The goal; to turn Hong Kong, Macau, Shenzhen and nine Guangdong cities into a thriving technological and financial empire that will rival the likes of Silicon Valley by 2035.
The beginning of 2019 saw the blueprint released for the development of the Great Bay Area (GBA). Its ambition to transform into an innovation hub has been well received and if all goes smoothly, we will see the region’s ability to increase the Chinese economy go from strength to strength.
Hong Kong is already named amongst these regions as a world financial centre and Silicon Valley’s established presence offers a roadmap for Hong Kong within the GBA. There has been the question of where Hong Kong currently stands in the national development plans due to the social unrest that is taking place, but Chief Executive Carrie Lam Cheng Yuet-ngor stated Hong Kong’s involvements has not lessened. Lam said: “Simply put, there is completely no change at all.”
What is the plan for Hong Kong and its neighbours?
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- The GBA should be led by reform and driven by innovation
- Hong Kong, Guangzhou, Macau and Shenzhen are the four core cities of 11
- Authorities must establish and plan for financial risks
Key financial and technology development areas in the plan
- An international and technological hub that will provide more opportunities for Hong Kong and Macau youths to create start-ups in the bay area
- Stock connections between Shanghai and Hong Kong will be enhanced
- Deepen the ties and to bridge the gap between Hong Kong and mainland financial systems
- Eligible Hong Kong and Macau banks, including insurance firms, will have support in opening branches in Shenzhen, Guangzhou and Zhuhai
- Cooperation between Guangdong, Hong Kong and Macau in the establishment of a GBA international commercial bank in Guangdong
What opportunities can we expect to see emerge?
A fundamental focus in the transformation of the GBA plan is to present both businesses and professionals with the opportunity to nurture technology talent and develop new concepts, along with forging thriving partnerships and driving growth.
To ensure these opportunities will be available across the borders, authorities will recognise numerous professional qualifications and lead with an open mind to new requirements that the industry will demand from candidates. “These will help Hong Kong’s professional sectors to enter the GBA and develop.” Lam added.
Given Hong Kong’s vibrant market paired with China’s already existing wealth of talent (especially technology and software engineers), it is important for companies within the GBA to utilise talented professionals from beyond its borders. Hong Kong has world class educational initiatives to support technology such as artificial intelligence and data science, which can build for a strong innovative power to boost the market.
There is no current reason or barrier as to why technology talent across cyber security, project management, the digital space and much more should not grow as the GBA development progresses. If anything, the GBA plan breaks down those potential walls and invites ambitious companies and candidates alike to be apart of a global evolution.
