https://www.scmp.com/rss/288359/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Natalie Wong Natalie Wong Hong Kong’s coming annual budget must address critical bottlenecks in technology and talent attraction to pave the way for the city’s first five-year development framework in line with national priorities, according to observers. The budget, to be delivered by Financial Secretary Paul Chan Mo-po on Wednesday, is more than a fiscal exercise. It is viewed as the first major test of officials’ “reform mindset” after Beijing unveiled the nation’s 15th five-year plan recommendations, which include... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344219/hong-kong-budget-2026-27-whats-holding-back-citys-tech-and-talent-schemes?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344219/hong-kong-budget-2026-27-whats-holding-back-citys-tech-and-talent-schemes?utm_source=rss_feed Sun, 22 Feb 2026 01:00:27 +0000 Emily Hung Emily Hung A new action plan released by the Qianhai authorities in Shenzhen aims to strengthen its position as a “key partner” to Hong Kong rather than a competitor, further bolstering the city’s status as a global hub for finance, trade and talent. The 2026 plan, released recently by authorities, is set to deepen cooperation between the special economic zone and the city through a dual-headquarters hub that enables Hong Kong-based unicorns to benefit from the free flow of capital, data and resources. A... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3341177/qianhai-strengthen-role-key-partner-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3341177/qianhai-strengthen-role-key-partner-hong-kong?utm_source=rss_feed Sun, 25 Jan 2026 14:39:24 +0000 SCMP Editorial SCMP Editorial 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... https://www.scmp.com/opinion/comment/article/3340148/greater-bay-area-collaboration-can-help-hong-kong-rise-challenges-ahead?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3340148/greater-bay-area-collaboration-can-help-hong-kong-rise-challenges-ahead?utm_source=rss_feed Fri, 16 Jan 2026 23:15:11 +0000 Iris Deng Iris Deng Hong Kong and Shenzhen are establishing a white list for data transfers as part of an overarching effort to forge closer cross-border ties, which policymakers and business leaders see as essential to unlocking opportunities in artificial intelligence and fintech in the region. “If you have a white list to facilitate the movement of sensitive data, biological data and samples between Hong Kong and [mainland] China, it would ensure trust between [parties sending and receiving information] because... https://www.scmp.com/business/banking-finance/article/3340022/hong-kong-shenzhen-push-secure-data-corridor-unlock-ai-and-fintech-opportunities?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340022/hong-kong-shenzhen-push-secure-data-corridor-unlock-ai-and-fintech-opportunities?utm_source=rss_feed Thu, 15 Jan 2026 10:00:49 +0000 Zhou Xin Zhou Xin Hong Kong and Shenzhen can work closely to empower finance with artificial intelligence, delegates said on Thursday at the China Conference: Greater Bay Area, an event hosted by the South China Morning Post. Joseph Chan Ho-lim, undersecretary for Financial Services and the Treasury in the Hong Kong government, said Hong Kong and Shenzhen were seeking deeper cooperation between finance and technology. Chan said at the event in Qianhai, a bonded zone in Shenzhen, that Hong Kong, as a... https://www.scmp.com/business/banking-finance/article/3339943/hong-kong-and-shenzhen-forge-close-ties-finance-and-ai-build-world-class-fintech-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339943/hong-kong-and-shenzhen-forge-close-ties-finance-and-ai-build-world-class-fintech-hub?utm_source=rss_feed Thu, 15 Jan 2026 02:13:48 +0000 Denise Tsang,Wynna Wong Denise Tsang,Wynna Wong Hong Kong has taken a significant stride towards cross-border drone flights by teaming up with Nansha in mainland China to develop unified standards, policies and validation pathways through joint tests and trials – an effort that could set a global benchmark. The collaboration follows an accord signed on December 25 between the Hong Kong Productivity Council and Nansha’s International Advanced Technology Application and Promotion Centre (GBA). Edmond Lai Shiao-bun, the council’s chief digital... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3339643/hong-kong-and-nansha-target-global-drone-benchmark-cross-border-trials?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3339643/hong-kong-and-nansha-target-global-drone-benchmark-cross-border-trials?utm_source=rss_feed Tue, 13 Jan 2026 00:30:15 +0000 Oscar Liu Oscar Liu Hong Kong’s newly opened Central Kowloon Bypass, along with a planned major road and rail expansion of over 40 per cent in the next few years, will boost the city’s competitiveness and integration with national development, the finance chief has said. Financial Secretary Paul Chan Mo-po also said on Sunday that the deeper integration of transport infrastructure between Hong Kong and its neighbouring cities in the Greater Bay Area would enhance connectivity and the efficient flow of people and... