Zhang Xiaoqiang, executive vice-chairman and CEO of the China Center for International Economic Exchanges, said the Greater Bay Area is a template for high-quality development, as well as a strategic pillar supporting the new paradigm of high-level opening-up.

Zhang said the area should fully implement the development concepts of innovation, coordination, green, openness and sharing to realize high-quality development.

Looking ahead, Zhang expected more creative integrated policies, measures and rules will be formulated and implemented in cities in the Greater Bay Area. He said the area needs to focus on rule and mechanism connectivity among the cities and further upgrade the level of market integration.

More efforts should also be made to boost technological innovation, and promote upgrading of the industrial structure and green and low-carbon development, Zhang added.

"I firmly believe that with the support of the central government and the engagement of all circles of society, Guangdong, Hong Kong and Macao can build the Greater Bay Area into a leading landmark worldwide and a world-class city cluster," he said.

In February 2019, the Communist Party of China Central Committee and the State Council jointly released the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, marking a new phase in the construction of the Greater Bay Area.

According to the plan, the main focus will be building the area into a vibrant world-class city cluster, a globally influential international innovation and technology hub, a key component of the Belt and Road Initiative and a showcase for in-depth cooperation between the Chinese mainland, Hong Kong and Macao. It will also become an ideal place to live, work and visit, the document said.