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2021 July
Connecting World Chinese Entrepreneurs to Tap into Greater Bay Area and B&R Opportunities

International trade has entered a new normal as COVID-19 hits the global economy hard. Given the Mainland’s “dual circulation” strategy, Hong Kong, as a bridge between the Mainland market and the global business network, will help domestic and foreign Chinese entrepreneurs and businesses capture the development opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) and the “Belt and Road” Initiative (B&R).

 

 

 

Gao Yunlong:China’s open doors will only open wider

Gao Yunlong, Vice Chairman of the CPPCC National Committee and Chairman of the All-China Federation of Industry and Commerce, believes that China’s open doors will not close, but will only “open wider”.

 

Gao noted that during the “14th Five-Year” Plan period, the Greater Bay Area has to provide support for the country in building a new system for opening up to the rest of the world. Moreover, the Greater Bay Area has to further pool resources from all parties to leverage strengths in innovation and attract talents to build a collection of technological innovation centers, financial innovation centers and new manufacturing centers.

 

He added that while strengthening the Greater Bay Area's industry chains, it has to drive co-development with nearby regions. In addition, the Greater Bay Area must take full advantage of the frequent exchanges between Eastern and Western civilizations. He hopes that Chinese business organizations will continue to play a bridging role and actively participate in global industry chain and supply chain governance to create a win-win future.

 

 

 

Tan Tianxing:Growth of investment and trade against the trend injects impetus into economic recovery

Tan Tianxing, Deputy Director of the United Front Work Department of CPC Central Committee, believes that the growth of investment and trade cooperation between China and countries along the B&R against the trend has injected important impetus into global economic recovery.

 

Tan said that as this year is the first year of China’s 14th Five-Year Plan, the country has entered a new stage of development to accelerate the implementation of development strategies such as the Greater Bay Area, which will create more demand and bring more opportunities for the world.

 

He called on Chinese businesses around the world to: integrate deeply into the new development paradigm, promote faster development of the Greater Bay Area, and help foster closer ties with countries along the B&R. At the same time, they should leverage their strengths in understanding and connecting between China and foreign countries to enhance people-to-people bonding. He further noted that the development of the Greater Bay Area is a new initiative to promote the development of “One Country, Two Systems”, and domestic and foreign Chinese businesses should strengthen cooperation to help Hong Kong and Macao integrate into the country’s overall development.

 

 

 

 

Carrie Lam:Hong Kong well-positioned to play leading role to tap into overseas markets

Carrie Lam, Chief Executive of the HKSAR, said that Hong Kong can actively play the leading role as a central city of the Greater Bay Area to tap into overseas markets and opportunities, including participating in the development of the B&R.

 

In her view, thanks to the joint efforts between Guangdong and Hong Kong and between Shenzhen and Hong Kong, some of the Greater Bay Area’s iconic cooperation projects have made good progress, consolidating Hong Kong’s position as an international shipping and trade center and an international aviation hub and helping the Greater Bay Area to actively participate in the development of the B&R.

 

Lam revealed that the HKSAR Government will continue enhancing ties with Chinese businesses around the world and encourage Hong Kong businesses to use the five cooperation zones it has selected across four ASEAN countries as pilots to grow their businesses, harnessing Hong Kong’s role as a unique gateway, springboard and intermediary.

 

Lam said further that the HKSAR Government is striving for Hong Kong to join the RCEP at the earliest possible date. It looks forward to joining trade development initiatives that promote foreign relations, such as the RCEP, to serve as a “participant” of internal circulation and “facilitator” of external circulation, making due contributions to the country’s development of the B&R.

 

 

 

Zhang Yansheng:China’s development will herald new opportunities for world Chinese businesses

Zhang Yansheng, Chief Research Fellow of the China Centre for International Economic Exchanges, noted that China will enter a stage of adapting to new development, implement a new development philosophy, and foster a new development paradigm. During the 14th Five-Year Plan period, the country will focus on economic development and technological innovation will be the primary driver. In the future, investment in basic research will continue to increase.

