Leveraging the Advantages of the Greater Bay Area to Achieve Economic Transformation
2024 marks the fifth anniversary of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. However, given the weak consumption, the trend of “Going North”, the sluggish performance of the stock and real estate markets and the geopolitical elements, Hong Kong’s economy has been struggling. What could be the possible solutions?
Prof. Heiwai Tang, Associate Dean of HKU Business School and Director of Asia Global Institute, shared his insights with Ta Kung Pao and emphasized that since Hong Kong is not a large-scale closed circular economy, integrating into the development of the Greater Bay Area is an irreversible trend for Hong Kong’s economy.
As an international financial centre, Hong Kong should make good use of resources in the Greater Bay Area to enhance connectivity with other cities and promote collaboration between academia, industries, and research institutions, in order to achieve economic transformation, and Hong Kong is still one of the preferred cities for many international students. Hong Kong can also encourage businesses to transform intangible assets into valuable assets, thereby increasing their valuation and boosting the performance of the capital market.
Image Credit: Ta Kung Pao
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