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3337219/new-central-kowloon-bypass-boost-hong-kongs-competitiveness-paul-chan?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3337219/new-central-kowloon-bypass-boost-hong-kongs-competitiveness-paul-chan?utm_source=rss_feed Sun, 21 Dec 2025 06:38:48 +0000 Cannix Yau Cannix Yau Hong Kong is seeking to incorporate national railway standards into local benchmarks in a bid to greatly cut costs and raise efficiency, paving the way for standardised rules and their wider application in future government projects. The move will also help facilitate the export of mainland Chinese building technology, such as modular integrated construction (MiC), to other countries, according to a railway engineering veteran. The Highways Department on Friday announced the move to update the... https://www.scmp.com/news/hong-kong/transport/article/3325395/hong-kong-update-railway-standards-national-measures-help-cut-costs?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3325395/hong-kong-update-railway-standards-national-measures-help-cut-costs?utm_source=rss_feed Fri, 12 Sep 2025 15:33:47 +0000 Salina Li Salina Li Finnish lift maker Kone plans to set up its southern China headquarters in Shenzhen, which will include a research and development centre and a logistics hub, to tap growing opportunities in the Greater Bay Area. The company on Friday signed an agreement with the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, marking the launch of its investment initiative in the Guangdong-Hong Kong-Macau Greater Bay Area. “It’s a very significant investment for Kone,” said Joe... https://www.scmp.com/business/companies/article/3323611/kone-elevate-greater-bay-area-operations-new-headquarters-shenzhen?utm_source=rss_feed https://www.scmp.com/business/companies/article/3323611/kone-elevate-greater-bay-area-operations-new-headquarters-shenzhen?utm_source=rss_feed Fri, 29 Aug 2025 07:21:23 +0000 SCMP Editorial SCMP Editorial China’s drive for innovation is going full steam ahead. After Qianhai and Hengqin, Nansha has been named as the third innovation hub in the Greater Bay Area development zone. Hong Kong will play a central role as the trio of tech and finance hubs are expected to form closer ties with the only city in China that is not subject to capital controls. A slew of new measures has been announced to develop Nansha into a pilot zone for high finance and fintech. Along with Qianhai and Hengqin, the plan is... https://www.scmp.com/opinion/comment/article/3311635/nansha-gives-greater-bay-area-tech-innovation-boost?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3311635/nansha-gives-greater-bay-area-tech-innovation-boost?utm_source=rss_feed Fri, 23 May 2025 23:24:26 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma China-US cargo bookings surged this week as businesses rushed to take advantage of a 90-day pause in levies imposed following US President Donald Trump’s April 2 “Liberation Day”. The seven-day container booking average jumped almost fourfold to 21,530 twenty-foot equivalent units, according to Vizion, a cargo-data provider. Shippers took action after China and the US agreed to cut tariffs by 115 per cent following weekend talks in Switzerland. Chinese e-commerce giants Shein and Temu are among... https://www.scmp.com/plus/article/3310585/cargo-surge-private-sector-promotion-law-and-more?utm_source=rss_feed https://www.scmp.com/plus/article/3310585/cargo-surge-private-sector-promotion-law-and-more?utm_source=rss_feed Fri, 16 May 2025 09:00:09 +0000 Yuke Xie Yuke Xie China unveiled new measures to develop Nansha in the southern Guangdong province into a pilot zone for financial opening, making it the third financial hub in the Greater Bay Area after Qianhai and Hengqin, to deepen market ties with Hong Kong. Nansha will become a hub for technological innovation and a node linking the Bay area and global financial markets, according to a statement on Monday by authorities including the People’s Bank of China, the National Financial Regulatory Administration... https://www.scmp.com/business/markets/article/3310049/china-unveils-plans-nansha-third-financial-hub-greater-bay-area?utm_source=rss_feed https://www.scmp.com/business/markets/article/3310049/china-unveils-plans-nansha-third-financial-hub-greater-bay-area?utm_source=rss_feed Mon, 12 May 2025 13:10:41 +0000 Vivian Au Vivian Au The escalating US-China trade tensions have prompted more European business chambers to seek collaboration opportunities in Qianhai, a special economic zone in Shenzhen near Hong Kong, according to a mainland-based incubator. Tech firms in Qianhai and Nansha, a district in southern Guangzhou, also said on Wednesday that Hong Kong now played a more crucial role than ever to provide financing support and assist them in exporting products overseas. During a press trip to the Greater Bay Area cities... https://www.scmp.com/news/hong-kong/politics/article/3307654/hong-kong-play-key-role-european-business-collaboration-amid-trade-war?