On September 29, 2024, Oriol Caudevilla discusses the collaboration potential between the Greater Bay Area (GBA) and California Bay Area in sustainable finance. This comes in the wake of Hong Kong's Financial Secretary, Paul Chan, leading a delegation to the Bay to Bay Dialogue in Berkeley, California, in May 2024. The focus of this dialogue was on enhancing cooperation in green finance, which is increasingly seen as a vital area for both regions. Chan emphasized Hong Kong's ambitious goal of achieving carbon neutrality by 2050 and highlighted the GBA's significant market potential, boasting a population of 87 million that contributes to 12% of China's economy [c8c14208].
The collaboration was further solidified with the signing of a Memorandum of Understanding between InvestHK and San Francisco’s Bay Area Council, aimed at promoting green economy cooperation. This partnership is particularly important for the GBA, often referred to as 'China’s Silicon Valley', as it seeks to diversify its economy amidst concerns over a slowdown. The article underscores the importance of US-China cooperation in addressing global challenges, with the GBA enhancing Hong Kong's role as a fintech hub and its participation in the Regional Comprehensive Economic Partnership [c8c14208].
In addition to these developments, the FinTech Association of Hong Kong (FTAHK) is actively expanding its programs to leverage opportunities in the GBA and strengthen ties with the Shenzhen FinTech Association. Lareina Wang, the newly appointed chair of FTAHK, expressed the association's commitment to increasing its influence in the fintech industry and representing a diverse range of players in Hong Kong. This aligns with the broader goals of economic diversification and collaboration in sustainable finance [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. The integration of sustainable finance initiatives with the technological advancements of the GBA could pave the way for a more resilient and environmentally conscious economic landscape [c8c14208].