The Chamber recently commissioned the One Country Two Systems Research Institute to prepare a research report on “Enhancing the Unique Strengths and Competitiveness of Hong Kong’s Modern Service Industries in the Greater Bay Area Playing a Leading Role in Covering the Belt and Road Market” (“Research Report”), which was officially released to the public on the eve of the CGCC World Chinese Entrepreneurs Summit. The Research Report explores ways to enhance the strengths and competitiveness of Hong Kong’s modern service industries for development in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) and markets along “Belt and Road” Initiatives (B&R), and offers several policy recommendations to actively provide suggestions for Hong Kong.
Recently, through hosting the “CGCC World Chinese Entrepreneurs Summit 2021” and commissioning the Research Report, the Chamber conducted in-depth discussions on the potential opportunities for Hong Kong’s modern service industries in the Greater Bay Area and the B&R, and put forward policy recommendations on how to enhance Hong Kong’s strengths and competitiveness.
Yuen Mo, Chairman of the Chamber, noted that the “14th Five-Year” Plan actively promotes the development of the Greater Bay Area, supports Hong Kong in developing into an international innovation and technology (I&T) hub and creates a functional platform for the B&R. In this regard, Hong Kong can leverage its strengths in services. Jonathan Choi, Permanent Honorary President of the Chamber and Chairman of the CGCC World Chinese Entrepreneurs Summit 2021, believes that Hong Kong’s role as a bridge linking the Mainland with overseas Chinese businesses is even more important as the development of the economies of the Mainland and the East Asia region have been deepening in recent years.
At the press briefing, Fang Zhou, Research Director of the One Country Two Systems Research Institute, briefed the media on the findings of the Research Report. He noted that Hong Kong’s financial sector can meet the needs of the Greater Bay Area for financing and in-depth development of financial services, and play a role in overseas investment and financing for the B&R as well as promoting the internationalization of the RMB. The Research Report recommends to further improve the connection between the financial platforms of Hong Kong and the Greater Bay Area, strength cooperation in the field of Fintech, increase the variety of Hong Kong’s RMB investment products, diversify Hong Kong’s B&R investment tools, and set up a rating center and a commercial insurance center for B&R countries.
The Research Report also recommends to promote Lok Ma Chau Loop to become a global I&T base, establish a pool of top international talents, plan for New Territories North to become Hong Kong’s “little Silicon Valley”, encourage the commercialization of Hong Kong-based research results in the Greater Bay Area, clearly define the distribution of patent property rights, and set up a scientific and technological information platform in the Greater Bay Area.
Fang further noted that the Outline of the “14th Five-Year” Plan supports Hong Kong’s establishment as a leading center for international legal and dispute resolution services in the Asia-Pacific region as well as a regional intellectual property trading center. It recommends Hong Kong to capitalize on the country’s strategic opportunities to expand its arbitration business, support the Hong Kong International Arbitration Centre to open branches in the Mainland, and further improve mutual recognition of qualifications, giving consideration to using Qianhai, Shenzhen to experiment with seamless integration of professional services, with direct mutual recognition of professional qualifications.
