Hong Kong Young Writers Anthologies Non-Fiction 2020complete | Page 120

China - about a third of what it exports to the United Kingdom. This exportation of financial expertise is
significantly lower than it perhaps should be considering Hong Kong’s close relationship and geographical
location in relation to the mainland. By transferring financial expertise from city to city within the GBA,
each city or major city of the area would enjoy benefits in the finance industry by directly increasing GDP
growth through promoting domestic investment and growth through capital imports and reducing
consumption volatility. Transferring financial expertise leads to healthy competition among the GBA cities
as well as internationally, thus making a more effective financial system. Also, it provides information on the
vital areas of investment, like property in Hong Kong, and can hence lead to effective capital allocation,
subsequently increasing GDP growth. More importantly, it promotes the integration of the economy and
facilitates the easy flow of capital. The free transfer of funds and expertise would eventually result in more
equality among the cities that are a part of that same financial system.
Originally a sparsely populated collection of coastal islands, Macau has become the top destination for
gambling tourism and a major resort city in Asia. The territory is the ninth-highest recipient of tourism
revenue and its gambling industry is seven times larger than that of Las Vegas, earning its nickname the “Las
Vegas of Asia”. The city has a severe income inequality despite having one of the highest per capita incomes
in the world at 96,570 Macanese paceta dollars in 2016 (according to the World Bank). In addition, Macau’s
GDP per capita by purchasing power parity (PPP) is one of the highest in the world and higher than any
other country in 2017 (World Bank), thus showing the need for the other cities’ financial expertise to
promote the capital growth of Macau itself. Over the years, Macau has prioritised gambling, tourism, and
resort development which has created a narrow economic base. The GBA however, could diversify its
economy away from its reliance on gambling to focus on tourism, financial services, entertainment, cultural
events, as well as boost its role as a ‘knowledge centre’. For instance, Macau may focus more on its openness
abroad, namely by becoming a reference point in China for cultural and academic relations not only with
Portuguese-speaking countries but also with Spanish-speaking countries - especially given the ease of
connecting Portugal and Brazil with the Iberian world, thus boosting its role as a ‘knowledge centre’
Macau plays a vital role in the Greater Bay Area’s progress towards further success, particularly in utilising its
strengths to link the mainland with Portuguese-speaking countries, the EU, and the ASEAN. These
credentials firmly establish Macau as a platform for international exchange. In recent years, Macau has
strategized accelerating the growth of its convention and exhibition industry, cultural and creative offerings,
as well as adopting a role as a service provider for business cooperation between the region and Portugese
speaking countries. It has called for casino operators to focus on gaming elements such as hosting
conferences and cultural events in their casino and hotel establishments. This realignment of Macau’s focus
necessitates cooperation between and advancement of research, the cultivation of talent, and the widespread
application of new technology: all of which would be offered and enhanced through expertise exchange
with Hong Kong and Shenzhen.
In addition, Macau, as a tourism and leisure hub, will establish the Greater Bay Area as a world-class travel
destination. Due to Macau already having outstanding tourist facilities, it is now developing as a tourism
training and education base for the entire region. Building on its reputation as a city where East meets West,
Macau is ideally placed to promote cultural and language exchange between China and the rest of the world.
Macau will facilitate cultural development with countries that are part of the One Belt, One Road trade
route – particularly those that speak Portuguese.
In spite of these advancements, Macau would still benefit greatly through development of the GBA and the
initiative presents Macau with several opportunities to further its growth. Macau is small, crowded, and has
limited space, which restricts further development and economic diversification. Fortunately, however, one
such option for progressive development is the development of straying away from economic dependency