BEIJING, Feb. 18 (Xinhua) -- The Guangdong-Hong Kong-Macao Greater Bay Area, with a marked increase in its economic strength and regional competitiveness, already possesses the fundamental conditions for developing into an international first-class bay area and a world-class city cluster, says an outline development plan.

Such foundation of development is made up of distinctive geographical advantages, robust economic strength, high concentration of key factors of innovation, advanced level of internationalization and solid cooperation foundations, the plan says.

The plan also notes the opportunities and challenges for the development and stresses the plan's significance.

China on Monday issued the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area.

The plan, an important outline document guiding the current and future cooperation and development of the Greater Bay Area, covers the period from now to 2022 in the immediate term and extends to 2035 in the long term.