This paper analyzes the characteristics of new economic development in Guangdong，Hong Kong，Macao and San Francisco Bay Areas from three dimensions：industry type，innovation ability and globalization degree. The results show that：（1）The same point in the development of new economic industries in the two major Bay Areas is that the high-tech industry is the leading development industry，and the mature industrial ecology suitable for the development of high-tech enterprises is formed；but the accumulation of technological innovation industry The degree，the complexity of the industrial system，and the degree of government intervention in the development of the new economy are significantly different. （2）The new economic development of the two major Bay Areas has their own advantages in terms of innovation capability：the San Francisco Bay Area has relatively superior advantages in terms of innovation power and source；Guangdong，Hong Kong and Macao Bay Areas are more dominant in terms of innovation strength and potential. On the whole，the San Francisco Bay Area’s technological innovation ecology is relatively more mature，and the Guangdong，Hong Kong and Macao Bay Area has greater potential for technological innovation. （3）The degree of globalization of the new economic development in the two major Bay Areas is different：from the perspective of their own basic resource endowments，the scale of various economic factors in Guangdong，Hong Kong and Macao is relatively larger；from the indicators reflecting the degree of economic globalization Look，the Guangdong，Hong Kong and Macao Bay Areas are now far more than the San Francisco Bay Area. This shows that the globalization of the Guangdong，Hong Kong and Macao Bay Areas in the world economy has surpassed the San Francisco Bay Area.