How Hong Kong can help the Greater Bay Area become a landmark in China’s reform process

Xie Feng says Hong Kong has an irreplaceable role in ensuring the Greater Bay Area reaches its full potential, given the many opportunities for cooperation with the mainland and belt and road countries

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The prospects for the Greater Bay Area are good, and Hong Kong and international investors should seize the opportunities. Illustration: Craig Stephens

Published: 4:56pm, 10 Oct 2017Updated: 7:10pm, 10 Oct 2017

I have been pondering how to leverage diplomatic strength to serve the development of Hong Kong and the whole nation since my arrival in the city in late June. The July 1 signing of the framework agreement to deepen cooperation between Guangdong, Hong Kong and Macau in the development of the Greater Bay Area, witnessed by visiting President Xi Jinping, provided an answer to my question.

As a result, our office will, in the coming years, focus its efforts on promoting tripartite cooperation between the mainland, Hong Kong and foreign nations, and ensuring Hong Kong’s greater role in the development of the Belt and Road Initiative and Greater Bay Area.

The Greater Bay Area, which consists of nine cities in Guangdong and the two special administrative regions of Hong Kong and Macau, is among the leaders in China in terms of economic openness and dynamism. Its GDP reached US$1.39 trillion last year, making it the fifth-largest economy in Asia. Its container throughput tops the world, at about 4.5 times that of the New York Bay, San Francisco Bay and Tokyo Bay combined. The Greater Bay Area also houses the headquarters of 17 Fortune 500 companies and four world top 50 universities.

The evolution of the ‘Greater Bay Area’

The area is expected to see a threefold increase in GDP by 2030, reaching some US$4.6 trillion to take the top spot among all bay areas in the world. Given its great potential, the Guangdong-Hong Kong-Macau Greater Bay Area is poised to be a landmark in China’s comprehensive reform process.

Hong Kong is China’s most internationalised metropolis. It is also a special administrative region under “one country, two systems”. With its unique advantage of connecting the mainland and the world, Hong Kong will play an irreplaceable role in the building of the Greater Bay Area and will find within it new development opportunities.

Hong Kong-Zhuhai-Macau bridge to enhance Guangdong connections

Technology boost to reinforce Hong Kong’s status as finance and trade centre in bay area plan

Hong Kong has ranked as the world’s freest economy for 23 consecutive years. It serves as an international financial, trade and shipping centre. The city has a well-established common law regime, sound rule of law, and its accounting and regulatory systems are of international standard. It also has clean and efficient governance, and excellent professional services, an enabling business environment and a worldwide sales network.