From 'contact point' to 'participant'
The Outline Development Plan for the GBA positioned Hong Kong as one of the four core engines for regional development with the task of driving the development of surrounding areas. Lam viewed the promulgation of the plan as a new milestone and promised to work jointly with governments at all levels to advance the development of the GBA.
Since the signing of the agreement in 2017, Hong Kong has been participating actively in the development of the GBA and is transforming its role from a "contact point" to a "participant."
To ensure Hong Kong better coordinates and participates in the development of the GBA, Lam formed and chaired the Steering Committee for the Development of the Greater Bay Area. She will also set up a Greater Bay Area Development Office and appoint a commissioner to implement the relevant work, according to an official statement.
Economically, Hong Kong has invested 13 billion U.S. dollars in the GBA in the past two years with preferential tax policies adopted to cut capital gains tax and prevent double taxation so as to attract investment and business settlement.
Noticing Hong Kong's unique advantage as a global financial center and the biggest RMB clearing center, Lam also said funding platforms would be offered to tech and other innovation-oriented firms.
