On February 23, 2019, Tsinghua University School of Economics and Management (Tsinghua SEM) and LinkedIn jointly released a report onDigital Economy and Talent Development in the Guangdong-Hong Kong-Macau Greater Bay Areaduring the Tsinghua SEM Guangdong-Hong Kong-Macau Greater Bay Area Digital Economy Summit Forum.

The study reveals that Shenzhen has become a magnet for high-level employees and workers skilled in the “Internet Economy”, and Internet-based trading on the global market.

“The digital economy has gradually become the new driver of the global economy, with the Greater Bay Area playing a central role. The digital transformation of the global economy has also brought significant strategic opportunities to the development of the Greater Bay Area,” said Professor CHEN Yubo, Director of the Center for Internet Development and Governance of Tsinghua SEM. He also cited that new technologies as another driving force behind the GBA’s development. He listed technological and industrial innovation in big data, artificial intelligence, intelligent manufacturing, financial technology and other fields which provide planning and strategic support for the construction of the GBA.

LinkedIn’s WANG thinks that industry transformation relies on digital talent with a grasp of new technologies. And it is also a benchmark to assess the degree of digitalization in the industry. However, he added that digitalization in the traditional industries such as manufacturing, retail, finance and corporate services is relatively low, suggesting the level of integrated digital economy needs to be improved.

Talent is the key to success in the new digital economy. In the GBA, talent is heavily concentrated in the eastern sector: Shenzhen, Guangzhou and Hong Kong. The Greater Bay Area has the highest proportion of high level talent in manufacturing, consumer goods, and information and communications technology (ICT), with more than 10% in each of the three industries. (Source:China Daily, March 1, 2019)