On November 20, 2024, Emily Hung and Vivian Au reported on the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, which aims to significantly enhance the cross-border flow of talent, capital, and data between Hong Kong and Shenzhen. This initiative, outlined by Secretary for Innovation and Technology Sun Dong, is part of a broader strategy to position the region as a global leader in innovation and technology (I&T) by 2035 [a9c62c77].
The project, originally proposed by Beijing in 2017, will see Hong Kong contribute 87 hectares and Shenzhen 302 hectares to the development of the hub. The first phase of construction is set to double the gross floor area to 1 million square meters, with operations expected to commence in 2025. Initial tenants of the hub will include companies specializing in life and health technology, artificial intelligence, and data science [a9c62c77].
This development aligns with the recent calls for Hong Kong to deepen its collaboration with the Greater Bay Area (GBA) to facilitate the global expansion of regional enterprises. On November 12, 2024, Cannix Yau highlighted the importance of the GBA, which achieved a GDP of 14 trillion yuan in 2023, surpassing that of South Korea and Australia. The GBA's strategic significance was underscored during the 2024 Global Investment Promotion Conference in Guangzhou, where investments totaling 2.26 trillion yuan were generated [1c764f0d].
Chief Executive John Lee Ka-chiu has committed to aligning Hong Kong's development with national strategies, a move that is seen as vital for enhancing the region's economic resilience. Political analyst Lau Siu-kai noted that the success of the trade show reflects a regained investor confidence in the GBA, further solidifying its role as a key economic hub [1c764f0d].
Moreover, the collaboration potential between the GBA and California's Bay Area in sustainable finance was highlighted by Oriol Caudevilla. Financial Secretary Paul Chan's delegation to the Bay to Bay Dialogue in Berkeley, California, focused on enhancing cooperation in green finance, with Chan emphasizing Hong Kong's goal of achieving carbon neutrality by 2050 [c8c14208].
The signing of a Memorandum of Understanding between InvestHK and San Francisco’s Bay Area Council aims to promote green economy cooperation, reflecting a broader commitment to economic diversification and sustainable finance initiatives within the GBA [56fd589d]. As the GBA continues to evolve, it is becoming a focal point for innovation and collaboration, not just within China but also with international partners, paving the way for a more resilient and environmentally conscious economic landscape [c8c14208].