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Hong Kong should stay competitive, and ahead of rivals in the Greater Bay Area

出自香港新聞網 - 樹仁新傳系學生實習習作

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By Isabel Ng, 17th Sept 2018

Hong Kong must learn and improve on the development of innovation in the Greater Bay Area to remain competitive with other coastal cities, says the SME Global Alliance president.


The proposed Greater Bay Area offers Hong Kong’s economy a wealth of new opportunities, but also poses challenges and uncertainties, said Jefferson Wat at an assembly at Shue Yan University today.


“Hong Kong’s international status was a critical part of the city’s economy and identity and it is all too aware of the headwinds it faces,” he said.


The "Greater Bay Area" refers to the Chinese government's scheme to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.


At the assembly, he also mentioned the international ranking of Hong Kong has fallen over the years – from first to fifth place – behind Shanghai and Singapore in overall throughput. This year, Hong Kong is slipping out of the top five. “Clear, firm and swift measures are needed to arrest this decline,” said Wat.


Hong Kong can be rightly proud of the role it has played in the Greater Bay Area developments, said Wat. However, since doing business in Hong Kong in the past was “easy and with low tax”, there is a necessity to learn to manage an economic environment under different legal and tax systems.


Wat is an experienced Owner with a demonstrated history of working in the information technology and services industry.


Innovation and technology (I&T) will become profitable in Hong Kong and drive the city’s bid to develop high-end manufacturing, said Wat. “Hong Kong has the advantage being the bridge between China coastal cities and Western countries,” he said.


The government should continue to help traditional manufacturers to upgrade, make use of new technology in improving quality and efficiency and providing financial and technical support for the sector, said Wat.

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