|China Committee and GBA Working Group Meeting with Dr Patrick Lau, HKTDC|
The GoGBA One-Stop Platform from HKTDC is a new business support programme to help Hong Kong companies access the Greater Bay Area. It includes digital information, business tools, advisory services and training as well as access to promotional and networking activities.
HKTDC’s Deputy Executive Director Patrick Lau visited the Chamber on 29 July along with his colleagues Yvonne So, Director, Corporate Communications and Marketing, and Godfrey Chan Digital Marketing Manager (Corporate). They introduced the GoGBA One-Stop Platform as well as its WeChat mini programme to the Chamber’s China Committee Chairman Eric Fok, GBA Working Group Convenor Petrina Tam and General Committee Deputy Chairman Leland Sun.
The Chamber representatives shared their thoughts on the platform and both sides discussed ways to help the Hong Kong business community access the opportunities in the GBA.
|Exploring GBA Cities Series: GBA Growth Potential in Foshan and Huizhou|
The latest industrial upgrading in Foshan and Huizhou shows how the Greater Bay Area initiative is helping each of the 11 GBA cities to focus on and develop their particular strengths.
At a Chamber seminar on 22 July, Cynthia Lam, Director, China Tax and Business Advisory at PwC China, introduced the latest developments in Foshan and Huizhou. Roger Yeung, Vice President of Sales, BIEL Crystal Manufactory; Benny Wong, Chairman and Executive Director, Nameson Holdings; and Victor Lam, General Manager, Forward Winsome Industries, joined the panel discussion to share their insights on the business opportunities as well as their experiences operating in the GBA.
The speakers said that upgrading businesses to adapt to market changes was essential to success. They also advised members to consider the needs, land supply, transportation and preferential policies of each city when deciding where to expand into the GBA.
|GBA Working Group Meeting|
David Chung, Undersecretary for Innovation and Technology, updated members about the progress of the Hong Kong-Shenzhen Innovation and Technology Park in the Loop at the GBA Working Group Meeting on 16 July. The election of GBA Working Group leadership also took place at the meeting. Petrina Tam was elected group convenor, taking over from PC Yu, who retired from the convenor after serving the group for three years.
|Exploring GBA Cities Series: Growth Potential of the Western GBA|
Development of the Greater Bay Area’s western cities has a heavy emphasis on technology-intensive manufacturing, and their combined industrial value-added currently accounts for one-third of that of the entire GBA.
At a Chamber webinar on 22 June, Catherine Tsang, Partner, China Tax and Business Advisory Services, PwC China, introduced the latest trends in the western GBA. William Ling, Senior Vice President, Goldpac Group; Ivan Wong, Executive Director, Kum Shing Holdings; and Milford Choi, VP-Business Development Hongrita Plastics; also joined the panel to share their insights on the business opportunities as well as the local policies to support investment in each of the cities.
|Exploring GBA Cities Series: "Are You Ready to Invest in the Next Mega-city Region – GBA?" |
The Greater Bay Area initiative is driving new property developments across the region and creating opportunities for Hong Kong investors interested in the GBA's growing real estate sector.
At a webinar on 17 May, Fay Wu, Head of Research, China at JLL, gave an overview of the property market trends in the GBA. She explained that a coherent and hierarchical growth pattern had emerged with Shenzhen as the primary node, and Guangzhou and Hong Kong as important growth engines. The transportation network within the region also led to collaboration and innovation.
Dr Dennis Tang, Registered Foreign Lawyer (China) at ONC Lawyers, discussed the issues to be considered when purchasing property in the region. He recommended members to buy properties from reputable developers, to focus on the property itself and conduct a thorough due diligence check before entering into any agreements.
|Youth Employment in the GBA – What Companies Need to Know?|
The recently launched Greater Bay Area Youth Employment Scheme, or GBAYES, provides support and subsidies for Hong Kong companies to hire local young people to work in the Mainland GBA cities. At a Chamber webinar on 4 May, four experts from different fields shared what Hong Kong companies should pay attention to when sending young employees to work in the GBA.
