FEATURE: GREATER BAY AREA
Back on Track With the catastrophic global events of the past year, the Greater Bay Area initiative (GBA) has somewhat been bumped from the headlines. However, behind the scenes work has continued to implement the framework for the megalopolis. – By Sarah Graham
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he Greater Bay Area initiative (GBA) is a project years in the making. First mooted in December 2016 by the Chinese government as part of China’s 13th Five-Year Plan, the concept is set to be among the five largest bay areas in the world by 2025. It brings together nine mega cities of the mainland’s Guangdong province – Shenzhen, Guangzhou, Zhuhai, Foshan, Dongguan, Zhongshan, Jiangmen, Huizhou, and Zhaoqing – and the two special administrative regions of Hong Kong and Macao. Within this area – which makes up 5 per cent of China’s total population – the various cities will provide seamless movement of goods, people and capital which, it is anticipated, will attract significant foreign investment. Each powerhouse within the GBA will play to its strengths, and for Hong Kong, those strengths are finance, healthcare, dispute resolution, and data & tech. Additionally, each area will boast a ‘smart city’ concept at its heart. While the devastating effects of the pandemic on the world have brought a new focus for most economies, work has continued behind the scenes to ensure the success of the GBA. Hong Kong businesses playing a key role in the initiative have been carving out strategies and recruiting experts to secure their foothold in the GBA.
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Additionally, in June, the British Chamber will host a summit exploring the latest developments in the GBA initiative, to be opened by the Hon Mrs Carrie Lam Cheng Yuet-ngor, Chief Executive of the Hong Kong Special Administrative Region. Here, we speak to Chamber members about the opportunities and challenges for Hong Kong as part of the GBA.
Finance For decades, Hong Kong has been known as a major global financial hub. Traditionally, it has served as a gateway for international investors into the mainland. Functions such as the Rule of Law and an independent judiciary have been a considerable advantage for the city. Two of the city’s biggest banks, HSBC and Standard Chartered, have been undergoing a recruitment drive to find the best talent to work within the GBA. Daniel Chan, Head of Greater Bay Area, at HSBC says talent development is an important element of the bank’s GBA strategy. The Bank aims to connect the business community and customers to new market opportunities through its international network, digital innovation and continuous service enhancements.