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3307654/hong-kong-play-key-role-european-business-collaboration-amid-trade-war?utm_source=rss_feed Wed, 23 Apr 2025 14:38:53 +0000 Ng Kang-chung Ng Kang-chung Hong Kong authorities will start gauging developers’ interest in constructing a planned cross-border railway in the northwest New Territories later this year, according to the city’s transport minister. Mable Chan, the secretary for transport and logistics, also said on Sunday the joint project, linking Qianhai in Shenzhen and Hung Shui Kiu in Hong Kong, could see mainland Chinese authorities take responsibility for building the tunnel under Deep Bay in a bid to speed up construction. Speaking... https://www.scmp.com/news/hong-kong/transport/article/3303519/hong-kong-seeks-developers-joint-cross-border-railway-project-shenzhen?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3303519/hong-kong-seeks-developers-joint-cross-border-railway-project-shenzhen?utm_source=rss_feed Sun, 23 Mar 2025 10:27:43 +0000 As the animated Chinese blockbuster Ne Zha 2 gains widespread attention domestically and internationally, hopes are high that it will be a prime example of a Chinese cultural export. This showcase of Eastern aesthetics embodies the maturity of China’s cultural industry and against this backdrop, Hong Kong, once known as the Eastern Hollywood, has a historic opportunity to redefine its cultural soft power. Hong Kong cinema has made progress in visual effects, with films like Warriors of Future... https://www.scmp.com/opinion/hong-kong-opinion/article/3300003/what-hong-kong-can-take-away-ne-zha-2s-creative-success?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3300003/what-hong-kong-can-take-away-ne-zha-2s-creative-success?utm_source=rss_feed Wed, 26 Feb 2025 01:30:09 +0000 Exchanges between mainland and Hong Kong officials have increasingly become the norm rather than the exception as the city strives for closer integration and cooperation under the national development framework. But the weekend discussion sessions led by a top mainland official remain significant in that they underline Beijing’s deep concerns about the city, including the slow pace of growth and a ballooning budget deficit. The authorities must take bold and concrete measures to weather the... https://www.scmp.com/opinion/comment/article/3298286/innovation-and-bold-ideas-are-keys-hong-kongs-economic-revival?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3298286/innovation-and-bold-ideas-are-keys-hong-kongs-economic-revival?utm_source=rss_feed Wed, 12 Feb 2025 00:15:07 +0000 Jeffie Lam Jeffie Lam Beijing’s point man on Hong Kong affairs has met the finance chief and seven other senior officials to hear their plans on the economy and financial services while inspecting two special cooperation zones operated by the city and neighbouring Shenzhen. The government said on Monday that Xia Baolong, director of the Hong Kong and Macau Affairs Office (HKMAO), had hosted a discussion session in Qianhai the previous day in which Financial Secretary Paul Chan Mo-po had introduced the... https://www.scmp.com/news/hong-kong/politics/article/3298122/beijings-point-man-hong-kong-meets-8-top-officials-hear-economic-plans?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3298122/beijings-point-man-hong-kong-meets-8-top-officials-hear-economic-plans?utm_source=rss_feed Mon, 10 Feb 2025 15:51:14 +0000 Aileen Chuang Aileen Chuang HSBC Holdings unveiled a 25-storey office tower in Shenzhen’s Qianhai economic zone, presenting it as a cornerstone of the bank’s commitment to the development of the Greater Bay Area. The HyQ tower, in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, is the bank’s first wholly owned building in southern China and involved an investment of more than 4 billion yuan (US$550 million). HSBC bought the building from New World Development in 2021 for 3.2 billion yuan. The... https://www.scmp.com/business/banking-finance/article/3295822/hsbc-unveils-hyq-25-storey-office-tower-qianhai-drive-cross-border-collaboration?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3295822/hsbc-unveils-hyq-25-storey-office-tower-qianhai-drive-cross-border-collaboration?utm_source=rss_feed Wed, 22 Jan 2025 09:30:15 +0000 The national drive to turn 11 southern cities into an economic powerhouse was little more than a concept when it was first rolled out in early 2019. Today, the development of the Greater Bay Area has become a reality, with cross-border integration and collaboration advancing in a way that seemed unimaginable just a few years ago. While the blueprint has opened new horizons for Hong Kong and other cities under the development strategy, there remain gaps to fill and challenges to overcome in order... https://www.scmp.com/opinion/comment/article/3295092/hong-kong-should-market-greater-bay-area-world?