Beijing Greenlights Plan to Create Chinese Silicon Valley

China has a new plan for a sprawling economic powerhouse.

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.

Massive Market

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.

 

Next Steps

China will unveil the approved Greater Bay Area blueprint in late February, according to the SCMP, and Zhang told Chinese state broadcaster CCTV in an interview on Saturday that authorities are currently working on an implementation plan for it.

If all goes as hoped, the nation will be home to the next Silicon Valley by 2035.

READ MORE: Beijing Approves Blueprint for ‘Greater Bay Area’ to Rival Silicon Valley With Document Expected to Be Released on February 21 [South China Morning Post]

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