By Carrie Lam, Chief Executive, Hong Kong SAR.
Over the years, I have visited San Francisco, Tokyo and New York. They are the worldās most celebrated bay areas. Soon enough, they will find company and competition in the Guangdong-Hong Kong-Macao Greater Bay Area.
The Guangdong-Hong Kong-Macao Greater Bay AreaĀ (GBA)Ā is aĀ key development strategy in the Peopleās Republic of China as it enters a new era of deepening reform and opening up. Ā Comprising the two special administrative regions ofĀ Hong KongĀ andĀ MacaoĀ and nineĀ prosperousĀ municipalitiesĀ inĀ southernĀ Chinaās Guangdong Province, the GBAāsĀ collective GDPĀ in 2018 wasĀ US$1.6 trillion. Covering an area of 56 000 square kilometers, the GBA accommodatesĀ the worldās most intensiveĀ cluster of ports and airports, handling 66.5 million TEUs and 200 million air passengers a year. With aĀ combinedĀ populationĀ ofĀ aboutĀ 71Ā million,Ā the GBA is both a manufacturing hub and a huge market for quality goods and services. Ā
Beyond the numbers, theĀ GBAāsĀ wide-ranging strengths,Ā diversifiedĀ markets and far-reaching promiseĀ herald a new economic eraĀ forĀ Hong Kong.Ā Innovation and technology, advanced manufacturing, high-end services, trade, transport and moreĀ will drive this bay area economy and meet the growing middle classāaspirations. And Hong Kong will be at its fast-beating economic heart.
The Outline Development Plan for the Greater Bay Area announced in FebruaryĀ emphasises coordinated economic development,Ā complementingĀ theĀ varying expertise of each of its 11 memberĀ cities. Hong KongĀ willĀ leadĀ the wayĀ in severalĀ keyĀ sectors,Ā fromĀ financialĀ and professionalĀ servicesĀ toĀ tradeĀ andĀ transport. Ā Hong KongĀ will also play aĀ vitalĀ role inĀ innovation andĀ technology, inĀ buildingĀ the GBA into the Silicon Valley of the East.
The free flow ofĀ people,Ā goods,Ā capitalĀ and informationĀ is critical to the success of the GBA. That meansĀ ensuringĀ superiorĀ physical and administrativeĀ connectivityĀ andĀ people-to-people bonds.Ā Our infrastructural connectivityĀ has been significantly enhanced, thanksĀ to last yearās openingĀ of the Hong Kong-Zhuhai-Macao Bridge and the Hong KongĀ Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link. Both reduce travelling timeĀ considerablyĀ between Hong Kong and keyĀ GBAĀ centres.Ā For example, a ride on the high speed train from Hong Kongās West Kowloon to ShenzhenāsĀ Futian, both being business hubs, takes a mere 14 minutes. Ā
Later this year, a new land-based border crossing, the seventh between Hong Kong andĀ Shenzhen, will open.Ā Outside Hong Kong,Ā in addition to theĀ HumenĀ Bridge and theĀ Nansha Bridge,Ā opened in 1997 and this year respectively,Ā anotherĀ central arteryĀ across the PearlĀ River Delta, the Shenzhen-ZhongshanLink, is under construction.Ā TheseĀ infrastructure projectsĀ willĀ contribute toĀ aĀ fast and efficient one-hour living circleĀ within theĀ GBA.Ā

Apart from infrastructural connectivity, the GBAās Outline Development Plan envisages ambitious objectives to develop an international innovation and technology hub, a globally competitive modern industrial system, as well as a quality living circle embracing innovation, ecological conservation, culture and leisure. As the most open and cosmopolitan city in the GBA, enjoying the unique advantages of āOne Country, Two Systemsā, Hong Kong has much to offer. These in turn will inject new impetus to Hong Kongās economic development.
In the end, of course, the GBA must look outward if it is to compete with the world. Hong Kongās renowned connectivity ā underpinned by the network of HKSARG overseas economic and trade offices in Brussels, London, Berlin, Geneva, New York, Washington DC, San Francisco, Toronto, Sydney, Tokyo, Singapore, Jakarta and Bangkok, as well as offices of the Hong Kong Trade Development Council around the world, will make that happen.
Furthermore, leveraging on the high degree of autonomy underĀ āOne Country, Two Systemsā,Ā Hong KongĀ maintains and develops relations and concludesĀ and implementsĀ agreements with other economies. For example, Hong KongĀ signed its eighth free trade agreementĀ (FTA)Ā with Australia earlier this year.Ā MoreĀ FTAsĀ will follow.Ā In all,Ā Hong Kong hasĀ inkedĀ more than 250 binding bilateralĀ agreements withĀ someĀ 70 nations. They coverĀ a wide variety ofĀ areas,Ā fromĀ investment promotion and protection,Ā toĀ air services, avoidance of double taxation and legal accords.Ā
āOne Country, Two SystemsāĀ also enablesĀ Hong KongāsĀ adherence toĀ common law.Ā Rule of law andĀ anĀ independent judiciaryĀ have been critical to Hong KongāsĀ standingĀ as Asiaās world city andĀ our contributionĀ to the success of the GBA. Indeed, the World Economic Forumās Global Competitiveness ReportĀ 2018Ā toppedĀ Hong Kong in Asia for judicial independence. Itās why so many notableĀ regional and globalĀ organisationsĀ specialisingĀ in legal and dispute resolution servicesĀ maintainĀ offices in Hong Kong.Ā
Later this year, Hong Kong will usher in a legal hub in the heart of our Central Business District.Ā Offices haveĀ been set asideĀ thereĀ to accommodateĀ these organisationsĀ alongsideĀ ourĀ Department of Justice.Ā ThatĀ enhancesĀ theĀ synergyĀ and operational efficiency ofĀ ourĀ legal services sector, andĀ underscoresĀ the role Hong Kong will take onĀ as the GBAāsĀ centre for international legal and disputeĀ resolution services.Ā
If theĀ Guangdong-Hong Kong-MacaoĀ Greater Bay Area is justĀ beginningĀ to makeĀ itsĀ name,Ā its long-termĀ promise is big, bold andĀ welcoming.Ā IĀ inviteĀ institutions and companies, entrepreneurs and start-ups, to join usĀ āĀ to connect and excel in Hong Kong, where we are building a greater future.Ā