Working hand in glove to
HK must cooperate closely with region, central government to benefit the most from bay area, B&R projects, CE tells forum
Hong Kong is ideally positioned to benefit from the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative but, to derive the most benefits, it will have to work hand-in-hand with both regional partners and the central government, Chief Executive Carrie Lam Cheng Yuet-ngor said on Monday.
“In two days’ time, I shall deliver my maiden Policy Address which, I hope, will contain not only initiatives for the coming year but also my vision for the future of Hong Kong,” Lam said in a keynote speech at a China Daily Asia Leadership Roundtable luncheon.
“You can be sure that opportunities for Hong Kong under the Guangdong-Hong KongMacao Greater Bay Area and the Belt and Road Initiative will feature quite prominently.”
Hong Kong is in an ideal position to build on its key roles within the Greater Bay Area and as an important link for the Belt and Road Initiative, Lam told the luncheon held in conjunction with the roundtable forum themed “Guangdong-Hong Kong-Macao Greater Bay Area from the Belt & Road Perspective: Opportunities and Challenges”.
But to obtain the most benefits from the growth and development of the Greater Bay Area, Hong Kong will have to work together with other cities in the region to avoid duplication in the use of resources and minimize barriers for the movement of people, goods and services. Going forward, Hong Kong will have to proactively seek opportunities.
“In my view, the Greater Bay Area will serve as the gateway between the Chinese mainland and the countries along the Belt and Road,” Lam stressed.
And Hong Kong, as the most international city in the bay area project, should prove itself to be a key gateway for multinational companies looking toward the Chinese mainland and mainland companies looking to tap markets overseas.
Potential significance
She said it’s difficult to overestimate the potential significance of the Greater Bay Area, which encompasses 11 cities and a population of 66 million, which is greater than the United Kingdom, and a GDP of $1.36 trillion, equivalent to that of Australia.
From the first day of her administration earlier this year, the chief executive has been pushing to strengthen the SAR’s position in the region and is working with the central government to enter into a comprehensive agreement on Hong Kong’s role in the Greater Bay Area.
“All cities in the Greater Bay Area are excited about the future prospects and are pressing full steam ahead,” Lam said. “Hong Kong, the most international of the bay area cities, already serves as a multilateral bridge between the mainland and the rest of the world.”
With extensive professional services and a dynamic innovation environment, Hong Kong is ideally positioned to both benefit from and power the development of the Greater Bay Area and the Belt and Road project.
Conversely, the SAR’s role within the Greater Bay Area should help the city overcome two key challenges, said Lam. The first is a shortage of land that limits the development of many industries. The second is a relatively small market.
Another key role for Hong Kong will be in innovation to help power the Pearl River Delta region.
“If Hong Kong does not wish to be left behind, it’s important for us to join hands in the development of an innovation center,” she said. “We are regarded as one of the fastest growing technology startup ecosystems in the world.”
Zhou Shuchun, publisher and editor-in-chief of China Daily Group, said the growth of both the Guangdong-Hong KongMacao Greater Bay Area and the Belt and Road Initiative present opportunities for the region in general and Hong Kong specifically.
“Hong Kong, because of its strategic position, has a significant role in those projects,” said Zhou.
He referred to comments President Xi Jinping made in Xiamen during the Dialogue of Emerging Markets and Developing Countries in September. The president said that “while the Belt and Road Initiative is about promoting the spirit of international cooperation, it is also about fostering a sustainable development”.
And promoting development will require looking at the long-term prospects of both the Greater Bay Area and its role within the Belt and Road Initiative. While the ongoing discussions about the importance of this key region are not new, the understanding of its significance has grown.
National level
“It is not a new concept. It has been developed for some years at certain levels in the context of Pearl River Delta cooperation,” said Edward Chen Kwan-yiu, chairman of the University of Hong Kong’s School of Professional and Continuing Education, who moderated at the panel discussion.
“What is new is that the concept has been brought to a central national level as a central national strategy. The bay area is being talked about in the context of the Belt and Road Initiative. So, in two ways, it gives us some new ideas.”
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