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Hong Kong economy is lagging behind Shenzhen, says a founder

出自香港新聞網 - 樹仁新傳系學生實習習作

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By Wong Yan Ting on 26th March 2019

A founder said the Chinese government would launch a world’s largest exhibition center in Shenzhen, which would decide that Shenzhen’s economy will remain ahead of Hong Kong in the coming years.

“Shenzhen Bao’an International Airport is going to be the world’s largest convention and exhibition center, which is a key project in the development plan of Shenzhen,” said Rocky Yu, the founder, and director of QianHai Gangjunda Shenzhen Business Service Co-Limited.

“If the plan succeeds, it will help Shenzhen thrive and expand because the convention center would support Shenzhen’s status as a hub for trade and transport,” Yu said at an assembly in Shue Yan University.

“For example, the investors can view products and sign up contracts in Shenzhen directly,” Yu said.

In addition to infrastructure, Shenzhen surpassed Hong Kong could simply refer to the gross domestic product (GDP), Yu added.

“Shenzhen’s 2018 GDP surpassed that of Hong Kong,” Yu said. “Shenzhen’s GDP grew 9 percent while Hong Kong’s GDP grew 3 percent.”

Yu said aside from Hong Kong’s unique geographic advantages, the city’s well-regulated and open insurance market could maintain its competitiveness in the global market.

There are a lot of insurance experts and world-class insurance companies in Hong Kong, Yu said.

“Hong Kong is a strong base to grow the insurance business so the government is privileged to be tasked with promoting the stable and sustainable development of the Hong Kong’s insurance industry and its competitiveness in the world,” Yu added

Besides, Yu added Hong Kong people should work across the border in mainland.

“People need to know that the world is big,” Yu said. “There are many opportunities on the mainland, not only the Greater Bay Area.”

Yu said even Hong Kong firms were now focusing a lot on the mainland market, so Hong Kong people should step out the city and try to start a business on the mainland.

One of the biggest obstacles for Hong Kong people was the high tax in China, Yu said there were just a few places like Hong Kong have the lowest taxes in the world.

“Hong Kong is so different because companies and workers in other countries have to pay 30 to 40 per cent tax,” Yu added.

He said it was good enough for Hong Kong people who worked on the mainland because they just pay 15 per cent tax.

Yu has more than ten years of experience in marketing. He visited more than a thousand of factories in Pearl River Delta to explore his business models in the past ten years.

--165136 2019年3月27日 (三) 22:20 (CST)

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