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3295092/hong-kong-should-market-greater-bay-area-world?utm_source=rss_feed Thu, 16 Jan 2025 22:15:12 +0000 Hong Kong’s justice minister has pledged to match the city’s lawyers with their mainland Chinese counterparts and companies, as a record number of foreign legal professionals joined a delegation visiting neighbouring Guangdong province. Secretary for Justice Paul Lam Ting-kwok said on Friday that his department would continue to improve regulations and foster legal talent to provide services on the mainland to encourage more use of Hong Kong law in the Greater Bay Area. “I think the main role of... https://www.scmp.com/news/hong-kong/law-and-crime/article/3289781/matchmaker-role-justice-chief-between-hong-kong-lawyers-mainland-peers?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3289781/matchmaker-role-justice-chief-between-hong-kong-lawyers-mainland-peers?utm_source=rss_feed Fri, 06 Dec 2024 15:18:40 +0000 Cao Li Cao Li Hong Kong businesses should be allowed to establish offshore operations in special zones in Shenzhen, enabling them to operate under Hong Kong law while encouraging capital inflows and outflows, an expert suggested at a forum on Friday. Such a special arrangement would allow Hong Kong-registered companies to operate in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone as offshore entities, said Xiao Geng, director of the Institute of Policy and Practice at the Chinese... https://www.scmp.com/business/china-business/article/3289769/hong-kong-shenzhen-integration-could-spur-capital-flows-innovation-expert?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3289769/hong-kong-shenzhen-integration-could-spur-capital-flows-innovation-expert?utm_source=rss_feed Fri, 06 Dec 2024 14:00:10 +0000 When Hong Kong Chief Executive John Lee Ka-chiu delivered his third policy address, he said that “reform is a continuous process”. The address covered many areas, some law-related; he pointed to new laws and indicated legal priorities. With the enactment in March of the Safeguarding National Security Ordinance, the city’s obligations in this regard to the rest of the country were finally discharged. Although Hong Kong is no longer China’s Achilles’ heel when it comes to national security, that... https://www.scmp.com/opinion/hong-kong-opinion/article/3283927/hong-kongs-legal-system-needs-reform-stay-vibrant?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3283927/hong-kongs-legal-system-needs-reform-stay-vibrant?utm_source=rss_feed Wed, 30 Oct 2024 01:30:07 +0000 The medical school at the Chinese University of Hong Kong (CUHK) plans to open academic centres in two Guangdong province cities, paving the way for more clinical trials and boosting the Greater Bay Area’s innovation network. The school will work with mainland Chinese authorities and hospitals in Qianhai, which is part of Shenzhen, and Nansha in Guangzhou to help meet Hongkongers’ rising demand for medical care and collaborate with experts over the border in scientific development. Professor... https://www.scmp.com/news/hong-kong/health-environment/article/3270396/chinese-university-hong-kong-plans-guangdong-academic-centres-boost-medical-research?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3270396/chinese-university-hong-kong-plans-guangdong-academic-centres-boost-medical-research?utm_source=rss_feed Sun, 14 Jul 2024 23:00:15 +0000 Yuke Xie,Aileen Chuang Yuke Xie,Aileen Chuang New World Development (NWD) has made yet another divestment, this time in an office tower in mainland China, as it continues to whittle down its debt. The Hong Kong-listed conglomerate controlled by one of the city’s wealthiest families sold a 30 per cent stake in the North tower of the Shenzhen Qianhai Chow Tai Fook Finance Centre to parent Chow Tai Fook Enterprises for 1.44 billion yuan (US$198.2 million), according to an exchange filing late on Wednesday. The 43-storey grade A office tower,... https://www.scmp.com/business/companies/article/3268172/hong-kong-listed-new-world-sells-qianhai-tower-stake-us198-million?utm_source=rss_feed https://www.scmp.com/business/companies/article/3268172/hong-kong-listed-new-world-sells-qianhai-tower-stake-us198-million?utm_source=rss_feed Wed, 26 Jun 2024 22:45:07 +0000 Hong Kong has the edge to take products global but must roll out additional preferential policies and expand its talent pool to attract businesses, two start-up founders who moved their business across the border due to manpower constraints have said. Elvis Yu Guangtao, who founded biotechnology firm Inspro Science in 2019, had won a start-up competition organised by the Trade Development Council as he was planning to build the firm. But he ultimately chose to set up his business in Qianhai in... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3266366/why-2-hong-kong-entrepreneurs-decided-move-their-start-ups-over-border?