Political unrest, trade war highlight bay area’s importance to Hong Kong, analysts say
- Analysts and policymakers at Caixin GBA forum urge acceleration in integrating Hong Kong, Macau, and the Guangdong region
- The trade war too has heightened the need for China to maintain its links with the world, said Xiao Geng, a professor at Peking University HSBC Business School
The recent political turmoil to engulf Hong Kong serves to underscore the importance of the city’s future role in the Greater Bay Area and the opportunities it stands to gain from the planned economic hub, according to business leaders and analysts.
Hong Kong is widely seen as perfectly poised to take the lead in the development of Beijing’s scheme, its liberal economy, international standards and role as a gateway between China and the wider world making it the ideal blueprint from which the bay area can evolve.
“The recent protests showed it is important to implement the Greater Bay Area projects as soon as possible,” said David Wong, permanent honorary president of the Chinese Manufacturer’s Association of Hong Kong.
“There are many economic and livelihood problems in Hong Kong. If the Greater Bay Area projects can offer more business opportunities for Hong Kong youngsters to develop their careers, it would help solve these problems.”
He was speaking on the sidelines of the Hong Kong-ASEAN Summit 2019 on Monday, which focused on Greater Bay Area opportunities.
The recent protests have seen millions of angry Hongkongers, mainly young people, take to the streets. Although their main aim was to crush a controversial extradition bill, many described wider grievances such as the city’s huge income inequality and unaffordable property prices.
Financial Secretary Paul Chan, speaking at the same forum, said he was confident in Hong Kong’s long-term prospects despite the recent political and economic upheaval which saw millions of demonstrators, predominantly young people, take to the streets.