The Guangdong-Hong Kong-Macao Greater Bay Area will be built to be comparable to San Francisco or Tokyo bays, providing new engines of growth for Hong Kong, Macao and the adjacent cities in South China's Guangdong Province, officials said during a discussion at the Boao Forum for Asia Monday.?[Special coverage]
But headwinds still exist, said officials and business representatives participating in the discussion, as Hong Kong and Macao, the two special administrative regions, have different system from mainland cities.
"The uniqueness of the bay area is to utilize each cities' advantages and complements to each other to nurture new growth points," Carrie Lam Cheng Yuet-ngor, the Chief Executive of the Hong Kong Special Administrative Region, said at the forum on Monday.
For example, growth of Hong Kong is limited by land and human resources, but the Great Bay Area initiative, which has been lifted to a government strategic level, will ease these constraints, she noted.
Hong Kong, as an international financial center, can provide financial services for mainland companies in financing, investment, listing and bonds. With its strong research and development capacity, Hong Kong can help manufacturers in Shenzhen and Dongguan to upgrade, she said.
"The area has great potential and we have the confidence to make it into a world-class location," Ma Xingrui, governor of Guangdong, said at the forum. He also noted the area's mature infrastructure, high-tech industries and cluster of harbors and airports, which could be a solid base for any future economic acceleration.
In 2017, the GDP of Hong Kong, Macao and Guangdong was about 10 trillion yuan ($1.58 billion).
GDP of the incorporated Great Bay Area would grow to $4.6 trillion by 2030, Victor Fung, chairman of Fung Group, said at the forum.