 

In his view, the country’s development will bring new business opportunities to Chinese businesses around the world, including: The country will build a modern industrial system, make breakthroughs in key core technologies, and develop ten high-tech industries; the elderly, middle class and new generation will bring huge demand; and the development of smart cities and urban clusters such as the Greater Bay Area, the Beijing-Tianjin-Hebei region, and the Yangtze Delta.

 

 

 

Jonathan Choi: Capturing China’s opportunities is key to progress amid adversity

Jonathan Choi, Standing Committee Member of the CPPCC National Committee and Chairman of the CGCC World Chinese Entrepreneurs Summit 2021, noted that Chinese entrepreneurs play a huge role for the revival of the world economy as they move between China and the rest of the world.

 

He said that capturing China’s opportunities is the key for global Chinese entrepreneurs to pursue progress amid adversity. Hong Kong’s financial sector provides comprehensive and diversified services to global Chinese businesses in the development of the Greater Bay Area. The “14th Five-Year” Plan’s persistence in creating a new innovation circle will provide new opportunities for global Chinese elites.

 

He looks forward to world Chinese entrepreneurs joining the CGCC in supporting Hong Kong’s accession to the RCEP. He further noted that in the long run, everyone should expand their vision to include the CPTPP, uniting world Chinese entrepreneurs to promote mutually beneficial development between the RCEP and the CPTPP in order to break down trade barriers.

 

 

 

Development Prospects and Opportunities for Financial Sector

 

Christopher Hui: Hong Kong’s financial sector is actively leveraging its strengths to develop new markets

Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government, said that Hong Kong’s financial sector is working on three fronts: The first is to build on its strengths and continue enhancing its role as an international financing and fund-raising center.

 

The second is to develop new markets, such as improving the secondary listing system to attract more different types of industries to Hong Kong for listing. As for green finance and sustainable finance, they are major themes for the future, and the Government will launch over HKD100 billion worth of green bonds in the next five years. The third is to plan for the future. Under the “14th Five-Year” Plan, the society, the Central Government and international investors will have a clearer understanding of Hong Kong’s role and strengths.

 

 

 

KC Chan: Fintech heralds significant opportunities for Hong Kong

KC Chan, Chairman of WeLab Bank and Senior Advisor of WeLab, noted that Hong Kong’s thriving financial sector relies on interconnectivity with the Mainland. For example, the Shenzhen-Hong Kong Stock Connect, Shanghai-Hong Kong Stock Connect and Bond Connect combine to integrate the financial systems of Hong Kong and the Mainland, enabling funds from the Mainland and other countries to converge to Hong Kong at the same time.

 

Hong Kong’s risk management system and trading system are completely consistent with those of foreign markets, which will help trading proceed more smoothly. For Hong Kong’s financial sector to develop further in the future, it is necessary to capitalize on the development of financial technology (fintech) and achieve inclusive finance, not just traditional large institutions and funds. He also noted that the launch of digital RMB has brought great opportunities to Hong Kong.

 

 

 

Wang Bing:Three drivers of steady growth of Hong Kong

Wang Bing, Deputy Chief Executive of Bank of China (Hong Kong) Limited, believes that the steady growth of Hong Kong’s financial sector depends on three major strengths despite the global COVID-19 pandemic in 2020: These include interconnectivity with the Mainland, availability of financial service providers, and a high degree of professionalism in the sector.

 

He noted that Hong Kong’s financial sector will see huge opportunities as the Mainland’s economy recovers and “dual circulation” strategy moves forward. The Greater Bay Area is undoubtedly an important market. In the future, the sector should focus on three major areas: finance for technological innovation, people’s finance for livelihood and green finance in the region.

 

Moreover, industrial upgrading, infrastructure interconnection and development of digital economy in the major cities of the Greater Bay Area will bring huge opportunities for Hong Kong. Hong Kong’s location between the Mainland and Southeast Asia, combined with its own strengths, is very advantageous in driving the development of the B&R in Southeast Asia.

 

 

 

Chartsiri Sophonpanich: Closer economic and trade relations between China and ASEAN in the future

Chartsiri Sophonpanich, President of Bangkok Bank Public Company Limited, is of the view that the B&R and the “dual circulation” strategy have made ASEAN the focus of international investors, and China and ASEAN will likely have closer economic and trade relations in the future.

