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Greater Bay Area - boon or bane for Hong Kong's future?

Critics see Beijing's initiative as a way of integrating the city with the mainland; others say 'one country, two systems' rule will stay

Employees of a company producing robots in the Chinese city of Shenzhen, which will play to its strength as the Silicon Valley of the East.
The Pearl River in Guangzhou, Guangdong province, China. Under the plan unveiled last month, Hong Kong and Macau will be linked closely by physical and digital infrastructure to nine cities in the province, to pave the way to create a single market by 2035. PHOTO: REUTERS
Employees of a company producing robots in the Chinese city of Shenzhen, which will play to its strength as the Silicon Valley of the East. PHOTO: AGENCE FRANCE-PRESSE
The Galaxy Macau casino and hotel in Macau.
The Galaxy Macau casino and hotel in Macau. Under China's ambitious new initiative, Macau will widen its reach as the ''world centre for tourism and leisure''. PHOTO: BLOOMBERG
Hong Kong leader Carrie Lam said participation in the bay area will not weaken Hong Kong's independent tariff status. The Pearl River in Guangzhou, Guangdong province, China. Under the plan unveiled last month, Hong Kong and Macau will be linked clos
A public pier next to Victoria Harbour in Hong Kong (above), and a general view of Shenzhen in southern China's Guangdong province. A Fitch Solutions report last month stated that, under the Greater Bay Area initiative, the higher level of automation and lower terminal handling costs at Chinese ports such as Shanghai and Shenzhen would erode Hong Kong's position as a key re-export centre . PHOTO: AGENCE FRANCE-PRESSE
Hong Kong leader Carrie Lam said participation in the bay area will not weaken Hong Kong's independent tariff status. The Pearl River in Guangzhou, Guangdong province, China. Under the plan unveiled last month, Hong Kong and Macau will be linked clos
A public pier next to Victoria Harbour in Hong Kong, and a general view of Shenzhen in southern China's Guangdong province (above). A Fitch Solutions report last month stated that, under the Greater Bay Area initiative, the higher level of automation and lower terminal handling costs at Chinese ports such as Shanghai and Shenzhen would erode Hong Kong's position as a key re-export centre. PHOTO: AGENCE FRANCE-PRESSE
Hong Kong leader Carrie Lam said participation in the bay area will not weaken Hong Kong's independent tariff status. PHOTO: LIANHE 70 ZAOBAO
Claire Huang
Hong Kong Correspondent
Updated
Mar 12, 2019, 05:00 AM
Published
Mar 12, 2019, 05:00 AM
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Guangzhou will function as an international commerce and industry hub, Shenzhen will play to its strength as the Silicon Valley of the East and Macau will widen its reach as the "world centre for tourism and leisure".

More importantly, Beijing nodded to what the Hong Kong government had pushed for - to bank on the city's existing strengths in financial services such as offshore yuan and risk management, beef up innovation and technology, and sharpen its position as the international legal and dispute resolution hub in the Asia-Pacific region.

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A version of this article appeared in the print edition of The Straits Times on March 12, 2019, with the headline Greater Bay Area - boon or bane for Hong Kong's future?. Subscribe

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