China’s drive for innovation is going full steam ahead. After Qianhai and Hengqin, Nansha has been named as the third innovation hub in the Greater Bay Area development zone.

Hong Kong will play a central role as the trio of tech and finance hubs are expected to form closer ties with the only city in China that is not subject to capital controls.

A slew of new measures has been announced to develop Nansha into a pilot zone for high finance and fintech.

Along with Qianhai and Hengqin, the plan is for Nansha to become a hub for technological innovation and a node linking the bay area and global financial markets.

It has been vetted and approved by the People’s Bank of China, the National Financial Regulatory Administration and the China Securities Regulatory Commission, making it a state policy priority.

Be that as it may, it will take time to develop a successful financial and tech hub. It’s better to take the time to iron out the kinks than to rush things.