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

New pact lays down goals on how Hong Kong, Macau and mainland should work together towards integration

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President Xi Jinping (centre, back) watches as Hong Kong’s new leader Carrie Lam seals an agreement on the bay area project with He Lifeng, National Development and Reform Commission chairman. Photo: Nora Tam

Published: 9:45pm, 1 Jul 2017Updated: 10:37pm, 1 Jul 2017

Innovation and technological developments in Hong Kong will be boosted under an agreement on the Greater Bay Area project signed by local and mainland officials on Saturday and witnessed by Chinese President Xi Jinping.

The city will also continue to strengthen its role as the region’s financial and shipping hub, according to the framework agreement. It also provided clarity and assurance to counter uncertainties in recent months on what role Hong Kong will play under the plan and how it will be executed.

The move came shortly after Xi announced at the new administration’s inauguration that Beijing authorities would “actively consider adopting concrete measures to make it more convenient for the people of Hong Kong to study, work and live on the mainland, and provide more opportunities for them”.

The project, which covers Hong Kong, Macau and nine Pearl River Delta cities, was proposed by Guangdong officials several years ago, and grew into a strategic project with the endorsement of Premier Li Keqiang in March.

Saturday’s agreement was signed by Hong Kong’s new chief executive, Carrie Lam Cheng Yuet-ngor, Macau Chief Executive Fernando Chui Sai-on, Guangdong governor Ma Xingrui and the chairman of National Development and Reform Commission, He Lifeng.

According to a statement released by the Hong Kong government, the agreement stipulated that the goals of cooperation would include “consolidating and enhancing” Hong Kong’s status as a global financial, shipping and trade centre, as well as promoting Hong Kong’s innovation and technology industries.