Hong Kong Young Writers Anthologies Non-Fiction 2020complete | Page 121

on its gambling industry. In other words, Macau could capitalize on the infrastructure of several bases built
in Guangdong, such as the traditional Chinese Medicine, Science, and Technology Industrial Park in
Hengqin. Macau could utilise these resources and branching into the Guangdong region would also provide
new spaces for the transformation of Macau’s industry, along with new areas for the Macanese people to
work and live in. By providing additional residential space, the GBA would provide a plethora of new
opportunities for Macanese. As such, Macanese residents currently working and living in Guangdong could
enjoy the same benefits as those in mainland China, such as education, medical care, housing, and elderly
care. These facets will be further improved by improving border clearance facilities and the linkage of several
public services, make it easier to travel within the area as it makes it easier to cope more effectively with
immigration and security concerns at the border, and allow bay area citizens to enjoy equal services
respectively.
ICBC, the largest locally registered bank in Macau, is actively participating in the strategy to develop the
Greater Bay Area by promoting the development of Macau’s specialised finance system. In March 2018,
Macau’s government and the ICBC Group signed a memorandum of cooperation to this effect. With the
support of the Macau government and the ICBC Group, ICBC Macau successfully launched an asset
platform for Portuguese-speaking countries in the second quarter of 2018. ICBC will remain focused on
Macau’s strategic position in the Greater Bay Area and comply with the development of specialised, Silk
Road, green, and marine financial products and services. Further, the bank will also assist Macau by playing
a leading role in the One Belt, One Road initiative and will contribute to creating a vibrant and
internationally competitive city cluster. In no time, the Greater Bay Area will grow to become a globally
renowned hub for tourism, business and culture - with Macau playing an integral role in this. Hong Kong’s
role as a platform for foreign exchange and investment would also help Macau economically due to Hong
Kong’s experience, thus providing its expertise to further develop Macau’s economy effectively.
The Greater Bay Area provides a much larger stage for Hong Kong's development. With greater
connectivity between the regions, Hong Kong can better interact with the surrounding cities and utilize its
strengths in sectors such as finance and scientific innovation. Further, according to the Hong Kong
Monetary Authority (HKMA), with the development of financial services playing an integral role, the
development plan supports centralizing Hong Kong's status as an international financial center, a global
offshore Renminbi business hub, an international service management center, and a risk management center,
which would subsequently further boost Hong Kong’s economy. In particular, its finance and innovation
sectors would reap huge rewards as more talents from neighbouring cities in the GBA would be brought in
to further development.
The initiative, along with the two recently-launched projects to benefit transportation (the Hong Kong
section of Guangzhou-Shenzhen-Hong Kong Express Rail Link and Hong Kong-Zhuhai-Macau Bridge)
will further interlink cities and areas within the Greater Bay Area and bring more tourists from the region to
Hong Kong. Thus, this will raise revenue in the tourism sector. For instance, with Macau’s expertise in
tourism, the flow of people and trade is facilitated with the use of the 42km bridge connecting the 3 major
regions of the PDR, which could turn Lantau Island into a tourism and business hub with potential to create