With the Mainland pushing ahead with its Belt and Road Initiative and the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in recent years, the huge business opportunities arising from these national plans are being hotly contested by financial industries from around the world. 

As an international financial centre, Hong Kong holds enormous potential in areas such as financing services, manpower support, helping Mainland enterprises “go global” as well as promoting the internationalisation of the renminbi. The SAR Government should be committed to serving as a “facilitator” and “promoter” to strengthen our financing advantage for mutual benefits.

More than 70 of the world’s top 100 asset management companies have set up offices in Hong Kong. With its widely recognised financing regulatory regime, practices and dispute resolution mechanism, Hong Kong’s mature and solid capital market can provide comprehensive financing services for enterprises in the GBA.

As the GBA continues to develop, there is an ever-increasing demand for wealth and risk management services in the city clusters in the region. In view of this, I suggest the Guangdong and Hong Kong SAR governments negotiate the relaxation of policies with regard to administration and funding. These should include streamlining tax procedures and introducing special preferential tax rates exclusive to the region, which will enhance the financing capability of Hong Kong as a treasury centre.

Meanwhile, on the basis of mutual recognition of professional qualifications under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), the SAR Government can discuss with the Mainland on expediting and extending the scope of mutual recognition of professional qualifications. This would allow treasury management professionals in Hong Kong to offer their services to all cities in the GBA, paving the way for them to take part in the Belt and Road Initiative.

As part of a global drive to develop a green and sustainable economy, the demand for capital to fund green infrastructure projects in the Mainland is huge. Hong Kong can serve as a platform for green enterprises to raise equity funds, such as providing tax and financial incentives for the sector and promoting the development of green bonds, which can also bring potential business opportunities to the financial sector.

Despite the challenging external economic environment, with the Mainland’s new landscape of comprehensive opening-up, Hong Kong has not only benefitted from the strength of “one country,” but has also enjoyed the convenience of “two systems,” which allows the city to play its irreplaceable role in the country’s development. 

With the opportunities stemming from the Belt and Road and the GBA initiatives, the SAR Government and the business sector should proactively participate in these national strategies, so that Hong Kong will continue to be the most competitive city in Asia or even the world.