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3266366/why-2-hong-kong-entrepreneurs-decided-move-their-start-ups-over-border?utm_source=rss_feed Wed, 12 Jun 2024 14:05:11 +0000 Hong Kong remains “very attractive” to legal professionals even as foreign sanctions target city officials, judges and prosecutors, the justice secretary has said, amid the roll-out of an action plan that aims to align regulations and facilitate the flow of talent within the Greater Bay Area. Secretary for Justice Paul Lam Ting-kwok on Thursday also said many developing countries, including in Southeast Asia and Africa, had been eager to get legal training in Hong Kong. He also expressed... https://www.scmp.com/news/hong-kong/law-and-crime/article/3258706/hong-kong-still-very-attractive-legal-talent-justice-secretary-says-department-roll-out-greater-bay?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3258706/hong-kong-still-very-attractive-legal-talent-justice-secretary-says-department-roll-out-greater-bay?utm_source=rss_feed Fri, 12 Apr 2024 00:00:24 +0000 A group of 10 Hong Kong civil servants have just returned from three months in the neighbouring mainland Chinese city of Shenzhen, where they shared their expertise as well as learned from counterparts across the border. Carmen Chan Suet-ying, a senior town planner in the Hong Kong Planning Department, said she was asked a lot of questions about building a pedestrian walkway network during her stint at the Authority of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. “On... https://www.scmp.com/news/hong-kong/politics/article/3257226/no-wallets-shenzhen-hong-kong-civil-servants-back-exchange-share-expertise-lessons-mainland?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3257226/no-wallets-shenzhen-hong-kong-civil-servants-back-exchange-share-expertise-lessons-mainland?utm_source=rss_feed Sat, 30 Mar 2024 01:30:14 +0000 Bank of East Asia, Hong Kong’s largest family-owned lender, said its non-performing loans ratio in mainland China dropped by 0.47 percentage points to 2.68 per cent at the end of 2023 compared with the first half, as its overall exposure to troubled Chinese property developers shrank. The bank’s debt in the country’s commercial real estate sector has come down to 7.7 per cent of total lending, just over half what it was two years ago, and is expected to continue downwards. Yet BEA still made... https://www.scmp.com/business/banking-finance/article/3252692/bank-east-asia-cut-its-exposure-chinas-troubled-commercial-property-sector-last-year?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3252692/bank-east-asia-cut-its-exposure-chinas-troubled-commercial-property-sector-last-year?utm_source=rss_feed Wed, 21 Feb 2024 09:15:19 +0000 Major Hong Kong lenders are eyeing expansion in the Greater Bay Area’s Qianhai special economic zone. Qianhai was created in 2009 next to Shenzhen and is only about an hour by car from Hong Kong city centre. Last February, policymakers in Beijing rolled out a package of 30 ­measures to connect Qianhai with Hong Kong’s capital market at a high level by 2025, and to build a financial system on par with ­international standards by 2035. HSBC, the biggest of Hong Kong’s three note-issuing banks,... https://www.scmp.com/business/banking-finance/article/3252160/gba5-hsbc-bank-east-asia-among-hong-kong-lenders-cranking-qianhai-presence-eye-growth-opportunities?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3252160/gba5-hsbc-bank-east-asia-among-hong-kong-lenders-cranking-qianhai-presence-eye-growth-opportunities?utm_source=rss_feed Mon, 19 Feb 2024 00:30:12 +0000 Hong Kong and other cities in the Greater Bay Area are forging increasingly stronger links among their financial sectors and the southern network should strive to become a beacon for talent to better seize development opportunities, city ministers and Guangdong provincial officials have said. The officials were exploring ways to fine-tune Beijing’s plan to create a cross-border economic powerhouse by linking 11 cities and more than 86 million people on the fifth anniversary of the blueprint on... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3252338/hong-kong-and-other-greater-bay-area-cities-pledge-even-more-cooperation-beijings-cross-border?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3252338/hong-kong-and-other-greater-bay-area-cities-pledge-even-more-cooperation-beijings-cross-border?utm_source=rss_feed Sun, 18 Feb 2024 10:05:08 +0000 Bank of East Asia (BEA), Hong Kong’s oldest family-run bank, on Friday officially opened its 18-storey BEA Tower in the Qianhai special economic zone in Shenzhen, as part of its push in the Greater Bay Area targeting wealth management and fintech. “The official inauguration of BEA Tower represents a milestone for our business development in the region,” Adrian Li Man-kiu, BEA’s co-CEO, said at an inauguration ceremony for the tower located in the heart of Qianhai. “This building will serve as... https://www.scmp.com/business/banking-finance/article/3248233/bank-east-asia-targets-wealth-management-and-fintech-greater-bay-area-newly-opened-qianhai-tower?