Links such as Wealth Management Connect could keep Greater Bay Area among world’s top 10 economies, experts say
- The Greater Bay Area would have ranked ninth globally last year if it was a stand-alone economy, says Deloitte partner
- Zone to take on ‘increasingly important role’ in innovation, technology and green finance globally
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Hong Kong's competitive edge questioned as Xi says Shenzhen is engine of China’s Greater Bay Area
As of the end of April this year, its output at 11.4 trillion yuan (US$1.77 trillion) was 18 per cent higher than in 2017, when Beijing first announced the plan.
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China's ambitious plan to develop it own ‘Greater Bay Area’
HSBC, the biggest lender in the city, said on Sunday that it would submit an application this week.
“This programme is likely to provide significant support to Hong Kong and Macau to develop into international financial centres, especially asset management centres, by requiring funds to be registered in the special administrative zones to become eligible. We expect a material rise in fund registration and management activities in Hong Kong and Macau in the years ahead,” said Becky Liu, head of China macro strategy at Standard Chartered.
All these programmes will drive more financial integration between the 11 cities in the Greater Bay Area in the next five years under China’s 14th five-year plan, said Edward Au, managing partner of Deloitte China Southern region. “The Greater Bay Area is poised to take on an increasingly important role in the global economy in terms of innovation, technology and green finance,” he said.