Facilitating the Guangdong-Hong Kong-Macao Greater Bay Area’s Participation in the Dual Circulation Economy

The Sino-US conflicts and the COVID-19 have significantly impacted the Chinese economy and the Chinese government has proposed the “Dual Circulation Economy” strategy as countermeasure. As one of the most developed regions in China, the Guangdong -Hong Kong-Macao Greater Bay Area is expected to shoulder responsibilities in this ambition. In this paper, we analyze the challenges for the Greater Bay Area to participate from the perspective of industrial development. We then employ a quantitative method to identify the industrial potential of the Greater Bay Area cities in facilitating the dual circulation economy. At last, we provide several policy recommendations including promoting cross-regional industrial cooperation and enhancing the spatial spillover effects of core cities.