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3248233/bank-east-asia-targets-wealth-management-and-fintech-greater-bay-area-newly-opened-qianhai-tower?utm_source=rss_feed Fri, 12 Jan 2024 12:00:20 +0000 China’s ambition to develop the Greater Bay Area into an economic powerhouse has been given another boost following the announcement of more measures. This includes fostering a “world-leading” business environment in the region and promoting the modern service industry in the neighbouring Qianhai area, a move that will open up more opportunities for Hong Kong professionals and the service industry. The significance of the latest drive is reflected in the recent arrangement for Chief Secretary... https://www.scmp.com/comment/opinion/article/3247488/greater-bay-area-measures-benefit-both-parties?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3247488/greater-bay-area-measures-benefit-both-parties?utm_source=rss_feed Fri, 05 Jan 2024 22:30:17 +0000 Hongkongers are showing a keen interest in the membership megastores offering bulk buying over the border, but experts are sceptical the city can replicate their success locally given the scarcity of land and high cost of logistics. The opening of Costco Wholesale’s new store in Shenzhen’s Longhua district next Friday comes as bargain hunters from Hong Kong continue to go north for shopping deals and cheap meals, putting fresh strain on the city’s businesses. Google Trends showed that the search... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3247478/hongkongers-head-north-bulk-buying-megastores-city-ill-equipped-host-its-own-experts-say?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3247478/hongkongers-head-north-bulk-buying-megastores-city-ill-equipped-host-its-own-experts-say?utm_source=rss_feed Fri, 05 Jan 2024 14:55:59 +0000 China Resources Group, a state-controlled conglomerate, has teamed up with Hong Kong’s New World Development for a collaborative venture worth HK$10 billion (US$1.28 billion) in the city’s Northern Metropolis mega project, according to sources familiar with the matter. The partnership marks a milestone as the first major involvement of a large Hong Kong-based Chinese enterprise in the planned innovation and technology hub in the northern New Territories. In the initial phase of cooperation,... https://www.scmp.com/business/companies/article/3246270/state-owned-china-resources-teams-hong-kongs-new-world-develop-us13-billion-northern-metropolis?utm_source=rss_feed https://www.scmp.com/business/companies/article/3246270/state-owned-china-resources-teams-hong-kongs-new-world-develop-us13-billion-northern-metropolis?utm_source=rss_feed Tue, 26 Dec 2023 22:00:16 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification. I would like to respond to “MTR Corp faces competition for link to Qianhai” (September 4). The second-stage study on the Hong Kong-Shenzhen Western Rail Link is still under way. It is prudent at... https://www.scmp.com/comment/letters/article/3234646/would-breaking-mtrs-monopoly-really-benefit-hong-kong?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3234646/would-breaking-mtrs-monopoly-really-benefit-hong-kong?utm_source=rss_feed Mon, 18 Sep 2023 03:30:17 +0000 At least three companies besides the MTR Corporation are expected to compete for a public tender for a proposed rail line connecting Hung Shui Kiu in Hong Kong’s Yuen Long to the Qianhai special economic zone in Shenzhen, the Post has learned. One insider said the construction and operation of the rail link would be open to competition via a tender rather than simply giving the project to the city’s sole rail operator, the MTR Corporation. “There have been calls for the government to introduce... https://www.scmp.com/news/hong-kong/transport/article/3233268/competition-hong-kongs-mtr-3-firms-expected-vie-citys-rail-giant-cross-border-link-qianhai?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3233268/competition-hong-kongs-mtr-3-firms-expected-vie-citys-rail-giant-cross-border-link-qianhai?utm_source=rss_feed Mon, 04 Sep 2023 00:00:20 +0000 Hang Seng Qianhai Fund Management, a joint-venture of Hang Seng Bank and local authorities in Shenzhen Qianhai, is launching more diverse products to capture cross-border opportunities in China, particularly the Greater Bay Area. Hang Seng Qianhai is 70 per cent owned by Hang Seng Bank and is the first mutual fund in mainland China to be controlled by a Hong Kong entity. It is based in Shenzhen’s Qianhai special economic zone, which serves as a services pilot area for Hong Kong and Shenzhen... https://www.scmp.com/business/banking-finance/article/3223300/hang-seng-bank-and-qianhai-joint-venture-mutual-fund-launch-two-fixed-income-products-tap-cross?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3223300/hang-seng-bank-and-qianhai-joint-venture-mutual-fund-launch-two-fixed-income-products-tap-cross?utm_source=rss_feed Wed, 07 Jun 2023 12:40:13 +0000 Hong Kong stocks are likely to rebound from heavy sell-offs in the second half of the year as a potential easing of monetary policy boosts China’s economic recovery, according to Hang Seng Qianhai Fund Management. The fund, the first Hong Kong capital-controlled mutual fund manager in mainland China, with assets under management of 20 billion yuan (US$2.8 billion), believes the city’s benchmark Hang Seng Index is about to bottom out and sees current market sentiment as “too pessimistic.” “The... https://www.scmp.com/business/banking-finance/article/3222468/hong-kong-stocks-poised-rebound-monetary-easing-boosts-chinas-economic-recovery-says-hang-seng?