Sam Sze, M&A Deals Advisory Greater Bay Area Leader, PwC Mainland China and Hong Kong, introduced GBAYES, and advised companies and employees alike to study the policies affecting tax, MPF, and social security on the Mainland.
Betty Lam, Head of Human Resources in Hong Kong at HSBC, and Cynthia Lam, Head of Human Resources - China, CLP Holdings, shared their experiences of hiring and dispatching Hong Kong youths to the GBA, and gave some examples of the process for members' reference.
An expert from the technology industry, Donald Chan, Chief Operating Officer, Cherrypicks Ltd, noted that higher exposure or visibility would help SMEs to attract more young talent to work in the region.
|GBA Wealth Management Connect – A New Chapter of Opportunities|
The Wealth Management Connect (WMC) scheme, announced in June last year, will enable residents in Hong Kong, Macao and the nine Greater Bay Area cities in Guangdong Province to invest in wealth management products across the whole GBA. Although details for the WMC have yet to be fleshed out, a joint Memorandum of Understanding signed in February 2021 serves as a significant milestone in laying out a road map for the scheme’s design and implementation.
At a Chamber webinar on 23 April, Donald Chen, Senior Advisor (External) at the Hong Kong Monetary Authority, explained that the scheme will allow global financial institutions to capitalize on GBA opportunities without having to establish a presence in the Mainland or obtain a license, through partnering with an onshore bank.
In the panel discussion that followed, Greg Hingston, Regional Head of Wealth and Personal Banking, Asia Pacific at HSBC; Angel Ng, CEO at Citi Hong Kong and Macao, and Sally Wong, CEO at the Hong Kong Investment Funds Association, discussed the opportunities and challenges arising from the implementation of the WMC. These included the role that the financial industry will play in distributing products through the scheme, as well as the scope of products that will be available, and the tax implications for investors.
|Exploring GBA Cities Series: New Growth Potential in Dongguan |
Three speakers discussed the business environment and attractions of Dongguan at a Chamber webinar on 23 April. Loretta Fong, Assurance Partner, PwC Hong Kong; Emil Yu, General Manager, Keystone Electric Wire & Cable; and Rex Wong, Chief Executive, Kum Shing Holdings; gave an overview of the Greater Bay Area city and discussed the investment opportunities.
Dongguan enjoys a lower living cost compared with other GBA cities, and has a rapidly improving transportation network and infrastructure. These factors, combined with supportive government policies to encourage investment, are providing huge opportunities for Hong Kong businesses.
|Working and Living in the Greater Bay Area & Charms for HK Youth - Hong Kong Youth Employment and Greater Bay Area Development Index 2020|
Hong Kong Guangdong Youth Association, together with the University of Hong Kong and Proactive Think Tank, conducted a survey recently on Hong Kong Youth Employment and Greater Bay Area (GBA) Development. At a YEC webinar on 31 March, Ken Ng, Senior Executive of the Hong Kong Guangdong Youth Association, shared the results of this research into young people's employment outlook and their views on Hong Kong's economic prospects. He also made a few policy suggestions that the Government could consider for the development of the GBA.
Gordon Lam, Chairman, Sinofuture Group and Vice Chairman, Hong Kong Guangdong Youth Association, and Shawn Chen, Director, Strategy, Coordination & Execution of UMP Healthcare China, also joined the discussion.
The panel discussed some of the key points raised in the survey, including the importance of culture, finance and housing. These are some of the main considerations which may make or break a young graduate’s decision to work in the Greater Bay Area under the Youth Employment Scheme.
|Exploring GBA Cities Series: Introduction to the Investment Environment and Financial & Tax Policies of Guangzhou|
As the Greater Bay Area develops, an enormous number of opportunities continue to emerge for Hong Kong businesses and individual investors. Zhang Liang, Deputy Director, Guangzhou Municipal Board for International Investment, spoke at a webinar on 26 March, where he gave an overview of Guangzhou’s industry and the role assigned to the city in the National 14th Five Year Plan.
Also speaking at the event, Edison Zuo, Tax Partner at Deloitte China, discussed the tax considerations for investment in Guangzhou, and explained some of the financial support and tax incentives that are available for foreign investment in the city.