Greater Bay Area will boost the development of Hong Kong
The central government plans to develop a city cluster in the Guangdong-Hong Kong-Macau Greater Bay Area. It is believed that the plan would facilitate the development of Hong Kong.
As the plan entails the movement of goods and capital, Hong Kong businesses will get a bigger market in China, and local companies can also attract more investment. This will help the local business sector to increase profits. Thus, the plan will indeed benefit Hong Kong economically.
Moreover, joining the Greater Bay Area can help solve some social problems in Hong Kong. Financial Secretary Paul Chan Mo-po once suggested that it would be a good choice for Hongkongers to live in the cities of the Greater Bay Area due to lower property prices there. This may help resolve the housing problem in Hong Kong.
Also, Hongkongers may seek academic or job opportunities in these cities, and thus the problem of low social mobility in Hong Kong may be alleviated.
Joining the plan would also bring Hong Kong new technologies, knowledge and talents. For example, Shenzhen is known as a cutting-edge technology hub. Hong Kong may have some expertise exchanges in this sector and this will definitely help to improve the technology level of local products.
Besides, as the plan lays stress on the flow of people, it may bring into Hong Kong talents in various fields, such as noted scholars who could teach at the local universities.
Some suggest that Hong Kong talents will move to these other cities and eventually trigger a brain drain. But the flow of talents will be a two-way street. Also, attractive government policies and incentives can help to stop any loss of talents.
There are also worries that these mainland cities will outshine Hong Kong eventually, and thus deprive it of opportunities. But Hong Kong has a formidable competitive edge in various professional services, such as accounting and investment banking. So, Hong Kong will not be surpassed easily.
It is believed that being a part of the Greater Bay Area would facilitate the development of Hong Kong.
Priscilla Ko Ka-ying, Tseung Kwan O