Govt plan for Greater Bay Area to boost tech firms

The government's Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area will inject new impetus into technology companies in the region, generating more business opportunities for emerging industries and innovative firms, said a national political adviser.

The Greater Bay Area has a complete supply chain in all aspects. It is also supported by three international airports, three major ports in the world, two of the world's fastest-growing stock exchanges and an international financial center. There are plenty of top professionals to assist entrepreneurs to turn innovative ideas into successful business ventures, said Peter Kung, a member of the National Committee of the Chinese People's Political Consultative Conference.

"The growth potential in the Greater Bay Area is enormous. I hope more graduates in Hong Kong would apply for jobs in the mainland cities of the Greater Bay Area and more top companies in the Greater Bay Area would come to Hong Kong to recruit talent," said Kung, who also is former vice-chairman of KPMG China.

China pledges to improve the mechanism for the Hong Kong and Macao special administrative regions to integrate into the nation's development plan, according to a draft outline of its next five-year plan and long-term objectives submitted for the national legislature for deliberation last week.

The draft outline of the 14th Five-Year Plan (2021-25) for national economic and social development and the long-range objectives through the year 2035 designated a chapter for Hong Kong and Macao.

"The Greater Bay Area is also rich in tourism resources. This should be used to promote regional economic interaction, tourism investment and domestic consumption," said Kung, adding the 11 cities in the Greater Bay Area should work together to build a tourism brand and promote it to other cities in the Chinese mainland and the rest of the world.

As the central government will support Hong Kong and Macao to participate in and facilitate the Belt and Road Initiative, he said it will deepen cooperation between the two regions and the Chinese mainland on trade, innovation and technology and the connectivity of financial markets.