Dr. Witman Hung, Principal Liaison Officer For HK, the Shenzhen Qianhai Authority
China’s “One Belt, One Road” is its top policy initiative, and in the collaboration and development of Shenzhen and Hong Kong, the latter plays a pivotal role in leading Shenzhen to “venture out” and move towards the world economy. Hong Kong can also serve as a “super connector”, leading Shenzhen, Hong Kong and Macau to excel on six major fronts, namely, international trade, financial merger and acquisition, data platforms, technical collaborations, cross-border infrastructural development, and survey and research.
1) Developing joint trade regulations
Shenzhen and Hong Kong can consider drafting a common set of replicable trade regulations on the international trade arena to be piloted in Guangdong’s free trade zone. This could improve the region’s connectivity to the rest of the world, and its relationship with foreign economies. For example, Shenzhen and Hong Kong could establish a new set of common guidelines for e-commerce. Such a set of consumer- and market-friendly solutions built on three objectives – “securing customers, securing the market, and securing support” – would establish Shenzhen and Hong Kong as Asia-Pacific’s e-commerce hub.
2) Venturing out through acquisitions and mergers
Mainland small and medium enterprises can ride on Hong Kong’s financing platform to expand their operations. At the same time, they can also explore the possibility of breaking into new overseas markets through acquisitions and mergers. This is made possible as Hong Kong sees the largest outflow of Renminbi. Naturally, we would like to see Shenzhen Qianhai as an on-shore market of choice for the Renminbi inflow. As Shenzhen Qianhai sets to drive the process of Renminbi internationalisation, the further cooperation of both Shenzhen and Hong Kong will inevitably benefit both economies.
3) Building a data platform
Shenzhen and Hong Kong can also establish a common set of mega data platform and data benchmarks. In future, this set of benchmarks could be applicable in other free-trade zones within China. The data platform will serve as an interface for the government, companies, as well as small and medium enterprises, helping them to better reach stakeholders as they contribute to a common set of mega data. Aside from that, the platform will also allow Shenzhen and Hong Kong to contribute, retrieve, analyse and apply data from one designated data source.
4) Capitalise on technical talents
In terms of technical capabilities, Shenzhen and Hong Kong should capitalise on Shenzhen’s deep pool of creative technology talents and tap on their rich experience in this niche area. Coupled with Hong Kong’s advantage in finance, internationalisation, and their acute sense of market trends, the region can look towards creating products and services whose superior innovation and quality will attract more “eyeballs”. The move, which can act as a boost to Hong Kong’s productivity, would also see the introduction of products and services that would be welcomed by overseas markets.
5) Building a western railway
Currently, the rail network connecting Shenzhen and Hong Kong is largely completed only on the eastern end of the Hong Kong line; the western part of the line is still under construction. The completion of a set of cross-border infrastructure would also be testament to the close collaboration between Shenzhen and Hong Kong. A well-planned rail system that services both Shenzhen and Hong Kong airports could help to improve the flow between Shenzhen and Hong Kong, including “commercial flow, human traffic flow, logistic flow and capital flow”. This can also help to enhance Shenzhen and Hong Kong’s competitive status as a logistic centre that is well-connected to the rest of the world.
6) Collaboration of minds
I feel that operations in Shenzhen, whose focus is on survey and research, can either set up a think-tank based in Hong Kong, or work with local think-tanks to link up with their international counterparts. This can help to improve the quality of surveys and research conducted in Shenzhen and Hong Kong, allowing the development of more constructive policy recommendations. I believe this would be of utmost benefit to the future progress of the “One Belt, One Road” initiative.
The global economy is currently moving its focus towards the eastern part of the world, making it timely for the country’s introduction of the “One Belt, One Road” initiative. We can depend on the geographical convenience of the Guangdong-Hong Kong-Macau Big Bay area which complements one another in terms of their services and productions advantages, and Shenzhen and Hong Kong being a core center for the “One Belt, One Road” initiative. It is my hope that with the six major collaborations mentioned above, both Shenzhen and Hong Kong can improve its relationship with their counterparts all around.
In conclusion, it is in both Shenzhen and Hong Kong’s interests to become the “super connector” in the “One Belt, One Road” initiative.
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