Potential for Silicon Valley and Wall St of the East to rise in Bay

Top News | Phoenix Un 26 Mar 2019

The Greater Bay Area can become the Silicon Valley and Wall Street of the East, says Chief Executive Carrie Lam Cheng Yuet-ngor.

Lam delivered a speech in English on "The Guangdong-Hong Kong-Macau Greater Bay Area: A Rising Star in the Global Economy" at the China Development Forum held by the Development Research Center of the State Council at the Diaoyutai State Guesthouse in Beijing.

Guangdong governor Ma Xingrui and Macau Chief Executive Fernando Chui Sai-on also took part.

Lam said she is confident that Hong Kong's deep and liquid capital market, together with the effort to boost development in innovation and technology, can help the area compete with the United States.

"In my view, it has a good potential to not only become the Silicon Valley of the East but the Silicon Valley and Wall Street within the same city cluster," Lam said.

She said the SAR government has taken some significant initiatives to put Hong Kong in a position to seize the opportunities that arise from the area and growing South Asian market, such as a new listing regime to accommodate innovative companies, faster payment systems and virtual banking licenses to support financial technology, and the establishment of an academy of finance.

Lam said Hong Kong has rolled out policies and projects to advance its innovative and technological capabilities.

She listed policies like the HK$1 trillion investment in innovation and technology over the past few budgets, and tax deductions to encourage private enterprises to invest in research and development.

"These efforts of Hong Kong are set to help accelerate the development of major technological infrastructure facilities and cross-border, cross-study collaborative research in the area," Lam said.

Ma said the construction of the area is one of the most important measures of China's new era of reform and opening up.

He said Guangdong will actualize the foreign investment law that the National People's Congress passed during the latest two sessions to better protect copyrights and create a stable and fair business environment. Ma said Guangdong will improve the transport network facilities on the Guangzhou-Shenzhen-Hong Kong and Guangzhou-Zhuhai-Macau rail links so people can arrive in the main cities of the area within an hour.

Chui said the key issue the area should solve is the systemic and legal differences between the three territories.

Lam returned to Hong Kong yesterday, but will travel to Hainan tomorrow for the annual Boao Forum for Asia and return on Friday.


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