In a recent interview with the Hong Kong Economic Journal, Chamber Chairman Agnes Chan emphasized Hong Kong's unique advantages as it pursues integration with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Despite external challenges, the flow of people, goods and capital within the GBA increased last year, highlighting the region's resilience. Chan stressed the need for Hong Kong to equip itself better to leverage opportunities as conditions improve.
She pointed to initiatives like the Top Talent Pass Scheme and multiple-entry Mainland visas for foreign workers in Hong Kong registered companies, which have enhanced the talent pool in GBA cities. Chan proposed establishing a GBA talent pool to facilitate talent matching and accelerate regional growth.
Regarding capital flow, Chan noted that recent policies have boosted financial connectivity between Hong Kong and the Mainland. The Wealth Management Connect Scheme, particularly enhanced in February, has seen significant growth in new investors and trading volume. Furthermore, the China Securities Regulatory Commission's recent measures support Hong Kong's capital markets, opening up more investment opportunities for Mainland investors.
To improve goods flow, the Three-Places-One-Lock Scheme, launched in March, allows real-time monitoring of transhipment cargo between Guangdong, Hong Kong and Macao. This enhances logistics efficiency by enabling direct travel via the Hong Kong-Zhuhai-Macao Bridge, reducing duplicate customs checks.
With economic output in the GBA of nearly RMB 14 trillion last year, Chan forecast a high demand for wealth management services among high-income individuals and a promising outlook for Hong Kong's asset management sector.
Under the "One Country, Two Systems" principle, Chan reiterated Hong Kong's vital role as a super-connector between the Mainland and the global market. With its extensive international links, Hong Kong is an attractive destination for foreign companies seeking to enter the GBA.
Innovation and technology are also pivotal for economic growth in the region. The Shenzhen-Hong Kong-Guangzhou cluster has maintained its second-place ranking in the Global Innovation Index 2024, underscoring Hong Kong's strengths in research and development. Chan suggested using the GBA as a testing ground for R&D initiatives and new products.
Looking to the future, she encouraged Hong Kong to explore opportunities beyond traditional markets in Europe and the U.S.,further strengthening ties with ASEANt to promote regional development. She said HKGCC remains committed to showcasing Hong Kong globally and fostering a competitive business environment.