The Greater Bay Area (GBA) consists of the special administrative regions of Hong Kong and Macao as well as nine cities of the Pearl River Delta region: Guangzhou, Shenzhen, Zhuhai, Foshan, Jiangmen, Dongguan, Zhongshan, Huizhou and Zhaoqing. With a population of 67.65 million residing across a total area of 56,500 sq km, this region is one of the most developed and vibrant areas in China. The development of the GBA initiative is intended to strengthen infrastructure links among the cities involved and stimulate economic cooperation. This corner provides members with updated information on policy and development of the GBA.
|China Committee Meeting_Nansha Role as a Geteway to the GBA|
Gregory So, Deputy Committee Director, and Raymond Yip, Hong Kong Chief Representative, Consultative Committee on Guangdong-Hong Kong Co-operation (Guangzhou Nansha) attended the China Committee meeting on 15 July, where they discussed the current policies of the Nansha district in Guangzhou and its role as a gateway to the Greater Bay Area.
At the same meeting, Eric Fok was re-elected as Chairman of the Committee, and SH Chan, Felix Lee and Edmond Yew were re-elected as Vice Chairmen.
|Hong Kong Infrastructure Outlook – Unlock the Opportunities in the Metropolis|
Major infrastructure development is on the way as part of Hong Kong's Northern Metropolis Development Strategy. At a seminar on 18 May, Marcos Chan, Executive Director and Head of Research for Hong Kong SAR, CBRE, introduced his firm’s latest report on Hong Kong’s infrastructure outlook, and discussed what the development of the city's transport and real estate infrastructure means for investors and businesses in Hong Kong.
The extensive new roads and railways will provide rapid links from Hong Kong to the Mainland, including faster links to the airport.
Chan noted that a significant part of the Northern Metropolis development would be in the logistics and innovation sectors, and said that much of the residential space had been allocated for public housing. He added that the current Harbour Metropolis would remain home to the financial sector, so he did not expect to see an exodus of businesses from the city’s original CBD.
|Trade and Investment between GBA and ASEAN and the Roles of Hong Kong|
We had useful seminar today on trade and investment between GBA and ASEAN and Hong Kong’s role. Irina Fan, Director of Research at HKTDC, said China’s trade and investment relations with ASEAN had been growing at a remarkable pace over the past two decades, with China surpassing the U.S., E.U. , U.K. and Japan in 2009 to become the region’s largest trading partner. She added that Hong Kong was an important platform for GBA-based businesses expanding into the ASEAN market as Hong Kong was the bloc’s second largest source of FDI, only after the U.S. GBA businesses were drawn to ASEAN by its cost-effectiveness for business, huge consumer market, abundant resources, and attractive government incentives.
Ricky Ng, Head of Wholesale Banking at UOB Hong Kong, said each ASEAN market had its own charm. Indonesia and Vietnam, for example, were great destinations for manufacturing as costs were relatively low. He pointed out that internet access, advanced manufacturing, and sustainable city solutions were the region’s most promising emerging opportunities, and projected a potential boost of US$1 trillion to the region’s economy by 2025. He added Hong Kong was an ideal stepping stone for Chinese enterprises entering ASEAN, as it possessed a state-of-the-art professional services sector, offered lower costs of financing and more flexible cash flows.
Also speaking at the event, Eva Tsang, Executive Director at Opal Cosmetics (Hong Kong) Limited, shared her experience expanding her company’s personal care and beauty products to the ASEAN market. She suggested that the first thing members should pay attention to when entering the market was to find a reliable partner and take good care of trademark registration and taxation. She also recommended companies make sure they take into consideration local needs, such as getting Halal Certification so that their products are permissible under Islamic law.
Thanks also go to the Chamber’s GBA Working Group Convenor Petrina Tam and Asia & Africa Committee Chairman Jonathan Lamport for moderating the event.
|The Fifth Session of 12th Guangdong Provincial Committee of CPPCC: Dialogue with Committee Members|
The fifth session of the 12th Guangdong Provincial Committee of the Chinese People's Political Consultative Conference (CPPCC) was held in Guangzhou from 19 to 21 January. At a Chamber webinar on 24 February, Pang Chun Yu and Eric Fok, members of the Standing Committee of CPPCC Guangdong Committee; and Siu Hung Chan and Victor Lam, members of CPPCC Guangdong Committee, shared their insights from their attendance at the event.
As the provincial committee will continue its support of the development of the Greater Bay Area and the two cooperation zones, the speakers advised members on how businesses can take advantage of the development strategies in the GBA. They also said that in-depth regional integration -- in particular the consolidation of I&T development and among young professionals with a variety of expertise -- will be indispensable factors in Hong Kong’s economic recovery.
Page: 1 / 1