The challenges facing Hong Kong have never been greater in a fast-changing world that is being reshaped by new technology and shifting economic and political orders. But there are also enormous opportunities, given our unique role as China’s most open and internationalised economy. The Hong Kong government should continue to unite different sectors to play to their strengths under “one country, two systems” and develop in a way mutually beneficial to the country and the city.
A top forum organised by the South China Morning Post for the first time in Qianhai on Thursday heard how we could rise to the challenge by harnessing artificial intelligence in financial services and other fields and by
strengthening cross-border data transfer security within the development framework for the
Greater Bay Area, a national drive to turn the two special administrative regions and other southern cities into a new regional economic powerhouse.
Held almost seven years since the publication of the Greater Bay Area development master plan, the
China Conference: Greater Bay Area event brought together leaders, industry experts and innovators to explore the opportunities and challenges within one of the world’s most rapidly developing regions.
Established in 2010 to promote closer cooperation between Hong Kong, Macau and mainland China and develop modern service industries, the
Qianhai special economic zone within Shenzhen is a showcase of how Hong Kong and mainland systems can work towards greater synergy. A total of 52 multinational companies have opened head offices while more than 1,450 new foreign-invested enterprises have set up operations in Qianhai.
It is good to learn of the progress in cross-border collaboration on various fronts. For instance, Hong Kong is seeking to deepen financial services cooperation with Shenzhen. Emphasising its role as a “superconnector” and “super value adder”, the city could leverage its strength in financial services to support Shenzhen in technology and industrial finance to build a world-class fintech hub, said Joseph Chan Ho-lim, undersecretary for Financial Services and the Treasury.
In another positive development, this year will see collaboration between Hong Kong and Shenzhen strengthened further, with the latter
hosting the Asia-Pacific Economic Cooperation (Apec) Economic Leaders’ Meeting in November and the former hosting the Apec Finance Ministers’ Meeting in October. This is also a good opportunity to tell the Hong Kong success story to participating economies and the international community, and further deepen ties and cooperation in our role as a superconnector and super value-adder.
