business

Greater Bay Area crucial to Hong Kong’s economic recovery: HKSAR officials

HONG KONG, Nov. 1 (Xinhua) — Construction of the Guangdong-Hong Kong-Macao Greater Bay Area will provide new impetus for Hong Kong’s future economic development, which is an important opportunity for Hong Kong to recover its economy as soon as possible, Matthew Cheung, chief secretary for administration of China’s Hong Kong Special Administrative Region (HKSAR) said Sunday.

By accelerating the overall development of the Greater Bay Area, Hong Kong enterprises can gain access to the huge domestic market, said Cheung’s blog article.

He said by using the Greater Bay Area as a platform for business activities, Hong Kong enterprises can actively participate in the new “dual circulation” development pattern. Hong Kong’s strengths in finance, innovation and professional services complement those of other cities in the Greater Bay Area, and there is great development potential for those enterprises.

Hong Kong’s GDP improved in the third quarter thanks to a surge in exports of the mainland, the recovery in Hong Kong’s exports and a narrowing decline in private consumption, Paul Chan, financial secretary of the HKSAR government, said on the same day.

In his blog article, Chan stressed that the Greater Bay Area will be an important entry point for Hong Kong to participate in the circulation of the country.

Therefore, Hong Kong must seize this great opportunity to create a broader space for its own development while helping build the country, he added.

Hong Kong’s financial sector has shown great resilience and adaptability during the epidemic, Secretary for Financial Services and Treasury Christopher Hui said.

Since the beginning of this year, the average daily turnover in the securities market has reached more than 120 billion Hong Kong dollars (about 15.48 billion U.S. dollars), up 39 percent from the same period last year. Hong Kong’s Initial Public Offering (IPO) market has raised more than 210 billion Hong Kong dollars so far this year, up 58 percent from the same period last year.

With the support of the central government, the Greater Bay Area has a bright prospect for development, and the financial sector, as a focus, has unlimited opportunities, he said. (1 U.S. dollar equals 7.75 HK dollars)

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