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Hong Kong economy
Opinion
SCMP Editorial
SCMP Editorial

EditorialDigital cooperation is a vital link for Greater Bay Area integration

By fostering tech and talent exchange, the new MOU reinforces Hong Kong’s financial standing and advances China’s national development goals

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Cyberspace Administration of China director Zhuang Rongwen (left) sits down with Hong Kong Chief Executive John Lee Ka-chiu on April 12. Photo: Handout
SCMP Editorial

China is at the forefront of a global economy undergoing massive, accelerated digital transformation. Whether it’s artificial intelligence (AI) or blockchain-driven financial technology, new products, services and business models are emerging to provide new opportunities and careers while boosting productivity.

This digital economy is, by its very nature, highly integrative. It makes sense for the authorities in Hong Kong and mainland China to expedite this integration to achieve sustainable growth. The two sides have signed a memorandum of understanding (MOU) to promote AI, cross-boundary data flow, blockchain technologies and talent collaboration as part of the nation’s 15th five-year plan for China’s economic and social development extending to 2030. The nation can capitalise on Hong Kong’s distinctive advantages with its legal and financial systems, while the city will be propelled by the mainland’s unstoppable technological juggernaut.
The MOU came after Hong Kong and Shanghai further integrated their economies through the mutual authentication of digital identities, the development of cross-boundary public services and deeper cooperation in data infrastructure and talent cultivation.
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This digital integration between the two financial hubs will help reduce friction for businesses and residents operating across both jurisdictions. That is only possible by breaking down technical boundaries to ease data flow between the two cities. Furthermore, according to Chief Executive John Lee Ka-chiu, cross-border integration will especially focus on promoting data flows across the Guangdong-Hong Kong-Macau Greater Bay Area, an initiative to transform Hong Kong, Macau and nine cities in the Guangdong province into an integrated financial and tech hub.

With so much turmoil around the world, Hong Kong is fortunate to be an integral part of one of the world’s most powerful and self-reliant economies, solidifying its status as a financial hub. The city, in turn, serves the nation as a “superconductive” platform for connecting with the global economy.

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As a key growth engine in the Asia-Pacific, a highly integrated Greater Bay Area now provides a safe harbour in a troubled world.

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