Bay Area has critical role in global inno-tech hub project
July 1 marked not only the 21st anniversary of the establishment of the Hong Kong Special Administrative Region but also the first anniversary of the signing of the Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation in the Development of the Bay Area. Witnessed by President Xi Jinping, the agreement was signed last year by the chairman of the National Development and Reform Commission, the chief executives of the Hong Kong and Macao SARs and the governor of Guangdong province. A year later, the significance of the framework agreement, as well as the Bay Area, has become more and more apparent and attracted growing public attention and discussion.
The significance of the Bay Area to Hong Kong is two-fold: Firstly, it is about external opportunities. The project is a national plan promoted by Xi. For the central government, establishing a world-class Bay Area is not just an economic plan but a development strategy. The Bay Area is a flagship of the nation and vital to its further participation in global affairs in political, economic and cultural terms. This explains why “cultivating new strengths in international cooperation” is seen as one of the seven key cooperation areas in the agreement. By realizing the national implications of the Bay Area, a golden opportunity exists for Hong Kong to show its competitive advantages and raise its status by actively participating in and contributing to the plan.
The Bay Area could also alleviate the city’s internal problems. We cannot deny Hong Kong is facing more and more serious problems which are hard to resolve. For instance, industrial homogeneity and limited development space would be difficult for Hong Kong to address alone. The central government showed support for the city by launching the Bay Area project. The key areas of the agreement such as “enhancing the level of market integration”, “building a global technology and innovation hub” and “jointly building a quality living circle to provide an ideal place for living, working and traveling” address the internal problems faced by Hong Kong. It is believed the Bay Area project can help resolve these economic and social problems and promote social harmony.
Among the key areas, building a global technology and innovation hub is the most eye-catching. Former chief executive Leung Chun-ying succeeded in making an agreement with Shenzhen to settle the landownership issue at the Lok Ma Chau Loop and jointly develop the largest innovation and technology park ever established. This marks progress in establishing hardware for innovation and technology development. For the software, the current administration released the Technology Talent Admission Scheme. This fasttracks admission of overseas and Chinese mainland research and development talents.
Last Tuesday, Chief Executive Carrie Lam Cheng Yuet-ngor had her first formal meeting with Vice-Premier Han Zheng, who now oversees Bay Area development. Their discussions provided significant impetus for future development. As Lam said: “I told Han that the plan would undoubtedly inject new momentum into Hong Kong’s economic development, especially in the area of innovation and technology.”
Hong Kong aims to act as a global innovation and technology hub but the reality is that the city cannot do this alone. Hong Kong is an international city and financial center, as well as a trade and logistics hub. Hong Kong’s strength is its good potential for research and development and mature connections with the international community. However, to be an innovation powerhouse to rival Silicon Valley, global competitiveness is necessary. The lack of industrial plants and a huge market has led to difficulties in commercializing research outcomes. But this is exactly what the Bay Area, especially Shenzhen, possesses. As Professor Lau Siu-kai, vice-president of the Chinese Association of Hong Kong and Macao Studies, said: “Hong Kong cannot do this at its own pace. It has to synchronize with other cities.”
Building a global technology and innovation hub is a group project. It is also like playing soccer. Pele, regarded as the greatest soccer player of all time, said: “I am constantly being asked about individuals. The only way to win is as a team. Soccer is not about one or two or three star players.” This is also true in business and commerce. The good news is that the central government is willing to support Hong Kong through in-depth and comprehensive cooperation between the 11 team members. The project will enrich the implementation of “one country, two systems” and promote the long-term prosperity and stability of Hong Kong.