Since the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area was promulgated five years ago, the Central Authorities have issued a number of policy documents with a view to deepening the development of the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area). These directives set the course for the Greater Bay Area to continuously enhance market standardization, bolster economic innovation and competitiveness, and create a world-class business environment. Through active participation in the development of this strategic economic region, Hong Kong’s businesses and high-end service sectors will find abundant growth opportunities.
Deepening mutual access to the financial markets
These policy documents covered both the development plans for Qianhai and Hengqin and the enhancement of the business environment in the Greater Bay Area. The recently announced Three-year Action Plan for Building an International First-Class Business Environment in the Guangdong-Hong Kong-Macao Greater Bay Area (Action Plan) proposed allowing Hong Kong greater access to the Mainland financial market, accelerating the two-way opening of the bond market, and exploring pilot programs for cross-border cooperation in the Greater Bay Area, among other things. Meanwhile, the Overall Development Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone (Qianhai Overall Development Plan) proposed the development of a cooperation zone to support efforts to enhance financial interconnectivity in the Greater Bay Area, facilitate cooperation between Hong Kong’s financial institutions and the Mainland cities in the Greater Bay Area, and deepen the development of cross-boundary renminbi businesses in the area.
We suggest that the HKSAR Government and the Guangdong Provincial Government explore creating a cooperation mechanism for cross-border asset management, so as to strengthen cooperation among financial institutions in businesses involving renminbi-denominated bonds issued overseas, stocks, funds, insurance and other financial products, as well as to facilitate coordinated actions in resolving issues related to cross-border financial opening up and regulations. Qianhai can serve as a demonstration site by being the first to cooperate with Hong Kong in promoting the alignment of financial regulations and mechanisms and launching cross-border financial risk prevention and management measures.
Relaxing restrictions on market access
The Action Plan also proposed various measures to enhance the business environment in the Greater Bay Area, such as removing or further relaxing restrictions on Hong Kong investors under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) framework, and allowing Hong Kong professionals in selected key sectors to practice in the Greater Bay Area, so as to attract more Hong Kong companies and professionals to settle in the Greater Bay Area.
CGCC hopes that the authorities in Hong Kong and their Mainland counterparts in the Greater Bay Area can implement mutual recognition of professional qualifications as soon as possible, streamline related training and examinations, and relax the restrictions on professionals to practice across the border. We are also eager to see the establishment and promotion of a set of “Greater Bay Area standards”, which will facilitate the alignment of the Mainland service sectors with international standards, and promote in-depth cooperation and development of high-end professional services in the Greater Bay Area.
Making customs clearance more convenient
To create a top-notch business environment in the Greater Bay Area, it is necessary to enhance cross-border mobility and flow of goods. In fact, the Action Plan emphasized the need to make customs clearance more convenient, such as by implementing co-location arrangements at more ports, and streamlining visa arrangements for people in the Greater Bay Area including Hong Kong. We hope the authorities can implement such convenience measures as soon as possible, and speed up the discussion on extending 24-hour customs clearance to all ports and increase the frequency of short-haul high-speed rail services between Guangdong, Shenzhen and Hong Kong.
To conclude, the Central Authorities’ vigorous effort to develop the Greater Bay Area provides Hong Kong with a springboard to better integrate into the country’s development and tap the business opportunities in the Greater Bay Area. CGCC has been striving to encourage the participation of Hong Kong's business sector in the transformation of the Greater Bay Area, and actively providing ideas and recommendations on various areas, including strengthening Hong Kong-Shenzhen cooperation in the field of innovation and technology. From time to time, we organize forums and other activities to keep the local business sector informed of the latest news about the Greater Bay Area. Looking ahead, we will continue to support the Mainland and HKSAR governments to promote coordinated regional development and consolidate the position of the Greater Bay Area as an important engine for the country’s high-quality economic development.
