Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

City must set aside its differences to seize the benefits of Greater Bay Area

City must set aside its differences to seize the benefits of Greater Bay Area

Stability is essential to ensure integration and cooperation with 10 other cities tasked with transforming region into financial and technological behemoth

The success of Beijing’s ambitious Greater Bay Area (GBA) development initiative depends on Hong Kong being able to fulfil its designated role. Doubts have been raised as a result of the crisis created by three months of anti-government unrest. The city’s business environment and overseas image have been eroded and there are fears that if the violence continues, its advantages will be irrevocably damaged. Stability is essential to ensure integration and cooperation with the area’s 10 other cities so the plan can reach its potential.

Secretary for Constitutional and Mainland Affairs Patrick Nip Tak-kuen, in his keynote address at the South China Morning Post’s latest China Conference, laid out Hong Kong’s strengths and how they dovetail with the plans outlined in February. They are the result of history and the “one country, two systems” model under which the city is governed. Among them are being an international financial, transport and trade centre and aviation hub, location for global offshore yuan business, and expertise in asset and risk management, and legal and dispute resolution services. Coupled with the rule of law, an independent judiciary and open access to information, Hong Kong is distinct from other cities.

That edge has to be retained so that Hong Kong can contribute fruitfully to the GBA and share the benefits. As Nip pointed out, through the city leveraging its strengths, it can help bring in foreign investment and know-how to the region and work with mainland enterprises to develop markets and explore opportunities overseas. The benefits are manyfold: just as for the people of Shenzhen, Guangzhou, Macau and the other cities, through embracing the initiative, Hongkongers will have opportunities.

Shenzhen, the GBA’s hi-tech hub, foreshadowed that this week with a US$21 million fund to attract talent from Hong Kong and Macau to its Qianhai special economic zone through rent and transport subsidies and support of innovation projects. There are concerns that Hong Kong’s northern neighbour, recently given special status by Beijing to trial reforms, could become a fierce competitor. But the GBA’s success lies in cooperation and that can be readily achieved through improving understanding and taking advantage of the differences. The cities have, variously, one country, two systems and three currencies and separate customs territories.

The region is already an enormous market with huge potential, having 71 million people and an annual gross domestic product of US$1.6 trillion. Beijing wants it to become a financial and technological behemoth to rival Silicon Valley by 2035. Innovation is the key and Hong Kong people, with innovative and creative minds, have to set aside their differences and seize the opportunities.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×