IMPACTS OF THE GREATER BAY AREA INITIATIVE ON MACAO'S ‘1+4’ DEVELOPMENT: INDUSTRIAL PERSPECTIVES

In the past decade, Macau has developed rapidly. Gradually move towards becoming a ‘world centre for tourism and leisure.’ This goal is part of the development plan for the Greater Bay Area (GBA). In order to understand the impact of the GBA on the development of Macao’s economy, insights into local industrial prospects and growth opportunities are needed. This dissertation investigates the implications of the GBA initiative on Macao's economic diversification strategy. The ‘1+4’ development model of Macao emphasises the integration of tourism with four additional sectors: traditional Chinese medicine, modern financial services, high technology, conventions, exhibitions, trade, culture, and sports industries.

This study collects the primary data through electronic questionnaires distributed using Google Forms. The sampling methods include convenience sampling, snowballing and self-selection. This dissertation analyses how the GBA initiative significantly enhances opportunities from the perspectives of Macao’s industries. On the other hand, this study also analyses the documents found from academic databases, news, and official sources to gather additional information to compare the business environment when Macao first entered the GBA with the current circumstances. It is found that the GBA initiative has overall positive impacts, but the impacts are different on different industries and different aspects of economic and industrial development.

This dissertation contributes to understanding how the GBA impacts to development of local industries in Macao while addressing competitive pressures. The findings evaluate the pros and cons of the new ‘1+4’ development strategy, focusing on the perspectives of local industries. Explore the opinions, challenges, opportunities and developments about the benefits to the industries.