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Greater Bay Area initiative to lift HK economy

Greater Bay Area initiative to lift HK economyThe Chinese government's Greater Bay Area initiative will further reinforce Hong Kong's role as the “super-connector” to mainland cities and help transform the entire region into an economic powerhouse, according to Cushman & Wakefield.

At a seminar into opportunities and challenges for the real estate sector from the project, the real estate services company stated that the initiative will consolidate a large number of industries into the three main city clusters.

These clusters will be the Hong Kong-Shenzhen-Dongguan-Huizhou cluster, the Guangzhou-Foshan-Zhaoqing cluster and the Macao-Zhuhai-Zhongshan-Jiangmen cluster.

The first of these clusters will concentrate on high-tech R&D, telecommunications, finance and manufacturing.  Cushman & Wakefield said the nucleus of this cluster will be the Qianhai free trade zone, and the growing status as a twin city to Qianhai will allow Hong Kong to take the lead in R&D development.

Hong Kong also has a role to play in the other two clusters. The Guangzhou-Foshan-Zhaoqing will focus on areas including logistics, and it and Hong Kong can complement each other by enhancing the flow of goods from the manufacturing stronghold of Guangzhou and Foshan to overseas markets.

The Macao-Zhuhai-Zhongshan-Jiangmen cluster will meanwhile focus on entertainment, tourism and leisure, and likely to enhance the flow of traffic, tourists and goods between Hong Kong, Macao and the west bank of the Pearl River, the company said.

“When we look at the GBA initiative, it is important to remember that Hong Kong enjoys the greatest level of freedom and openness among the economies in this bay area. As a global metropolis with advanced development and international business practice expertise, Hong Kong will shine further in its role of the 'super-connector' and a leader in financial services within the GBA,” Cushman & Wakefield chairman for APAC and CEO of Greater China Edward Cheung said.

“The GBA will possess the most varied plethora of industries [compared to] others such as the Tokyo Bay, San Francisco Bay and New York Bay areas. It will also be an important part of the Belt & Road initiative. With the opportunities ahead, Hong Kong will see no reason not to be a part of this new platform that will bring our city's development to the next level based on our traditional legacy and strengths.”