Hong Kong and other Greater Bay Area cities pledge even more cooperation as Beijing’s cross-border powerhouse plan marks fifth anniversary

Chan was speaking after an interview on CCTV, the country’s state broadcaster, on Saturday.

“The interconnection in the financial sector within the Greater Bay Area is further deepening and expanding, while industry-oriented innovation and technology is bringing new economic impetus and increment to Hong Kong,” Chan told the television station.

He added Hong Kong’s ability to connect mainland China with the rest of the world was a major advantage.

“Different companies can bring in upstream, midstream and downstream companies in their respective categories to form an industrial chain,” Chan said. “We will help them find companies to work with.”

He added on Sunday that the launch of an expanded wealth management scheme on February 26 would increase personal investment limits, allow for greater policy manoeuvre in cross-border commerce and help people diversify their asset allocations.

Apply Hong Kong rules on Shenzhen side of shared innovation hub, adviser says

Huang Kunming, the party chief of Guangdong province, said on Sunday that the rest of the bay area had to join forces with Hong Kong and Macau to speed the construction of a high-level hub capable of attracting and fostering top talent.

“We must truly love our talent, cultivate them with all our heart, attract them with all our heart and use them with care,” he told a Shenzhen conference. “We have to attract high-level, innovative talent from around the world … and better grab the initiative to innovate and develop.”

Beijing last December launched a development plan focused on Qianhai, an emerging district in Shenzhen, which has special policies for Hong Kong companies, as well as new guidelines to regulate the flow of personal information in the area.

Chan said in the CCTV interview that Qianhai was a “big breakthrough” that would help develop industries such as artificial intelligence and biomedicine, as well as attract more top-notch innovation and technology enterprises and scientific research institutions to the area.

“Our interaction and cooperation with Qianhai are booming,” he added. “Hong Kong’s role as a commercial hub can meet the financing needs of innovation and technology enterprises in the Greater Bay Area at different stages.”

Hong Kong leader ends duty visit vowing to boost ties with mainland neighbours

Christopher Hui Ching-yu, the financial services and treasury secretary, said on Sunday that authorities would review what needed to be done to strengthen the Greater Bay Area framework.

He added the launch of the wealth management scheme later this month would increase the personal investment limit from 1 million yuan to 3 million yuan (US$421,515) and allow the participation of securities firms as well as banks.

“As our country’s middle class continues to rise and their wealth accumulates, I believe there is a vast market,” Hui said in a radio interview.

Hui added he also wanted to boost the liquidity of digital renminbi in Hong Kong.