This week, Hong Kong’s chief executive, John Lee Ka-chiu, led a high-level delegation from the business sector to five major cities in the Guangdong-Hong Kong-Macao Greater Bay Area: Foshan, Guangzhou, Dongguan, Huizhou and Shenzhen. The trip, which began on Monday, took in the Guangdong-Hong Kong Economic and Trade Cooperation Exchange Meeting in Guangzhou, co-hosted by the Guangdong provincial government and the Hong Kong Special Administrative Region. Among the event’s highlights was the signing of 126 economic and trade agreements worth over 100 billion yuan ($13.8 billion) between businesses from both sides. This achievement underscores not only the depth of economic ties between Hong Kong and Guangdong but also the enormous potential for future collaboration.
For Hong Kong’s business community, this is more than just an opportunity — it is a clarion call to action. By embracing a more open mindset and adopting practical strategies, Hong Kong’s businesses can participate in the GBA’s development, unlocking new economic momentum and fostering higher-quality growth for the city itself.
Since the release of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area five years ago, the region has emerged as one of China’s most dynamic and globally connected economic zones. Its population has topped 87 million, and in 2023 its GDP exceeded 14 trillion yuan, rivaling some of the world’s largest economies. This remarkable growth demonstrates the GBA’s vast market potential and its appeal to global investors.
For Hong Kong, the GBA presents a treasure trove of untapped opportunities. The region’s emphasis on integrating resources, industries and talents from Hong Kong, Macao and nine mainland cities offers fertile ground for fostering innovation and economic synergy.
The central government has made its priorities clear. At the recent third plenary session of the 20th Central Committee of the Communist Party of China, Beijing reaffirmed its commitment to deepening GBA collaboration, emphasizing the importance of harmonizing regulations and mechanisms between Hong Kong, Macao and mainland cities. Vice-Premier He Lifeng, speaking at the third Global Financial Leaders’ Investment Summit in Hong Kong earlier this month, reiterated the central government’s support for Hong Kong’s role in the GBA. He stressed the importance of aligning financial and regulatory frameworks and urged Hong Kong to seize the moment to build on the region’s momentum.
These developments highlight two key points: First, the central government views the GBA as a central pillar of China’s high-quality development; second, Hong Kong’s success is intrinsically tied to the GBA’s growth. For Hong Kong, this is a unique opportunity to leverage its strengths to serve the nation’s broader goals of opening up to the world.
By deepening its integration into the GBA, Hong Kong can unlock new avenues for growth, innovation and prosperity. In doing so, it can reaffirm its position as a vital link between China and the rest of the world — a role that has defined its success for decades and will continue to shape its future
Hong Kong’s business leaders have long been at the forefront of driving the city’s economic growth. In the context of the GBA, their role is even more critical. By acting as both a “superconnector” and a “super value-adder”, Hong Kong businesses can bridge global resources with the GBA’s growing needs. This means attracting high-end international talent, integrating global supply chains, and expanding into new international markets.
The benefits of such efforts go both ways. While Hong Kong can help raise the GBA’s profile on the global stage, the region’s rapid development also offers Hong Kong a chance to rejuvenate its own economy, tap into recent innovations, and strengthen its competitive edge. For instance, Hong Kong is uniquely positioned to lead in sectors like finance, logistics and professional services, where its expertise and international networks are unmatched.
However, to fully unlock these opportunities, more support is needed from the Hong Kong Special Administrative Region government. Policies that offer tax incentives, funding support and streamlined regulations could go a long way in encouraging businesses to invest in key GBA initiatives. Particular focus should be placed on infrastructure development, technological innovation and supply chain upgrades — areas where Hong Kong’s contributions can make a meaningful difference.
One key area where Hong Kong can align itself more closely with the GBA is through the Northern Metropolis, a strategic development zone that aims to expand the city’s economic footprint and deepen its ties with mainland cities. As Hong Kong’s largest urban development initiative, the Northern Metropolis represents a bold vision for integrating industries and communities across the border.
During this week’s visit, the delegation explored how Guangdong’s cities have successfully planned and developed their industrial zones. The insights gained can help Hong Kong craft strategies for the Northern Metropolis, turning ambitious blueprints into tangible results. By learning from Guangdong’s experience, Hong Kong can ensure that the Northern Metropolis becomes a vibrant hub where businesses from both sides of the border can collaborate seamlessly.
The GBA is not just a regional initiative — it is a global opportunity. With its unique role as an international financial center, Hong Kong has the tools to help the GBA thrive while also benefiting from its growth. But to achieve this, the city must act decisively. The HKSAR government must strengthen its policy support for businesses, while the business community itself must step up to embrace the challenges and opportunities ahead.
The path forward is clear. By deepening its integration into the GBA, Hong Kong can unlock new avenues for growth, innovation and prosperity. In doing so, it can reaffirm its position as a vital link between China and the rest of the world — a role that has defined its success for decades and will continue to shape its future.
The author is the convener at China Retold, a member of the Legislative Council, and a member of the Central Committee of the New People’s Party.
The views do not necessarily reflect those of China Daily.