 

He noted that Hong Kong, as one of the hubs linking China and ASEAN, will have many new opportunities in the future. China’s investment in numerous B&R projects in ASEAN will help reinforce ASEAN’s infrastructure and promote ties among countries in the region. He further noted that China-Thailand trade still increased by 7% despite the pandemic last year, pointing to close economic and trade ties between the two countries. The pandemic has exposed weaknesses in global supply chains. Thailand also needs to find new growth drivers for economic recovery, and China can increase its investment in Thailand through the B&R.

 

 

 

Functional Role of Professional Services in New Normal

 

Raymond Cheng: Hong Kong’s accounting profession has unique strengths

Raymond Cheng, President of the Hong Kong Institute of Certified Public Accountants, said that Hong Kong’s accountants have unique strengths in many aspects and are widely recognized in major capital markets around the world, so they not only can help Mainland companies go global, but also bring in foreign capital. Therefore, Hong Kong’s accountants are well-positioned to use their expertise for major national initiatives such as the Greater Bay Area and the B&R.

 

In his view, innovative technology is also the key to the accounting profession’s future development as COVID-19 has accelerated the digital transformation of companies around the world. In addition, Hong Kong’s accounting profession can assist Mainland and Hong Kong businesses in undertaking reforms. As for China, it remains an important base for foreign investment. In addition, the RCEP will further promote economic integration in the region, and the market is also optimistic that the Greater Bay Area will play an important role under the RCEP framework. Therefore, there is no limit to the development of Hong Kong’s accounting profession.

 

 

 

Patrick Lau: HKTDC is committed to helping Hong Kong become a regional hub

Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), noted that Hong Kong’s professional services play an important role, and the HKTDC assists Hong Kong’s professional services community in entering the Mainland market through a variety of activities and services.

 

With regard to the participants of internal circulation, Lau believes that schemes such as the GoGBA one-stop platform provide Hong Kong businesses with different types of information and support to help them use the Greater Bay Area as an entry point to tap into the Mainland market.

 

As for the participants of external circulation, he revealed that the HKTDC facilitates cooperation between Hong Kong and overseas businesses, especially those from countries along the B&R, such as ASEAN, to fully harness Hong Kong’s role as a regional hub and a business investment platform.

 

 

 

Nick Chan: Hong Kong’s legal profession actively moves towards high-end and high-value-added development

Nick Chan, Vice Chairman of eBRAM International Online Dispute Resolution Centre Limited, believes that Hong Kong's legal profession has actively moved towards a high-end and high-value-added development direction in recent years since it has lagged behind in development and technology in the past. As there are cultural and language barriers in the Greater Bay Area and the B&R markets, the legal profession has begun to apply more technological elements to enhance its effectiveness.

 

He hopes that in the future the Hong Kong legal profession will be able to use the concept of exporting legal services to provide professional legal services for the Greater Bay Area and the B&R markets. With the support of the Department of Justice and the two bar associations, it is easier for Hong Kong’s lawyers to obtain a license to practice law in the Mainland and learn about the differences in laws and regulations between Hong Kong and the Mainland.

 

 

 

Fang Qiuchen: Need for infrastructure cooperation has become more urgent post pandemic

Fang Qiuchen, Chairman of the China International Contractors Association, believes that post pandemic, the huge demand for international cooperation in the B&R has remained largely unchanged, with the demand for cooperation in various infrastructure projects even more urgent.

 

He noted that with the pandemic under control, a new round of infrastructure investments is set to become a new engine for global economic growth. Five areas and regional markets deserve attention, including: carbon neutrality commitments, infrastructure connectivity, public health infrastructure and information infrastructure in numerous countries, and the development of the ASEAN market.

 

Fang noted that Hong Kong can work with Mainland businesses to build mutually reinforcing areas of infrastructure cooperation. The China International Contractors Association will continue to strengthen close cooperation with the CGCC and the HKTDC to facilitate the bridging role of Hong Kong and Mainland businesses and global Chinese businesses in the areas of international infrastructure.

