Guangdong-Hong Kong-Macao Greater Bay Area
103. The Greater Bay Area, with a population of over 70 million and a GDP of US$1.6 trillion, presents an enormous market and ample room for development for Hong Kong.
104. Under the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong is positioned in the Greater Bay Area not only as international financial, transportation and trade centres and an international aviation hub, but also as a global offshore Renminbi (RMB) business hub and an international asset management centre and risk management centre. Our services industry is heading for the development of high-end and high value-added services, and making great efforts to develop I&T industries as well as international legal and dispute resolution services.
105. Last year, the Leading Group for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area (Leading Group) announced successively 24 key policy measures to benefit people from all walks of life and facilitate the development of our professional services sector in the Greater Bay Area. These measures would offer greater convenience to Hong Kong people developing their careers, working and living in the Greater Bay Area, and facilitate the flow of people, goods and capital within the area.
Financial Services Industry
106. The Leading Group has announced six finance-related measures, covering areas such as personal banking services and insurance. Regarding the establishment of a two-way wealth management connect scheme, good progress has been made in the discussions between Hong Kong and the Mainland. On the premise of ensuring prudent management of risks and protection of investors, the scheme aims to enable residents of Hong Kong and Mainland cities in the Greater Bay Area to invest in wealth management products in each other's market. This will create more business opportunities for the financial industries of the two places, and provide more choices for residents therein, thereby facilitating the cross-boundary flow and use of RMB, and in turn further reinforcing Hong Kong's position as the hub for offshore RMB business as well as the intermediary for capital flowing into and out of the Mainland. We will strive to implement the scheme as early as possible.
107. With the support of the Central People's Government, Hong Kong continues to be the world's largest offshore RMB business hub, with the largest offshore RMB liquidity pool as well as foreign exchange and over-the-counter interest rate derivatives market. With a leading position in RMB settlement, financing and asset management, Hong Kong has been playing a bridging role by providing a premier platform for international investors to access the Mainland market and allocate RMB assets. We will continue to explore with the industry and Mainland authorities on the expansion of the channels for two-way flow of cross-boundary RMB funds.
Innovation and Technology
108. Hong Kong is a highly internationalised and market-oriented city enjoying the unique advantage of "One Country, Two Systems". The R&D capabilities of our universities have attained world-class standard in many areas. Hong Kong's advantages include our competence in R&D, pool of talent, international experience and safeguards of intellectual property. In parallel, the Greater Bay Area features a host of leading I&T enterprises, exemplary capabilities in commercialising R&D results and advanced manufacturing industries. Through mutual collaboration, Hong Kong and other cities in the Greater Bay Area can form a comprehensive production chain and bolster our overall competitiveness, thereby benefiting the development of I&T industry in Hong Kong and facilitate the development of the Greater Bay Area into an international I&T centre.
109. The Hong Kong-Shenzhen Innovation and Technology Park (the Park) in the Lok Ma Chau Loop is a key base for co-operation in scientific research for Hong Kong and Shenzhen in future. The Park will provide a maximum gross floor area of 1.2 million square metres, three times that of the Science Park. The Park is not only the largest I&T platform in Hong Kong so far, but also an important infrastructure for promoting local R&D and re-industrialisation. The first phase of ground treatment works is in good progress. We will seek funding from the LegCo for commencing the Main Works Package 1 and construction works of the first batch of buildings.
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