To encourage and support young people to work and pursue their career in the Mainland cities of the Greater Bay Area ("GBA"), the Cheif Executive announced in the 2020 Policy Address the launch of the Greater Bay Area Youth Employment Scheme ("the Scheme") to encourage enterprises with operation in both Hong Kong and the GBA to recruite and deploy local universary/ tertiary instituation graduates to work in the Mainland cities of the GBA. The Scheme will provide 2,000 places, around 700 of which are designated for innovation and technology (I&T) post. Read More

FAQ

GBA Reports

Bright Prospects for Hong Kong’s Youth

GBAYES programme creates wide range of career opportunities for graduates in the Greater Bay Area

Get Prepared Before Buying GBA Property

Investors should be aware of the legal procedures and possible risks when purchasing property in the Greater Bay Area

Shenzhen SEZ reforms expected to support technology and innovation development across the GBA

Technology and innovation is benefiting greatly from the Guangdong-Hong-Kong-Macao Greater Bay Area (GBA) initiative, which aims to transform the region into a world-class technology and innovation hub and centre for emerging industries. This newsletter includes highlights of recent developments regarding the promotion of the GBA as a technology and innovation hub, drawing insights from the Keys to success in the Greater Bay Area report published in 2020; and recommendations for enterprises and policymakers from KPMG, HSBC, HKGCC and the Smart City Consortium.

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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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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Hong Kong     Innovation &
Healthcare

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

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.

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.

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.

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.

 



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