Hong Kong Young Writers Anthologies Non-Fiction 2020complete | Page 69

The forth one is to open up the door and cooperate to achieve a win-win outcome. China will consolidate
and capitalize the international reputation of Hong Kong and Macau for tourism, finance and trade.
Shenzhen is considered to be China’s tech hub where you can find the headquarters of giants like Huawei
and other famous Chinese companies.
The fifth one is sharing the benefits of development and improve people’s livelihood. With the help of this
Greater Bay Area, there will be a greater economic integration between Hong Kong and China,
strengthening cooperation and jointly participating in the Belt and Road Initiative. There will be some
measures for supporting investors in Hong Kong and Macau to set up pension and other social service
facilities through sole proprietorship, joint-venture, cooperation and more in the nine municipalities.
The last one is taking the advantages of “One country, two systems”. The freedom of Hong Kong allows
investors to trade freely here and to enjoy the privileged access to China. It is a win-win economic cycle as
China needs Hong Kong’s rule of law and openness to and integration into the world financial and
economic system to attract global capital to come. Hong Kong is also the door which is open for selling into
the whole Chinese middle class market.
Obviously, GBA offers numerous opportunities for the win-win trading and economic growth. It has
potentials to extend its growth beyond the Pearl River Delta region. The entire policy might expect this
area to be a catalyst for Belt and Road Initiative and bridging the cooperation between different cities. It is
also expected that Hong Kong should strengthen its role as a global offshore RMB centre and the centre for
resolving investment and commercial disagreements in Belt and Road projects.
Though benefits are foreseen and expected in GBA, the challenges do exist in the real world. One of them
is the differences in financial policies and situations. We do have problems in cross-border payments and
transfers of data, regional taxation, and regulations on foreign-direct investments. In Hong Kong, there are
regulations on data privacy which protects both individuals and companies while in China, it emphasizes
more on national interest and security.
There is no doubt that GBA provides significant opportunities for different sectors including infrastructure,
construction, real estate, financial services, capital markets, insurance, technology and more. With the
encouragement of the Chinese government, more investors and businessmen will want to get involved in
the future development of China. The region will definitely transform China from “The Factory of the
World” to a dynamic hub of innovation and services with the expected GDP worth US$4.62 trillion by
2030, then it will be turned into the only place which generates the highest GDP in the world.
On its way forward, China will definitely reach its goal of being the economic giant, developing the Greater
Bay Area into the Silicon Valley in Asia which features the financial and technological development and
more.