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Greater Bay Area: China’s Vanguard in the Fourth Industrial Revolution

Amid global anticipation, experts have lauded the Greater Bay Area in south-east China as a beacon in the realm of the fourth industrial revolution. This critical nucleus, teeming with AI and Web3 enterprises, has not only showcased its innovation prowess but also underlined its potential to shape the future.

A study from HSBC Asia-Pacific highlights China’s digital economic ascent. Between 2012 and 2021, China’s digital economy skyrocketed from ¥11trillion to ¥45.5trillion. This growth, accounting for a leap from 22 per cent to 40 per cent of the nation’s GDP, largely emanated from the Greater Bay Area.

The area, a sprawling nexus of 86 million people including Guangdong Province, Shenzhen Special Economic Zone, the Hong Kong Special Administrative Region, and Macao, boasts a collective GDP of a substantial $1,943.54billion and has an economic prowess evident in its combined GDP of $1,943.54billion.

Experts underline the significance of China’s re-engagement with the world, a move that particularly invigorates sectors such as blockchain technology, Web3, AI, drones, robotics and fintech. August saw China reviving group visa opportunities for countries like the US, Japan, and the UK, amplifying its global connectivity.

‘Development centre’

Tony Tong, the co-founder and co-chairman of the Hong Kong Blockchain Association, underscores the significance of Hong Kong in the global financial domain. He states: “Hong Kong has been the largest capital market in the traditional financial world for this financing in the past decade or two, with the annual amount of IPO financing and the annual amount of various VC private placement financing.”

Emphasising its potential in the Web3 space, Tong adds: “Hong Kong is one of the best places in the world, and the metropolis is also one of the freest economies in the world, so Hong Kong will inevitably become the development centre of Web3.”

Nikita Sachdev, CEO of Luna PR in Dubai, also echoes the sentiment. As Sachdev prepares for the upcoming Edge Web3 & AI Investment Summit in Hong Kong, she recognises the city’s instrumental role in the burgeoning Web3 ecosystem. A testament to this is the fact that as of June 2023, Hong Kong’s Securities and Futures Commission green-lighted applications for crypto trading platforms.

Cutting-edge insights

Meanwhile, Ander Tsui, founder of Vertex Labs and chairman of the Edge conference, lauds China’s persistent leadership in Web3. He envisions the EDGE Summit as an unmatched conclave for sharing insights, fostering innovation, and elevating Hong Kong as the quintessential hub for cutting-edge technologies on a global canvas.

“China has consistently held a position at the forefront of Web3 development, boasting an abundance of exceptional Web3 funds and entrepreneurs. Meanwhile, Hong Kong enjoys both political stability and an immensely supportive legal framework. With the substantial backing of the Hong Kong government, we envision the EDGE Summit to serve as a platform for the exchange and dissemination of cutting-edge insights on a global scale.”

Edge Web3 & AI Investment Summit in Hong Kong aims to explore the potential for Hong Kong to emerge as the premier incubation hub for avant-garde technologies such as Web3 and AI, not only within Asia but across the world.

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