New deals to set course for integrated Greater Bay Area development
Hong Kong and Guangdong province secured collaboration on projects valued at 100 billion yuan ($13.8 billion) after a high-profile meeting on Monday between senior officials and business heavyweights.
The 126 projects, with 101 involving investment by Hong Kong entrepreneurs in Guangdong, span the financial, logistics, smart manufacturing, biopharmaceutical, and artificial intelligence sectors. They mark the first fruit yielded by a Hong Kong delegation’s three-day visit to Guangdong led by Chief Executive John Lee Ka-chiu.
The achievement was witnessed by Huang Kunming, Party secretary of Guangdong province, Wang Weizhong, governor of Guangdong, and Lee during the Guangdong-Hong Kong Deepening Economic, Trade and Investment Cooperation Conference held on Monday in Guangzhou.
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Speaking at the conference, Lee said that the agreements showcase the commitment of both regions to strengthen their economic and trade relationships.
He added that a significant portion of the projects involving investment from Hong Kong into the mainland reflect the dedication of Hong Kong’s business community to contribute to the development of Guangdong and the entire mainland.
He said that the Guangdong-Hong Kong-Macao Greater Bay Area, home to 87 million people and with GDP exceeding 14 trillion yuan, offers immense opportunities for global investors, and is capable of becoming a demonstration zone for the country’s high-quality development and modernization.
Launched in 2019, the GBA initiative aims to harness the unique strengths of Guangdong, Hong Kong and Macao to create an integrated and competitive economic cluster that can rival established counterparts such as the San Francisco Bay Area and the Tokyo Bay Area.
Under the principle of “one country, two systems”, Hong Kong has been leveraging its unique position as an international financial, shipping, and trade hub to enhance collaboration with other GBA cities in developing emerging industries, he said.
Hong Kong has consistently been the largest source of foreign direct investment for Guangdong province, while Guangdong businesses have actively expanded their operations in Hong Kong, Lee added.
He said the Hong Kong delegation, comprising over 80 senior government officials, business executives and heads of chambers, will proactively learn from the successful experiences of regional development and industrial planning from Guangdong cities, and will deepen the high-quality trade and investment cooperation between Hong Kong and GBA mainland cities.
“Hong Kong will fully leverage its roles as a superconnector and super value-adder to venture onto the world stage alongside Guangdong enterprises, while also attracting more domestic and international businesses to invest in the Greater Bay Area,” Lee added.
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The Hong Kong delegation is scheduled to visit four more mainland GBA cities — Foshan, Dongguan, Huizhou and Shenzhen — during the trip.
Lee will travel to Foshan — renowned for its furniture, home appliances and ceramics production industries — for meetings with local officials before returning to Hong Kong on Tuesday.
Chief Secretary for Administration Eric Chan Kwok-ki will lead the delegation to other cities and wrap up the tour on Wednesday.
Wingco Lo Kam-wing, president of the Chinese Manufacturers’ Association of Hong Kong and a member of the delegation, told local media that he hopes the trip can catalyze the establishment of uniform standards in the GBA to enhance regional collaboration in biotechnology, AI and other emerging sectors.
Another delegate, Pui Kwan-kay, president of the Hong Kong Chinese Importers’ and Exporters’ Association, said the trip is expected to assist more Hong Kong enterprises in tapping into the mainland market while helping more mainland firms utilize Hong Kong’s capabilities to expand their reach globally.
