Active integration with the mainland holds Hong Kong's key to economic vitality
Hong Kong is one of the world’s most prominent business centers. And with such a stellar reputation, a steady stream of entrepreneurs have made their way to the bustling financial hub from the Chinese mainland in the past decade.
As CGTN’s Li Jiejun reports, Hong Kong has a favorable business environment, but the region needs to integrate more with the mainland to maintain its position.
Hong Kong’s return to the motherland helped the region's business expand fast. Despite the 1997 Asian financial crisis and the 2003 SARS outbreak, opportunities for entrepreneurs kept popping up.
The “One Country, Two Systems” policy has maintained Hong Kong’s economic vitality. And the perfect legal system, low taxation and mature infrastructure have attracted more and more entrepreneurs.
Hong Kong was the world’s largest IPO market in 2016, and the mainland offerings represented 80 percent of all new listings. But as the mainland’s economy grows fast and its market becomes more and more open, Hong Kong’s edge is gradually fading. Some say Hong Kong may be taken over by Shanghai or Shenzhen in two or three years.
China is pushing through with the Belt & Road Initiative, and plans to build a Guangdong-Hong Kong-Macao Greater Bay area, offering a historic opportunity that Hong Kong needs.
But, the city still needs to be more active in integrating with the mainland, for sustainable development.