The Guangdong-HK-Macao Greater Bay Area

2021-02-15 博鰲亞洲論壇


Hong Kong may play unique roles in the construction of Guangdong, Hong Kong and Macao Greater Bay Area in three aspects

Carrie LAM, chief executive of Hong Kong SAR Government, said that Hong Kong can give full play to its own advantages and make its due contribution to the construction of the Great Bay Area.  

Firstly, the One Country, Two Systems Policy is the unique advantage of the Guangdong, Hong Kong and Macao Greater Bay Area. Guangdong, Hong Kong and Macao can carry out cooperation based on mutual complementarity while giving full play to their own advantages, to create new growth points.

Secondly, as Hong Kong has its own economic system, legal system and a business environment that is highly in line with international standards, it may play a pivotal role in "Bringing in" and "Going Global" of the Greater Bay.

Thirdly, as the SAR Government strives for policy innovation and scientific and technological innovation, it can provide the Bay with innovative impetus. The SAR Government has founded the SAR Development Advisory Board and set up an office for policy innovation and coordination. At the same time, it is vigorously promoting technological innovation in Hong Kong.

Fourthly, as an important international financial center and the world's largest offshore RMB center, Hong Kong actively coordinates with the "Belt and Road Initiative" and creates the one-hour life circle, providing the best conditions for promoting the flow of people, logistics and capital flow in the Greater Bay Area and attracting domestic and foreign talents.

Guangdong will promote the construction of Guangdong, Hong Kong and Macao Greater Bay Area in six aspects

MA Xingrui, Governor of Guangdong Province, said that Hong Kong, Macao and the nine cities in the Pearl River Delta are among the regions with the most comprehensive strength, the highest degree of openness and the most dynamic economy in China, with a land area of 56,000 square kilometers and a permanent population of 65 million. In 2017, the economic aggregate of these regions reached RMB 10 trillion Yuan, close to that of the New York Bay Area, and there are the largest groups of harbors and airports in the world and more than 30,000 state-level high-tech industries, so Guangdong, Hong Kong and Macao Greater Bay Area enjoys great potential for development and has a powerful strength.

In the future, it is necessary to promote the construction of the Greater Bay Area in six aspects. The first is to speed up the establishment of coordinating bodies for the construction of the Greater Bay; the second is to focus on breaking the structural and institutional obstacles to the One Country, Two Systems; the third is to promote the connectivity of infrastructures and build the world-class groups of ports and airports, high-speed rail network and highway network; The fourth is to build an international science and technology innovation center with global influence; the fifth is to strengthen medical security and talent cooperation and facilitate the learning, employment and living of Hong Kong and Macao residents in mainland china; and the sixth is to create a globally competitive business environment.

The positioning of Macao in the construction of Guangdong, Hong Kong and Macao Greater Bay should be made clear

LEONG Vai Tac, secretary of the Economy and Finance of Macao SAR, said that it is necessary to give full play to the unique advantages of Macao and capture the positioning of Macao in the construction of Guangdong, Hong Kong and Macao Greater Bay Area.

Firstly, Macao can play an important role in linking the Portuguese-speaking countries and establish the bridge and link between the "Bringing in" and "Going Global" for the Greater Bay, so that the China-Portugal cooperation and China-Latin America cooperation can complement each other and advance simultaneously.  

The second is to exploit leisure tourism and jointly create a world tourist destination with the Greater Bay Area. Macao can take advantage of tourism management and training resources, and strengthen the education cooperation on tourism and resources with the cities in the Greater Bay Area to jointly improve the tourism service level.

The third is to strengthen the cooperation in TCM technology, personnel training and health services in the Greater Bay Area, and promote the internationalization and standardization of TCM.

The fourth is to promote the connectivity of infrastructure in the Greater Bay Area, constantly innovate the customs clearance mode, increase the level of customs clearance at ports, and improve the effective flow and effective allocation of people, logistics and information flow in the Greater Bay Area.

With great room for development, Guangdong, Hong Kong and Macao Greater Bay Area may go ahead and be foretasted in the pilot free trade zone

On April 9, at the Sub Forum 10 "The Guangdong, Hong Kong and Macao Greater Bay Area" Conference of Boao Forum for Asia Annual Conference 2018, FAN Gang, Director of National Economic Research Institute, stated that the population of the Greater Bay Area will increase from 68 million to 120~140 million by 2050, which will bring about consumption and room for growth, so the economic growth of Guangdong, Hong Kong and Macao Greater Bay Area will not be a problem, and it will form a world-class urban agglomeration. In order to break the structural and institutional obstacles in the three customs territories of One Country, Two Systems, it is proposed that three regions in the China (Guangdong) Pilot Free Trade Zone can carry out pilot projects on cross-border trade, personnel mobility and market access for service industries with Hong Kong and Macao, making these three free trade areas the first to be liberalized and integrated with Hong Kong and Macao.

Four suggestions on promoting the construction of Guangdong, Hong Kong and Macao Greater Bay

Antony LEUNG Kam Chung, CEO of Nan Fung Group and former financial secretary of  Hong Kong SAR Government, stated that, in terms of the world-famous bay areas, the Tokyo Bay area is known for advanced manufacturing, the New York Bay area is known for finance, and the SF Bay area is known for the Silicon Valley and biotechnology; then, the Guangdong, Hong Kong and Macao Greater Bay area may serve as the complex of these three world-famous Bay areas, as its industrial categories and development advantages are relatively complete.

I have four suggestions on the construction of the Guangdong, Hong Kong and Macao Greater Bay Area: The first is talents. I propose to set a standard for talents in the Greater Bay area and award qualified talents with the Greater Bay Talent Certificates, so that they can enjoy the freedom of customs clearance and avoid the repeated payment of income taxes in other places. The second is finance. I suggest that enterprises in the Bay area issue offshore RMB bonds in Hong Kong to promote the internationalization of RMB. The third is innovation. The Bay area can jointly carry out clinical trials in the field of biotechnology, and establish a biomedical special zone.  The fourth is people's livelihood. I suggest setting up an international medical pilot area in the Bay area. I suggest that foreign doctors and foreign medicines be used to treat domestic patients in the pilot area.

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