Almost seven months after a series of violent protests that have upended life in Hong Kong began, Asia's pre-eminent international financial center is fed up with relentless chaos and disruptions, and is mulling over a brighter future with more expectations.

Last month, Hong Kong Chief Executive Carrie Lam, as a member, attended the meeting of the Leading Group for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area at Diaoyutai State Guesthouse in Beijing. At the meeting, she thanked the central government for promoting 16 policy measures that will make it easier for the people of Hong Kong and Macao to live, work, study and start businesses across the Greater Bay Area.

These measures not only offer further convenience to Hong Kong residents developing their careers, working and living in the mainland cities of the region, but also facilitate the ease of flow for people, goods and capital within the Greater Bay Area, Lam said.

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) plan was first introduced in China's 13th Five-Year Plan (2016-2020), and takes Hong Kong livelihood into account within the vast hinterland. It gave optimism for Hong Kong youths to engage in the development of a new Silicon Valley-type technology and innovation hub.

The GBA covers seven prefecture-level cites, Zhuhai, Huizhou, Dongguan, Foshan, Zhongzhan, Jiangmen, and Zhaoqing, two sub-provincial level cities of Guangzhou and Shenzhen, and the two special administrative regions of Hong Kong and Macao. Broadly equivalent to 31 percent of the size of Guangdong province, they form a mega city of up to 56,000 square kilometers with a combined population of approximately 70 million by the end of 2018.

According to World Bank data, the Greater Bay Area would rank as the world's 12th largest economy, right behind South Korea while by land area it is only slightly above half its size.

16 preferential policies to benefit those from all walks of life in Hong Kong  

One of the most noticeable feature of the policies is that it's "people-oriented," which benefits people from different sectors of Hong Kong society and professional services like finance, law and architecture in the Greater Bay Area.

For example, in the near future, Hong Kong and Macao residents will enjoy equal right as local residents in purchasing properties in the nine mainland cities of GBA. Currently, they have to provide proof of their duration of residence, study or employment, or pay a certain amount of individual income tax and social insurance.

Hong Kong's sky-high property prices is one of the livelihood issues that the HKSAR government is itching to settle as months-long turmoil cast a dark cloud over local economy. Since Hong Kong's return in 1997, Hong Kong's GDP has achieved a rapid growth while fiscal and foreign exchange reserves remained generally stable, but its social contradictions are also becoming increasingly acute. 

One of important reasons is that the public, particularly the Hong Kong young generation, doesn't feel the gain from economic growth. Home prices in Hong Kong have rocketed over 200 percent in the past decade, driven by limited housing supply and large demands, angering many residents who are unable to get on the property ladder.

Hong Weimin, a Hong Kong deputy to the 13th National People's Congress and principal liaison officer at the Hong Kong-Shenzhen Qianhai Authority said: "House purchasing in the Greater Bay Area is one thing that Hong Kong residents care most as long-standing frustrations over unaffordable properties have scared them away."

"The new measures relax restrictions on home ownership in the mainland by Hong Kong people, which will encourage more to study, work and reside after retirement in the Greater Bay Area, especially enhancing living conditions of young people and giving them full supports both in future life and work", he added. 

Ping Wong, the chairman of Hong Kong Association of China Business said: "Many of my Hong Kong friends have intended to start up business and purchase properties in the Greater Bay Area. These new policies will help them to take the first step to seek more opportunities in mainland." 

Meanwhile, child education is another big concern for Hong Kong residents deciding whether to live in mainland cities. Now, in line with the 16 measures, the children of Hong Kong and Macao residents will share the same pre-primary education services and participate in the same entrance examination for senior high school admittance as their mainland peers.

Data from Census and Statistics Department showed that as of the end of 2017, the number of Hong Kong residents living in Guangdong for more than six months increased compared with 2013, with those aged 15-24 and over 65 increasing by 30 percent and 17 percent respectively. As a result, heath is their top priority. 

In recent years, the Hong Kong government has introduced a number of subsidy schemes to facilitate retirement of Hong Kong residents in the Mainland. However, the results have yet to been seen. The culprit is that cross-border medical services are not connected well.

The implementation of new measure will permit the use of Hong Kong-registered drugs and common medical devices in designated Hong Kong-owned healthcare institutions in the Greater Bay Area, which can solve the worries of the Hong Kong elderly in the region and help Hong Kong-owned healthcare institutions in the world. This will ease cost pressure and expand the potential for high-end medical businesses.

In addition, the 16 policies also includes the use of mobile electronic payment services for Hong Kong residents on the mainland, as well as cross-boundary wealth management and open mainland personal bank accounts.

Hong Kong's Monetary Chief Eddie Yue noted that "maybe some technical and operational details of the 16 measures have to be further defined in the short term. Nevertheless, positive effects will gradually emerge in the medium to long term."

He believes that in the future, Hong Kong can give full play to its role as a global financial hub, as well as promote financial collaboration and development in the Greater Bay Area through the cross-boundary wealth management scheme. If it is successful, it will serve as a new model for further mutual financial connectivity between the two places.

What else?

Recently, The Ministry of Human Resources and Social Security and the National Healthcare Security Administration announced that Hong Kong, Macao and Taiwan residents who work, study or live on the Chinese mainland will be eligible for national social insurance with effect from 1 January 2020, which means that Hong Kong, Macao and Taiwan residents will be granted the same rights as their mainland counterparts, including application procedures and specific benefits.

The rule clearly stipulates that lawfully employed residents registered on the mainland will be able to receive basic old-age insurance, medical insurance, work injury insurance, unemployment insurance, and maternity insurance; the self-employed are entitled to basic old-age insurance and basic medical insurance, after obtaining a residence permit for Hong Kong, Macao and Taiwan residents.

Beyond that, the number of higher education institutions in the mainland admitting Hong Kong students in 2020 will increase by 11 to 122, the Education Bureau (EDB) of the Hong Kong Special Administrative Region (HKSAR) government announced last month.

Under the "Scheme for Admission of Hong Kong Students to Mainland Higher Education Institutions for 2020" arranged by the central government's Ministry of Education, 122 higher education institutions from 21 provinces or municipalities and one autonomous region of the mainland will accept applications from candidates sitting for the Hong Kong Diploma of Secondary Education (HKDSE) Examination in 2020.

"There will continue to be enhancements to the admission scheme in 2020. Compared with 2019, an additional 11 institutions offering various programs will be participating in the scheme, including Beijing Sport University and Beijing Film Academy as well," a spokesperson for the EDB said.

"The admission scheme will admit Hong Kong students based on their results in the HKDSE Examination and exempt them from taking the Joint Entrance Examination for Mainland Institutions, hence relieving their pressure," the spokesperson added.

Indeed, Hong Kong has been beset by unrest and protests in 2019, which unleashed a side of Hong Kong that no one ever thought existed. However, as a vibrant city long known for the independent rule of law, a world-class transport system and a low crime rate, Hong Kong still retains enormous potential and vitality. 

According to a latest report of Top 100 City Destinations 2019 from UK-based market research company Euromonitor International, the Asian metropolis has ranked top of "most visited cities" for nine years, outshining London and Bangkok.