The Hong Kong government still actively encourages Hong Kong youth to “seize opportunities in the Greater Bay Area”. However, Hong Kongers and imported talent continue to escape political uncertainty and Hong Kong rule like the Chinese Communist Party. People are also fleeing cities due to overly stringent pandemic policies.
The Greater Bay Area includes Hong Kong, Macau, and 9 locations. Municipality of Guangdong province. It aims to be economically integrated and develop into an international business center. However, Hong Kong is gradually losing its position in the global market, affecting the Greater Bay Area.
The Hong Kong government continues to deny mass exodus from the city, but officials say the government will “take back” talent from the international community.Meanwhile, Hong Kong’s global standing continues to decline. .
The regime’s policy is to chain Hong Kong up, comply with central government orders, and prevent Hong Kong from affecting the security of the mainland regime. The Chinese Communist Party’s compass for Hong Kong is to ensure that Hong Kong authorities comply and that Hong Kong does not influence Beijing’s power in mainland China.
Hong Kong CEO John Lee Ka Chiu recently attended the 3rd Guangdong-Hong Kong-Macao Greater Bay Area Outstanding Young Entrepreneurs Awards Ceremony. In his speech, Lee said he would continue to help Hong Kong youth grow up in the Greater Bay Area.
As Hong Kong continues to cling to the Greater Bay Area fallacy, the competent professionals continue to walk away.
Independent scholar Wung Kaiyu said the Hong Kong government considers economic integration between China and Hong Kong and fostering patriotism among young people far more important than building Hong Kong.
“The government is trying to persuade Hong Kongers to move into the Greater Bay Area even though Hong Kongers are leaving the area. [for other countries]”
Ng also said it was risky for young Hong Kongers to become entrepreneurs in the Greater Bay Area during China’s recession because of the lack of business and personal networks.
Hong Kong’s international status is nose diving
Hong Kong’s international standing has plummeted, including its once-booming financial and freight industries.
Hong Kong was once recognized as a member of Nylon Kong, a global network of New York, London and Hong Kong that form one of the world’s three largest international financial hubs.
But that is changing, with Singapore gradually replacing Hong Kong.
On 22 September 2022, the British Group Z/Yen and the China (Shenzhen) Comprehensive Development Research Institute jointly launched the Global Financial Center Index.
The report places Hong Kong’s overall ranking as fourth in the world. I’ve been dropping classes since my last report.
However, Singapore moved up to third place.
Singapore ahead of Hong Kong
International Air Transport Association (IATA) Executive Director Willie Walsh said at an aviation conference in Doha that Dynamic Zero, the mainland’s ultra-tight COVID-19 prevention policy, has ravaged Hong Kong. The former British colony has lost its status as the world’s aviation hub.
Hong Kong International Airport was an international hub before the pandemic. However, from April 2022 to June, Hong Kong Airport handled only his 591,000 passengers, while Singapore’s Changi Airport handled 7.3 million during the same period.
Hong Kong lost most of its freight business to Singapore and Shanghai
Regarding the freight industry, Lee Cudi, Chairman of Hong Kong Container Depot and Repairers Association Limited said: About 80% of my shipping clients have moved their headquarters from Hong Kong to Singapore or Shanghai due to more advanced port facilities. ”
Ng Hoi-yu, commentator and professor of social sciences at the Hong Kong University of Education, concluded that the Hong Kong government must follow Beijing’s policy. “The Chinese Communist Party’s attempts to strengthen China-Hong Kong economic integration and encouraging Hong Kongers to expand into mainland China are among the few tactics the regime has used to achieve its primary mission,” Ng said. is part of, everything else is secondary.
“Hong Kong’s premise for welcoming the world in the international community is to serve the interests of the regime, including injecting foreign capital to facilitate and move Chinese funds.”
But the professor said, “When Sino-West relations deteriorate and economic development shrinks, Hong Kong will inevitably have to follow the mainland. Economic and trade exchanges with foreign countries must be curtailed.”
Ng said Hong Kong remains a major window for China to do trade with the West, but Hong Kong’s international status is no longer what it used to be.