Greater Bay Area has potential to rival both Silicon Valley and Wall Street, says Hong Kong leader Carrie Lam at Beijing forum
- Chief executive’s remarks follow pledge from central government of further opening
- Far from being a threat to city’s economy, Lam sees potential of ‘win-win outcome’ for all areas involved
Hong Kong’s leader Carrie Lam Cheng Yuet-ngor believes the “Greater Bay Area” could become Asia’s version of Silicon Valley and Wall Street all rolled into one, and said development of the area could be a “win-win” for all involved.
Her remarks on Monday followed a pledge by Qian Keming, vice-minister of commerce, that the central government would pursue further opening up, and build a new business landscape in the region.
The pair were speaking at the three-day China Development Forum, in Beijing, on the national development plan announced two years ago to integrate Hong Kong, Macau, and nine Guangdong cities into an economic powerhouse to rival the United States.
Hong Kong’s chief executive said the city’s deep and liquid capital market could promote the commercial application of technological achievements through direct financing by private equity funds, or raising capital through listing.
“In my view, the Greater Bay Area has the potential to become not only the Silicon Valley of the East, but also Silicon Valley and Wall Street within the same city cluster,” she said.
On Sunday, Qian said in a separate session that the government would support the establishment of pilot free-trade zones in the Pearl River Delta region as to pursue further opening up, though few details were forthcoming.