Tencent Holdings Chairman Pony Ma Huateng plans to create China’s own Bay Area or “Silicon Valley,” which is a large technology hub linking innovation, manufacturing and finance.

China’s own Bay area would comprise technology zone from southern China (Guangdong Province), including financial center of Hong Kong and gambling city of Macau. There will be a cross-border supervisory body that would help in developing innovative technology across the three currently independent administrative regions: Guangdong Province, Hong Kong and Macau. 

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It would set up a “Guangdong-H.K.-Macau” technology area that would maintain stability in the two former colonies. The proposal is also conducive to the long-term prosperity of the region especially for Hong Kong and Macau, which have untapped potential to deepen economic interdependence with the mainland.

According to Ma, the country’s own Bay area is home to China’s leading tech industries and financial services. It is also a manufacturing hub, perfectly positioning it to become a global innovation center. Ma announced this plan at a press conference two days before the National People’s Congress convenes in Beijing.

“Hong Kong will take the lead among these cities in international transportation, as well as in accounting and financial, legal and other commercial services. Dongguan specializes in manufacturing. And Shenzhen hosts China’s tech giants, such as Tencent and Huawei, as well as drone maker DJI,” he said.

Included in the proposal is the construction of Hong Kong-Zhuhai-Macau Bridge, which is expected to be completed by the end of 2017. It will be the world’s longest cross-sea bridge that connects Guangdong’s Zhuhai to Hong Kong and Macau. The bridge will provide further integration among the three regions in the proposed hub. 

The “Bay Area” is one of China’s most prosperous regions. In 2016, Guangzhou, Shenzhen and Hong Kong each either have reached or closed to 2 trillion yuan ($290 billion) in gross domestic product.

TagsTencent, WeChat, bay area, Silicon Valler, china, Macau, Hong Kong, Guangdong, Zhuhai, Hong Kong-Zhuhai-Macau Bridge