Hong Kong entrepreneurs seek brighter future in mainland cities
Recent efforts at boosting economic development in China's Greater Bay Area, comprised of Hong Kong, Macao, and nine cities in the southern province of Guangdong, are creating new opportunities for young entrepreneurs from Hong Kong and Macao.
Wu Jiahui, a Hong Kong-based designer, established his design company in Guangzhou last year.
The reason he chose to start up his career in the Chinese mainland was simple: a bigger market.
"In Hong Kong, there's no supply chain for designers. No manufacturers for production. But here in Guangdong, you can easily find manufacturers in nearby cities. That means our research and development costs are much lower. The complete supply chain system provides us a solid foundation. In Hong Kong, the market size is seven million people, but in the Greater Bay Area, the market is ten-times larger," Wu said.
Terence Chan, an architect from Hong Kong, also established a new design company in Guangzhou.
This is his second company. The first was set up in Hong Kong five years ago.
He said, "I started to explore the mainland market in 2017. The fast growth in cities like Guangzhou impressed me. One of my friends told me that the development planning of the Greater Bay Area could be a golden chance for young entrepreneurs of our generation to pursue our dream."
Thanks to favorable governmental policies, his business is running smoothly and in only three months the new company achieved its annual goal.
In June this year, the Guangzhou government announced a series of preferential policies offering rounded support for young professionals from Hong Kong and Macao. The government also plans to invest one billion yuan (140 million U.S. dollars) to encourage more young entrepreneurs to create startups in the region. With a population of over 70 million people and an annual GDP of 1.64 trillion U.S. dollars, the Greater Bay Area is ready to provide ample opportunities.