Bay Area plan ‘reinforces all-round team work’

Bay Area plan ‘reinforces all-round team work’

Updated: 2019-10-11 08:01

By Luo Weiteng in Hong Kong(HK Edition)

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A grand plan to create a globally-competitive cluster of metropolises in the Pearl River Delta reinforces the theme of cross-sector, cross-city and cross-boundary cooperation, experts told the fifth Greater Bay Area Conference in Hong Kong on Thursday.

Hong Kong, along with the Macao Special Administrative Region and the nine mainland cities involved in the mega Guangdong-Hong Kong-Macao Greater Bay Area project, are making concerted efforts in the development process, the conference heard.

“China’s historic campaign for economic prowess in 1978 traces its roots to cross-sector, cross-city and cross-boundary collaboration. Today, the Guangdong-Hong Kong-Macao Greater Bay Area mega plan writes a new chapter in the nation’s reform and opening-up,” said Shen Minghao, dean of the Greater Bay Area Institute (Guangdong, Hong Kong, Macau).

And, the Bay Area’s high-quality development is building up the new growth engine for the world’s second-largest economy, he said.

 Bay Area plan 'reinforces all-round team work'

(From left) Gary Zhang, chairman of the Oriental Patron / iCarbonX Health Care Investment and Business Committee; Lo Chung-mau, hospital chief executive of The University of Hong Kong-Shenzhen Hospital; Nancy Tse Sau-ling, former chief financial officer and director of finance and information technology services of the Hong Kong Hospital Authority; and Ricky Chiu Yin-to, founder and chief executive of PHASE Scientific, join the second panel discussion at the fifth Greater Bay Area conference on Thursday. Edmond Tang / China Daily

The Greater Bay Area, envisioned years ago, is poised to replicate the glowing success story of the world’s three leading bay areas – in New York, San Francisco and Tokyo – and set to be turned into an economic powerhouse reminiscent of the nation’s development miracle.

Shen believed that such a grand plan to test the Pearl River Delta region’s potentials to be the next highlight of the country’s economy reinforces the theme of cross-sector, cross-city and cross-border cooperation.

The driving forces behind such collaboration come from “the use of innovation and technology, the country’s growing domestic demand, the large-scale promotion of new business models, the back-up from the Belt and Road Initiative and the development of ‘one-hour living circle’,” he stressed.

As the frontrunner in China’s reform and opening-up policy, the Pearl River Delta has long been the showpiece of a greater story unfolding on the Chinese mainland. The region boasts the world’s most comprehensive industrial system, with a well-found, complete range of manufacturing categories.

“This spells potentially huge opportunities from a region-wide growing appetite for high-tech, high value-added and high-end professional services,” said Shen.

Thomas So, chairman of the Belt and Road Committee and Greater Bay Area Working Group at the Law Society of Hong Kong, said Hong Kong, known for its vibrant and diverse professional services sector, still has a lot to learn from its mainland counterparts in the use of technology.

The SAR’s world-renowned legal profession, for example, has always been regarded as one of the slowest to change and most conservative professions, So reckoned.

“The better use of technology, which enables our clients to find the most suitable lawyer to help them with cross-boundary transactions, is a rather timely issue, particularly in the context of the Greater Bay Area plan,” he said.

Separated by just a river from Hong Kong, Shenzhen has never concealed its ambition to be China’s answer to the Silicon Valley. So said he “personally would like to see greater collaboration between Shenzhen and Hong Kong to help our conventional legal industry upgrade its way of doing business”.

“With infrastructure, finance, professionals, and a lot of areas that can be developed, with cities like Shenzhen, Hong Kong, Macao and Zhuhai, each of which boast their unique advantages, I have every faith that cross-sector, cross-city and cross-boundary collaboration is the best choice in the Greater Bay Area,” said Pantazis Therianos, chief executive officer of Euroterra Capital.

(HK Edition 10/11/2019 page8)

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