GBA Development Plan

Outline Development Plan

(18 February 2019)

The promulgation of Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area signifies a new milestone in the development of the Greater Bay Area.

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Framework Agreement

(1 July 2017)

Witnessed by President Xi Jingping,the National Development and Reform Commission and the governments of Guangdong,Hong Kong and Macao signed the Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation in the Development of the Greater Bay Area on 1 July 2017 in Hong Kong.

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GBA Reports

New Guidelines for GBA Financial Services

In May this year, the Central Government reaffirmed its commitment to the development of the GBA with the release of a new guideline for the financial services sector

Banking Boost for GBA

Further opening up of the financial services sector is creating new opportunities for Hong Kong investors

Reinforcing Our Role as a Global Financial Hub

Wealth Management Connect will create new opportunities for investors on both sides of the border

Surveys

Greater Bay Area Survey - 2020

For this report, KPMG China, HSBC and HKGCC commissioned YouGov to conduct a survey of 747 business executives in mainland China, Hong Kong and Macau. Almost two thirds (64 percent) of respondents identified as either C-suite or senior management.

The survey was conducted from July to September 2019. Some 496 respondents (66 percent) are from companies whose principal base of operation is in Hong Kong; 13 (2 percent) are from Macau; 57 (8 percent) from Shenzhen; 34 (5 percent) from Guangzhou; 41 (5 percent) from other GBA cities in mainland China; and 106 (14 percent) from outside the GBA in mainland China.
The business executives are from a wide range of industries, including 185 companies from financial services, 98 from professional services, 89 from manufacturing, 85 from trade and logistics, 57 from technology and innovation, 50 from real estate, 32 from healthcare/life sciences, and 32 from retail.

Among the respondents who disclosed the turnover of their companies, 224 work for companies with annual revenues of more than USD 100 million, and 163 work for companies with annual revenues of between USD 10 million and USD 100 million. The rest work for companies with revenues of between USD 2 million and USD 10 million (108) and USD 2 million or less (83).

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Greater Bay Area Survey - 2018

The Greater Bay Area’s (GBA) economy will grow faster than the rest of China over the next three years, and boost corporate expansion plans, according to the majority of business executives in a joint survey by KPMG, HSBC and the Hong Kong General Chamber of Commerce. The survey, titled Navigating the Greater Bay Area – Second annual survey on key drivers for success, was conducted in June and July 2018 and received responses from 714 business executives in Mainland China, Hong Kong and Macau.

The respondents highlighted a number of benefits of the GBA; 68% indicated the area’s potential for allowing access to more business opportunities, while 53% flagged options for greater synergy achieved by pooling resources.

While the GBA is expected to create business opportunities across all sectors, the survey respondents identified technology and innovation (53%), trade and logistics (45%) and financial services (44%) as the three key sectors to benefit the most.

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Greater Bay Area Survey - 2017

A survey on key drivers for success

Businesses overwhelmingly support China’s Greater Bay Area initiative, according to a YouGov survey commissioned jointly by KPMG and the Hong Kong General Chamber of Commerce. The two-month survey was conducted in June and July 2017 and received responses from 614 business executives in Hong Kong (410), Guangzhou (91), Shenzhen (82) and other GBA cities (31).

Of the total respondents, close to 65 percent were at a senior management level, while around 35 percent were middle management or below. The companies they represent were from a wide range of industries, including manufacturing (157), distribution (143), e-commerce (73), retail (70), logistics (58), and others. The idea of Hong Kong, Macau and Guangdong working together to create GBA resonated with the survey respondents with 80 percent indicating their support for integrated development across the region.

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Past Events

Individual Tax Incentives and Workforce Planning in GBA

KPMG China Tax experts Murray Sarelius and Daniel Hui briefed members on the individual tax incentives and shared their insights on workforce planning in the Greater Bay Area (GBA) with Chamber members at the HKGCC 11 September webinar. They covered issues related to GBA talent policies, workforce planning and tax refund arrangements as well as individual tax planning.

[Webinar] China After the Pandemic Series: The Prospect of Financial Services Development in the GBA

Financial services in the GBA received a further boost recently with a new guideline containing 30 articles, issued by the Mainland government with the aim of promoting the sector. At a Chamber webinar on 3 August, three experts shared their thoughts on the impact of the new guideline and the wider development of financial services across the GBA.

Florence Yip, Asia Pacific Tax Leader Financial Services, Asset & Wealth Management, PwC Hong Kong, shared the findings of a recent PwC report. The survey revealed that the three key elements for companies to succeed in the GBA are talent, data and capital. Dixon Wong, Head of Financial Services at Invest Hong Kong, and Esmond Lee, CEO, Euroclear Bank Hong Kong Branch, also discussed the future direction of the financial services industry in the GBA. Wong said that wealth management, offshore RMB business, ESG investment and fintech are some of the key areas of focus among the opportunities within the sector. Lee noted that Hong Kong's foreign exchange market is an extremely important part of the range of financial services that the city can provide for the GBA.
 

Keys to Success in GBA

HKGCC, together with KPMG China and HSBC, conducted a third annual Greater Bay Area (GBA) survey in 2019. At a webinar on 7 April entitled "Keys to Success in The Greater Bay Area", Maggie Lee, Partner, Head of Capital Markets Development Group, Hong Kong, KPMG China, and David Harrity, Head of Growth Propositions, Commercial Banking Hong Kong, HSBC, shared the key finding of the survey and their insights on the responses from businesses in Hong Kong and other GBA cities.

Lee noted that 80% of respondents expect the GBA economy to grow faster than rest of China within the next three years. Harrity forecasted that the GDP of GBA might reach US$4.6 trillion by 2030. Claudia Xu, Chief Commercial Officer, Hong Kong Science and Technology Parks Corporation, also joined the discussion and shared how pursuing talent is a priority for the Science Parks in order to best equip Hong Kong to be a world-class talent pool to contribute to the development of the GBA.

Mission to Jiangmen‧Zhongshan “Smart Manufacturing”

China Committee Chairman Petrina Tam, along with Vice Chairmen SH Chan and Edmond Yew, led a delegation to visit Jiangmen and Zhongshan on 19 and 20 September. The purpose of the visit was to give the delegates the opportunity to study the two cities’ smart manufacturing industry. The delegation visited multiple enterprises -- including Lee Kum Kee, Xin Baotang, and Hongrita -- to see the factories’ highly automated and advanced production lines. The visitors also learnt about the latest economic, business and trade developments in Jiangmen and Zhongshan over dinners with Jiangmen Vice Mayor Cai Dewei and Zhongshan Vice Mayor Lei Yuelong. During the mission, members also visited the Jiangmen Wuyi Museum of Overseas Chinese, where they learned more about the history of overseas Chinese around the world since the 19th century.

 



Upcoming Events

Enquiries

Ms Wendy Lo
Tel: (852) 2823 1232
Email: wendylo@chamber.org.hk