The economic integration of the constituent jurisdictions in the Guangdong–Hong Kong–Macao Greater Bay Area (GBA) involves an enhanced market connectivity and an asymmetric opening up for trade in goods and services. The development of the GBA presents a unique case study for understanding the role of the competition law and policy in the context of regional economic integration. In contrast to the regulatory experiences of other economic integration projects around the world, such as, for example, the European Union, where harmonization of competition laws and their coordinated enforcement became the norm, the GBA explicitly abandons this approach. The regulatory framework for the GBA development does not envisage common competition rules or policies. Equally, it does not seek to harmonize the existing divergences in competition laws. This article analyses the specifics of the GBA economic integration in the context of the ‘one country, two systems’ principle and explains the reasons behind the distinct role of the competition law and policy in this process.