Hong Kong set to connect Greater Bay Area with the world
Leveraging its international experience and status as an international finance, transportation and trade hub, Hong Kong can help propel the Greater Bay Area to a world-class bay area.
Hailed as an important part of the 14th Five-Year Plan (14FYP) and the national economic development strategy for China, the Greater Bay Area (GBA) is adamant to become an “International science and technology innovation center” by 2025, and is on track to become a leading class metropolis demonstrating China’s reform and opening up.
The 14FYP raised for the first time the support for Hong Kong to enhance its status as an international aviation hub, develop the city into an international Innovation and Technology (I&T) hub, a regional intellectual property trading center and a hub for arts and cultural exchanges between China and the rest of the world1 . Hong Kong should harness the opportunity to strengthen its role as a gateway to connect the GBA with the rest of the world like other global bay areas.
According to a report by the Hong Kong Trade Development Council (HKTDC) and the US think tank Bay Area Council Economic Institute2, Hong Kong plays a unique role in the GBA and can connect the Region with the rest of the world. The “One Country, Two Systems” principle gives Hong Kong a unique position to be an ambassador for the GBA to international business. With its well-established rules for intellectual property, the common law system, the open flow of information and a cosmopolitan environment that are all attractive to foreign businesses and executives, the city can be an ideal springboard for foreign businesses to tap into the huge opportunities in the GBA.
The Hong Kong government pledged to spare no efforts in developing the city into an international Innovation and Technology (I&T) hub in the GBA, evident in its HK$130 billion of investment with measures rolled out under a multi-pronged strategy3. But in order to achieve this, close collaboration and integration with Shenzhen is key. Financial Secretary Paul Chan Mo-po said at an event in July that the Hong Kong government and the mainland government will co-launch measures at the Hong Kong-Shenzhen Innovation and Technology (I&T) Park in Lok Ma Chau Loop, which include scientific research resources, funds and other convenient measures to attract domestic and overseas talent and enterprises to the park.
“Attracting talent with the right skills is key to the deepening of the integration of economic and industrial development,” says Agnes Chan, Managing Partner of EY in Hong Kong and Macau.
“Businesses should consider different options and create new opportunities that can facilitate the flow of talent within the region. And in this direction, I believe Hong Kong is uniquely positioned to play a pivotal role to align global HR practices with local cultures.”
- Bay to Bay China’s Greater Bay Area Plan and Its Synergies for US and San Francisco Bay Area Business, HKTDC and Bay Area Council Council Economic Institute, June 2021.