Can the GBA's promise of opportunity remain after the pandemic?
The integration initiative between Hong Kong and the Greater Bay Area promises new business opportunities in a multitude of industries. How can this integration help reignite the economy post-pandemic, and what does this mean for the future of Hong Kong as a whole?
The integration initiative between Hong Kong and the Greater Bay Area promises new business opportunities in a multitude of industries. From entrepreneurship and investment to new possibilities for finance and technology, this initiative could bring many benefits to both Hong Kong and the Mainland. How can this integration help reignite the economy post-pandemic, and what does this mean for the future of Hong Kong as a whole?
Sharing their respective opinions on the topic are: Professor Witman Hung, JP, Hong Kong Deputy to 13th National People's Congress and Principal Liaison Officer for Hong Kong, Shenzhen Qianhai Authority, Joe Ngai, JP, Senior Partner and Managing Partner at McKinsey Greater China, and Carl Wu, Chief Executive Officer of New Frontier.
As Carl Wu says, “Greater Bay is a jigsaw puzzle that is really able to combine the best of many different worlds.” For example, healthcare patients will benefit from continued integration due to new policies that will positively affect the availability and cost of medications. Going forward after the pandemic, there could be many interesting policies regarding healthcare, insurance, wealth management, private banking, education, and much more.
According to Professor Witman Hung, the closed border is certainly creating problems with integration. In order to really connect the Greater Bay Area with the rest of Hong Kong, Witman says, “we should remove the hindrance of the border and of the different laws and regulations so that people can move to places where they best fit.” This would lead to the reinvention of the Greater Bay Area as a whole, and provide more opportunities for businesses and individuals alike.
In terms of Hong Kong’s current economic status as a result of the closed borders, Joe Ngai notes that the domestic cycle has fortunately been very powerful, but it really can’t be sustained. In order to open borders and get everything back on the right track, “a multilateral, global response needs to take place” against the COVID-19 pandemic.
Even after a successful and ongoing integration with the Greater Bay Area, there may be reservations regarding the perception of Hong Kong. Will Hong Kong lose its special place as an international market if other places can serve as a similar kind of gateway to China?
Our moderator, Zhou Xin, suggests that businesses might ask the question, “if I can do it in Shenzhen, why should my operation be based in Hong Kong?” Witman’s perspective is that Hong Kong’s freedom of money and information will always make it unique, but they will likely need to adopt a new angle and reconsider the value they are providing.
The panellists seem to agree with how the future is about diversifying the industrial base, and as Joe says, “for too long, we sat in Hong Kong and the world came to us — in the next 20 years, it's going to be about us going out there.”
