The Guangdong–Hong Kong–Macao Greater Bay Area (GBA), historically known as the Pearl River Delta (PRD) region, has emerged as one of China’s most open and dynamic regions. Its development commenced at the inception of China’s Reform and Opening-up policy, initially capitalizing on the PRD’s advantageous position in absorbing industrial transfers from Hong Kong and Macao, thereby achieving foundational accumulation. Subsequently, with the return of Hong Kong and Macao, coupled with the PRD’s robust economic momentum and deepening trilateral cooperation, the GBA was elevated to a national strategic status in 2017. The initiative aims to forge a world-class bay area and a globally competitive city cluster. Operating within the “One Country, Two Systems” framework and guided by the principle of open collaboration, the GBA has established three key pillars: an open and cooperative sci-tech education, and talent system; an enterprise-centric and innovation-powered ecosystem; and an financial support system for orderly opening and gradual reform. This chapter thoroughly analyzes the historical evolution of the GBA, systematically elucidates the primary pathways toward building a world-class bay area, and provides a forward-looking perspective on its future development.