity index to predict resources for economic development but failed to incorporate a significant aspect of Urban Carrying capacity, which GBA heavily considers. Therefore, the research will comprehensively focus on Urban Carrying Capacity to determine whether there would be escalated development.
Dou et al. (2021) researched to explore the role manufacturing plays in the regional development of GBA. The ma...