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222468/hong-kong-stocks-poised-rebound-monetary-easing-boosts-chinas-economic-recovery-says-hang-seng?utm_source=rss_feed Wed, 31 May 2023 23:00:14 +0000 Hengqin, Nansha, and Qianhai, three special economic zones in the Greater Bay Area, are accelerating their roll-out of preferential tax systems, legal frameworks and streamlined application procedures to encourage more offshore funds to invest, a conference heard. Three top financial officials from the districts said the measures would offer incentives for offshore companies and capital during a panel discussion on Tuesday at a private equity summit in Hong Kong attended by some 700 industry... https://www.scmp.com/business/china-business/article/3222347/greater-bay-area-hengqin-nansha-qianhai-special-zones-speed-roll-out-tax-legal-incentives-offshore?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3222347/greater-bay-area-hengqin-nansha-qianhai-special-zones-speed-roll-out-tax-legal-incentives-offshore?utm_source=rss_feed Tue, 30 May 2023 23:30:10 +0000 During lunchtime in China’s tech hub of Shenzhen, workers regularly line up to buy steamed dumplings and frozen desserts from carts, but at any time, the hawkers could abruptly take off to avoid getting caught by local enforcement officials. “I am very scared of getting caught,” said a vendor who only gave their surname as Yao, who typically operates in Baoan, a district famous for its electronics factories. Yao can face a fine of thousands of yuan and have her cart confiscated if she is caught... https://www.scmp.com/economy/china-economy/article/3219543/chinas-street-stall-economy-handed-lifeline-curbs-lifted-boost-jobs-scared-hawkers?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3219543/chinas-street-stall-economy-handed-lifeline-curbs-lifted-boost-jobs-scared-hawkers?utm_source=rss_feed Sun, 07 May 2023 04:00:10 +0000 Yuey Wong Hau-wan, a Hong Kong-born sales agent for the Canadian insurer Manulife, has been busy on WeChat, connecting with her mainland Chinese clients in anticipation of their return to the city for the first time in three years. With pandemic restrictions lifted and the border between Hong Kong and mainland China open once again, the city is bracing itself for the estimated 1 million visitors from the mainland who are poised to pour into Hong Kong, Macau and Taiwan during the Lunar New Year... https://www.scmp.com/business/banking-finance/article/3207487/wait-over-hong-kongs-120000-insurance-agents-look-forward-mainland-chinese-clients-after-enduring?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3207487/wait-over-hong-kongs-120000-insurance-agents-look-forward-mainland-chinese-clients-after-enduring?utm_source=rss_feed Sat, 21 Jan 2023 01:30:11 +0000 Hong Kong’s business groups have started to plan for mainland China journeys and compete for one of the 50,000 spots available under a new daily quota from Sunday, when the city will reopen its border with mainland China. But they appealed to authorities to sort out teething troubles, including clarification of the visa application process for foreign visitors and faster procedures for the renewal of cross-border driving licences. Johannes Hack, president of the German Chamber of Commerce Hong... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3205744/hong-kong-business-bodies-start-plan-mainland-china-trips-border-authorities-brace-sunday-reopening?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3205744/hong-kong-business-bodies-start-plan-mainland-china-trips-border-authorities-brace-sunday-reopening?utm_source=rss_feed Fri, 06 Jan 2023 00:00:18 +0000 Shenzhen has doubled down on efforts to advance China’s hi-tech self-sufficiency drive by establishing an international sourcing platform for semiconductors and other electronics components amid US trade restrictions. The Electronic Components and Integrated Circuits International Trading Centre Co, based in the city’s Qianhai economic zone, has registered at local market authorities and received its business licence on December 30, according to announcements made on Tuesday by several... https://www.scmp.com/tech/big-tech/article/3205560/us-china-tech-war-shenzhen-set-become-international-sourcing-hub-semiconductors-electronics-new?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3205560/us-china-tech-war-shenzhen-set-become-international-sourcing-hub-semiconductors-electronics-new?utm_source=rss_feed Wed, 04 Jan 2023 10:14:48 +0000 Shenzhen, the southern Chinese tech hub, has set up the country’s first platform that uses big data collected by the government to support cross-border trade, as e-commerce becomes increasingly vital to the Chinese export industry. The pilot initiative, which is the first trade data platform approved by China’s General Administration of Customs, will make its big data service available to companies, regulators and local governments, according to an announcement on Sunday by the Qianhai economic... https://www.scmp.com/tech/policy/article/3203853/shenzhen-launches-big-data-platform-serve-citys-cross-border-e-commerce-community?