Make ‘Greater Bay Area’ opportunities easier to avail of to spur city’s success, experts tell Hong Kong authorities

Businesses need more measures and tax incentives to make the economic integration plan work, panel discussion is told

Speakers also said Hong Kong should do more to improve the public perception of the Bay Area plan

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Panellists at the Redefining Hong Kong Debate Series panel discussion at the J W Marriott Hong Kong in Admiralty, from left to right: Tony Cheung, senior political reporter, South China Morning Post; Dr Yifan Hu, chief China economist, UBS Global Wealth Management; Witman Hung, principal liaison officer for Hong Kong, The Shenzhen Qianhai Authority; Albert Ng, chairman, China; managing partner, Greater China, EY; Denis Ma, head of research, Hong Kong, JLL; Joseph Chan, chairman, Silk Road Economic Development Research Centre; and Yonden Lhatoo, chief news editor, South China Morning Post. Photo: Xiaomei Chen

Published: 8:02pm, 30 Nov 2018Updated: 11:13pm, 30 Nov 2018

Hong Kong should adopt a liberal and pragmatic approach as it seizes business opportunities under Beijing’s initiative to turn the city and 10 of its neighbours into an economic powerhouse rivalling Silicon Valley, or risk being left behind by its mainland partners.

Leaders and experts from the local commercial sector also urged authorities to roll out more measures and tax incentives to improve the business environment in the region, as, they said, Hong Kong cannot afford to be left alone under the plan.

The remarks were made on Friday by five speakers in a panel discussion on whether the “Greater Bay Area” plan will benefit Hong Kong, in the latest edition of the “Redefining Hong Kong Debate Series” organised by the South China Morning Post.

Denis Ma (centre), head of research, Hong Kong, JLL, speaking at the Redefining Hong Kong Debate Series – Greater Bay Area panel, at the J W Marriott Hong Kong in Admiralty. Photo: Xiaomei Chen

Under Beijing’s ambitious project, Hong Kong, Macau and nine Guangdong cities will be integrated into a financial and technological hub to compete with other bay areas in the US and Japan.

While business and professional sectors hailed the plan, opinion polls have shown that Hong Kong residents are relatively sceptical about it – citing worries over the uncertainties of integration and whether it would compromise the city’s semi-autonomous status and civil liberties.

Albert Ng, EY’s China chairman and Greater China managing partner, said Hong Kong “needs to change its mindset” to succeed and thrive under the plan.