 

 

 

LL Koong: Opportunities for Hong Kong-Malaysia cooperation in professional services

LL Koong, National Council Member of the Associated Chinese Chambers of Commerce and Industry of Malaysia and Managing Partner of Reanda LLKG International, said that professional services are an important chapter in the RCEP and also the focus of the Greater Bay Area.

 

He believes that the cooperation between Hong Kong and Malaysia is shown in four areas: 1) professionals: as both Hong Kong and Malaysia practice common law, it is easier for legal professionals to help investors in both places avoid legal disputes; 2) tax planning: Malaysia’s tax laws are very similar to those of Hong Kong, so they can be easily interconnected; 3) Greater Bay Area: there will be greater opportunities if the Alliance of Professionals in the Greater Bay Area can be expanded to the RCEP; and 4) international reputation: since Malaysia is regarded as an attractive investment destination, it can help businesses grow bigger and stronger through mutual complementarity of strengths with Mainland China and Hong Kong.

 

 

 

I&T Cooperation and Future Development

 

Yan Hao: Greater Bay Area brings development opportunities for Japan’s Chinese businesses

Yan Hao, Representative Director of the Chinese Chamber of Commerce in Japan and Chairman & CEO of EPS Holdings, said that the Japanese business community still holds a positive attitude towards the development of the Greater Bay Area and economic exchanges with China. They believe that the Greater Bay Area will bring development opportunities for Japan’s business community, especially Chinese businesses in Japan.

 

At present, many of Japan’s Chinese businesses are investing in Shenzhen and Dongguan, and Yan is convinced that they will increase investment in the future. Chinese businesses can reach out to Japan’s businesses to encourage them to develop in the Greater Bay Area together. Although Japan has excellent capabilities in the development of new drugs, its financial markets are relatively conservative and many research results are not adequately funded. In this regard, Hong Kong’s financial markets can assist Japan in drug development.

 

 

 

Eugene Hsia: HKSAR Government’s focused support for I&T gradually showing results

Eugene Hsia, Chief Corporate Development Officer of Hong Kong Science and Technology Parks Corporation, is of the view that the HKSAR Government's focus on supporting I&T is gradually showing results, and Hong Kong is establishing an innovation ecosystem.

 

He said that with the COVID-19 pandemic spurring digitalization, many traditional companies have begun to focus on new technologies to revitalize their businesses. The Science Park now houses over 1,000 companies, which employ 15,000 people. He also revealed that the Science Park is actively collaborating with Shenzhen to build the Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone to realize “one zone and two parks”. He looks forward to each other strengthening cooperation to bring Hong Kong’s start-ups to the Mainland market, while also bringing the Mainland’s start-ups to the international market via Hong Kong.

 

 

 

Jack Yuan: Hong Kong’s unique strengths will help chip R&D

Jack Yuan, Founder and President of MC Devices, said that tensions between China and the US have affected the flow of talents and restricted high-tech imports to China. Among them, the restriction on chips is a constraint on the development of China’s chip industry.

 

In his view, Hong Kong has the strengths of “One Country, Two Systems”, low tax rates, a sound education system, and schemes to attract talents, so it can attract a pool of international scientific research talents. Therefore, he suggested setting up a core team for chip R&D in the Hong Kong Science Park, and combined with setting up application and technical support facilities in Greater Bay Area cities such as Shenzhen and Dongguan, develop integrated circuit manufacturing and testing industries in the region.

 

 

 

Roger Yiu: The country’s strategic industries have a huge market

Roger Yiu, Founder of Team Concepts, noted that the country is developing 10 strategic industries, and their huge market will present opportunities to businesses. Therefore, start-ups can partner with Mainland research institutes to expand their business.

 

He pointed out that Mainland provinces and municipalities have different policies to support the development of innovation and technology. Qianhai is a case in point. The authorities there have set up a startup fund and provide rent relief, and regularly hold matching activities for investors. At the same time, as different cities in the Greater Bay Area are suitable for different industries, start-ups should learn more about the support policies offered by different provinces and municipalities.