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3203853/shenzhen-launches-big-data-platform-serve-citys-cross-border-e-commerce-community?utm_source=rss_feed Mon, 19 Dec 2022 12:00:21 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification. In addition to Hong Kong’s current finance-focused economic engine, it has been suggested that other strategic areas be developed, such as innovation and technology, international higher education, and Chinese medicine. Thus,... https://www.scmp.com/comment/letters/article/3198302/how-hong-kongs-legal-sector-could-enhance-citys-role-gateway?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3198302/how-hong-kongs-legal-sector-could-enhance-citys-role-gateway?utm_source=rss_feed Mon, 07 Nov 2022 03:30:16 +0000 Future transport infrastructure projects in Hong Kong could be funded by means other than direct government investment, including by issuing bonds or private sector partnerships, officials said on Friday Secretary for Transport and Logistics Lam Sai-hung also said that whether the city sole’s rail operator, the MTR Corporation, would operate proposed railway links set out in Chief Executive John Lee Ka-chiu’s maiden policy address, would require careful consideration. In his policy blueprint on... https://www.scmp.com/news/hong-kong/transport/article/3196849/future-hong-kong-transport-projects-could-be-funded-issuing-bonds-or-built-through-public-private?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3196849/future-hong-kong-transport-projects-could-be-funded-issuing-bonds-or-built-through-public-private?utm_source=rss_feed Fri, 21 Oct 2022 14:59:03 +0000 Hong Kong Chief Executive John Lee Ka-chiu is expected to announce major infrastructure projects in his coming policy address, aimed at reviving the city’s battered economy and creating tens of thousands of jobs, the Post has learned. Sources said he would highlight six projects – three rail links and three highways. They include bringing forward detailed planning and route design for the Hong Kong-Shenzhen West Rail Link connecting Hung Shui Kiu and Qianhai, the economic zone in... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3196134/hong-kongs-john-lee-expected-announce-work-major?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3196134/hong-kongs-john-lee-expected-announce-work-major?utm_source=rss_feed Mon, 17 Oct 2022 00:00:13 +0000 Hong Kong’s justice minister has urged the legal sector to make full use of the city’s unique strengths under “one country, two systems” to seek more opportunities in mainland China and help promote the development of the country’s rule of law. Secretary for Justice Paul Lam Ting-kwok on Thursday also hailed agreements between the city and the mainland made in recent years, including deals on arbitration, mutual recognition and assistance in corporate bankruptcy proceedings, as well as mediation... https://www.scmp.com/news/hong-kong/politics/article/3194298/hong-kong-legal-sector-must-seize-unique-strengths-one?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3194298/hong-kong-legal-sector-must-seize-unique-strengths-one?utm_source=rss_feed Thu, 29 Sep 2022 12:49:22 +0000 Hong Kong and US stock markets are the top choice of investors over the next 12 months as they believe their valuations have become attractive after the setback this year, a survey released by the Hong Kong Investment Funds Association (HKIFA) showed on Thursday. Investors who were asked to rate their choices preferred Hong Kong stocks by a wide margin, with 76 per cent saying they would invest at home. Half of the respondents preferred US equities while 41 per cent favoured the market in... https://www.scmp.com/business/markets/article/3191796/hong-kong-stock-market-outranks-us-peers-top-bet-hkifa-survey?utm_source=rss_feed https://www.scmp.com/business/markets/article/3191796/hong-kong-stock-market-outranks-us-peers-top-bet-hkifa-survey?utm_source=rss_feed Thu, 08 Sep 2022 08:25:40 +0000 Hong Kong and Shenzhen have announced a slew of incentives for financial firms to set up in Qianhai, as the two cities seek closer collaboration in drawing global venture capital to the special economic zone. The Financial Services and the Treasury Bureau (FSTB) of Hong Kong and the Shenzhen government announced 18 measures on Friday, with the goal of fostering their partnership in innovation and technology. The measures, effective for three years, are targeted at venture capital firms,... https://www.scmp.com/business/banking-finance/article/3191138/hong-kong-shenzhen-dangle-perks-entice-global-venture?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3191138/hong-kong-shenzhen-dangle-perks-entice-global-venture?utm_source=rss_feed Fri, 02 Sep 2022 10:15:19 +0000