Hong Kong insurance sector to benefit from Greater Bay Area plan

A general view of the skyline of Hong Kong in an aerial

Hong Kong insurance sector to benefit from Greater Bay Area plan

"The Greater Bay Area plan can give Hong Kong and Macau a new momentum, a new area of growth".

Chinese President Xi Jinping (習近平) past year inaugurated a US$15 billion, 55km bridge, the world's longest sea crossing, linking Hong Kong with Macau and the mainland city of Zhuhai.

Increased cooperation in the insurance sectors of the cities in the region will also benefit Hong Kong which has been a traditional insurance hub.

Macau's role within the Greater Bay Area, as previously stated, would be to establish the city as a "World Centre for Tourism and Leisure" and a bridge between China and lusophone countries.

In the late 1970s, leaders in Beijing made a history-shaping decision: To turn an area in southern China into a freewheeling business zone that would help propel the country's economic rise.

The blueprint identified five "strategic orientations", including closer integration between China, Hong Kong and Macau, while upholding the governing principle of "one country, two systems" for the two special administrative regions.

Stock connections between Shanghai and Hong Kong, as well as between Shenzhen and Hong Kong, will be enhanced.

CHIEF EXECUTIVE Chui Sai On is slated to attend a seminar in Hong Kong on Thursday where the outline development plan for the Greater Bay Area will be introduced.

Former chief executive Leung Chun-ying urged the public to learn more about the proposal: "The outline development plan has a detailed description of Hong Kong's function... and deserves to be studied by the whole Hong Kong community", China News Service quoted Leung as saying.

The measures listed out for Hong Kong include supporting development of the Hong Kong-Shenzhen Innovation and Technology Park and construction of the third runway at the Hong Kong International Airport as well as strengthening judicial mutual assistance among Hong Kong, Macau and Guangdong to combat cross-border crimes.

The bay area should be driven by innovation and led by reform.

It also cited the cross-border detentions of five booksellers - including a Swedish and a United Kingdom national - wanted for selling books banned in mainland China to customers there, despite the fact that their actions were entirely legal in Hong Kong.

Governments in Hong Kong, Macau and Guangdong should enhance communication and cooperate with mutual respect.

"I am very anxious about that, but also about mainland Chinese companies using Hong Kong to turn themselves into Hong Kong companies, and using their Hong Kong-registered status to acquire various technologies, giving rise to worldwide concern", he said. The next milestone would be 2035, when markets within the bay area would be highly connected.

Deepen ties between Hong Kong and mainland financial systems.

Hong Kong and Macau residents working on the mainland could get the same rights to education, medical care, elderly care, housing and transport as mainland residents. The land area of 55,907 square kilometers, is also greater than those of its three major competitors.

Maybe a lower profile would spare Hong Kong some trouble.

Announced by Premier Li Keqiang in March 2017, the Greater Bay Area forms part of China's push for supremacy in technology, while also binding the former European colonies more tightly into the country. In the same breath as the blueprint pledges to uphold the one country, two systems framework that governed the city's return to Chinese sovereignty, it talks of creating an global and market-oriented business environment based on rule of law, under the jurisdiction and legal framework of mainland China.

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