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The 'Greater Bay Area' refers to the Chinese government's scheme to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.
Qianhai’s expansion underlines Beijing’s preference for slow and steady, baby-step reforms. With its potential role in the development and adoption of regulations and institutions that can integrate the region as a whole, the Qianhai plan is a step in the right direction.
As Greater Bay Area cities brag about their strengths, what about enabling unfettered movement of workers in the region and harmonising tax arrangements? We have much to learn from the EU, where leaders have found common ground on developing shared practices while protecting local autonomy.
Hong Kong is a microcosm for the future of fintech and the global financial centre for the Asian Century. The Greater Bay Area will consolidate its position as Asia’s financial hub and provide an even stronger case for companies to scale up.