British Chamber of Commerce members building China strategy around special access to Greater Bay Area
- Members of the British Chamber of Commerce are focusing on accessing China through the Greater Bay Area, says chairman Peter Burnett
- The chamber sees Greater Bay Area initiative as an opportunity for Hong Kong to further develop its economic and business roles by leveraging its strengths
“To capture the opportunities, many of the chamber’s members, large and small, are developing a China strategy built around the special access to GBA,” Peter Burnett, chairman of the British Chamber of Commerce in the city, said in an interview with the Post.
Burnett cited Bond Connect – launched in 2017 allowing investors from mainland China and overseas to trade in each other’s bond markets – as an example.
“Bond Connect does exactly what Hong Kong is designed to do,” he said. “It provides a simple way for international investors to invest in the mainland bond market through Hong Kong, using systems and processes built in accordance with international best practice which are very familiar to the investors.”
Burnett added that “it is not very difficult to promote Hong Kong as an international business centre, and in particular the judicial processes. They have been tried and tested over many decades. You may not necessarily like the outcome, but at least you know you will get a fair hearing along the way without fear or favour.”
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This is in contrast to US companies with interests in the city. A survey carried out in August by the American Chamber of Commerce in Hong Kong found that about 39 per cent of the 154 firms had plans to move capital, assets or operations out of the city after more details were revealed about the NSL.
Burnett said businesses operating in Hong Kong are used to working with both mainland law and Hong Kong law – sometimes both at the same time when the contract is cross border. “This has been going on for decades. This is not a new challenge,” he added.
David Graham, executive director of the chamber, said the main concern of the business community was understanding where the lines are between compliance and non-compliance.
“We are seeking to engage with the Hong Kong government to understand where the lines are. This is made more difficult because this is a piece of mainland Chinese legislation,” said Graham.
The chamber has joined hands with its counterparts in Macau, Guangdong and the China-Britain Business Council to work together to develop policy recommendations to offer to governments and regulators, to access business opportunities arising from the bay area initiative.
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As part of its initiative, the British chamber has urged the government to set up a “one-stop shop” where they can contact the government and government agencies, and really understand the opportunities, and what they need to know to work in the Greater Bay Area.
This came after a survey conducted by the chamber in September showed that government sources ranked fourth on where members got their information on the bay area, said Graham.
In June, the chamber submitted the first of two policy papers to the Hong Kong government focusing on recommendations for five key sectors: financial services, logistics, health care, education and energy and environment. It was “well received,” he added.
The chamber now aims to publish the second paper – which will cover digital technologies, real estate, construction, infrastructure, retail and hospitality – by the end of the year.
