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Since the outbreak of COVID-19, tremendous changes have taken place in the US economy – the economic growth in the whole year of 2020 was negative, and though it enjoyed a significant rebound for the first half of 2021, the growth rate began to decline rapidly by the third quarter, and inflation suddenly rises rapidly, which after came the all-time highs of the “misery index” consisted of the inflation rate and unemployment rate. All signs indicate that the US economy will likely enter a “stagflation” crisis.

This paper analyzes the institutional and social contradictions in the United States during the neoliberal era from the perspectives of domestic social structure of accumulation (SSA) and international SSA based on the SSA theory.

The current risk of stagflation in the US economy is a concentrated outbreak of the long-term accumulated contradictions in neoliberal SSA under the impact of the epidemic, which is the product of the irreconcilable contradictions inherent in the capitalist mode of production.

Based on this analysis, the paper points out that with the deepening of the crisis, the neoliberal SSA is likely to end and a new SSA will be established gradually.

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Strategy is an important component of the “Belt and Road Initiative” of China. The purpose of this Project is to develop the GBA into the most open, market-oriented and innovative pole of economic growth in China. The GBA Project provides Hong Kong with a rare opportunity to diversify its industrial structure and to move into a new and higher stage of economic development.

Being an integral part of the GBA, Hong Kong is expected and supported by the Central Government to develop into a hub of the Area, and, leveraging on Hong Kong’s status as an international metropolis, to connect the Area as a whole with the world.

China’s Guangdong-Hong Kong-Macao Greater Bay Area Project is a major national development strategy and is a major part of the Belt and Road Initiative. Hong Kong is going to play an important role in the Project and will benefit from it enormously in the future in terms of economic growth and the upgrading of its industrial structure. However, in order to take full advantage of participation in the Project, the way Hong Kong is governed, particularly the government's role in economic development, has to be modified significantly.

In order to take advantage of the Project, the Hong Kong SAR Government has to play a bigger and more proactive role in Hong Kong’s socioeconomic development and to strengthen its capacity to mobilize societal participation in the Project.