Editor's note: To mark the 28th anniversary of Hong Kong's return to China, CGTN launches Voices from Hong Kong, a commentary series.
In this first installment of a two-part series, Johnny Ng Kit-chong, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Legislative Council for the Hong Kong Special Administrative Region, shares his story about Hong Kong and the Greater Bay Area.
The article reflects the author's opinions and not necessarily those of CGTN.The Greater Bay Area (GBA) tells a story of extraordinary transformation.
In 2017, when its development framework was signed, the region's combined GDP stood at 10 trillion yuan (about $1.4 trillion).
By 2024, that figure had surged past 14 trillion yuan, and by 2023, the GBA had even surpassed the Tokyo Bay Area in economic scale.I have had the privilege of witnessing this journey from multiple perspectives – both as a member of the National Committee of the Chinese People's Political Consultative Conference and as a member of the Legislative Council for the Hong Kong Special Administrative Region.
What stands out is that this collaboration between Hong Kong, Macao and mainland cities is about more than geographical proximity.
It is about shared aspirations and complementary strengths driving the region toward collective prosperity.Hong Kong plays a key role in this story.
As an international financial center, it is deeply integrated into China's national development strategy.
Hong Kong is more than just a participant in the GBA's growth; it is both a bridge to the world and a gateway for global investors to access opportunities within China.Financial innovation is one area where Hong Kong truly excels.
In May 2024, the Stablecoin Bill created a licensing framework for fiat-referenced stablecoins, positioning Hong Kong as a leader in developing "Greater Bay Area stablecoins" pegged to offshore renminbi.
With an offshore renminbi liquidity pool exceeding one trillion yuan, Hong Kong is well-equipped to drive seamless digital payment solutions.
This strengthens financial connectivity across the Greater Bay Area, enabling faster, more efficient cross-border transactions and enhancing the region's global competitiveness.Beyond finance, Hong Kong's legal system offers another major advantage.
As the only common law jurisdiction in the region, Hong Kong is exceptionally suited to handle cross-border disputes.
Recent developments, such as the establishment of the International Organization for Mediation headquarters in Hong Kong and digital platforms like eBRAM(eBRAM International Online Dispute Resolution Centre), have made arbitration and mediation more cost-effective and accessible.
With trilingual mediators bridging legal and cultural differences, Hong Kong ensures disputes are resolved efficiently, enabling businesses to focus on growth.Looking to the future, I believe the GBA is poised to become a global hub for young innovators and dreamers.
While the United States faces rising protectionism, the GBA's openness to talent and innovation sets it apart.
This creates fertile ground for creativity, collaboration, and growth.Between 2017 and 2021, the GBA registered 1.77 million invention patents, achieving an annual compound growth rate of 21.74 percent.
The Shenzhen-Hong Kong-Guangzhou technology cluster has ranked second in the Global Innovation Index by the World Intellectual Property Organization for five consecutive years.This strong foundation is attracting talent on an unprecedented scale.
The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub has incubated 600 Hong Kong start-ups, while Nansha has drawn over 20,000 high-caliber professionals in just three years.
The Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone is another highlight, hosting 38 innovation projects per square kilometer and over 150 high-end research initiatives.
With five Hong Kong universities ranked among the world's top 100, the region offers young people unparalleled access to world-class education and research networks.The Greater Bay Area also provides a comprehensive investment ecosystem that supports entrepreneurship.
From 2022 to 2023, the Global Investment and Trade Conference secured over 1,700 projects worth more than three trillion yuan.
The region has developed eight trillion-yuan industrial clusters in sectors such as electronics, green petrochemicals, smart appliances and automobiles.
These industries offer diverse opportunities for innovation.For young entrepreneurs, the GBA combines scale with support.
It is home to 63 companies on the Global Unicorn List for 2023, with Shenzhen ranking sixth globally with 33 unicorns.
Joint measures between Qianhai and Hong Kong provide targeted support, including policies for venture capital and intellectual property development.As someone who works closely with young people in Hong Kong, I am passionate about helping them seize the opportunities the GBA offers.
Expanding mainland internship programs is one way to enhance access.
These programs immerse participants in high-tech industries, start-ups and entrepreneurship, offering real-world experience.
From my experience leading these initiatives, I have seen how transformative they can be.
For those with entrepreneurial ambitions, we provide mentorship, guidance on government subsidies and practical support to turn their ideas into reality.Educational exchanges are another area with immense potential.
My own experience studying at Tsinghua University was a turning point in my career.
It exposed me to new perspectives, resources and opportunities that continue to shape my work today.
Mainland universities now offer specialized expertise in fields such as aerospace engineering, which Hong Kong institutions may not always match.
These exchanges not only strengthen ties between Hong Kong and the mainland, but also equip young people with the skills and perspectives needed to thrive in a rapidly evolving regional economy.The path forward for the Greater Bay Area is clear and full of promise.
Its future depends on innovation, connection and integration.
By empowering young talent and fostering an environment where creativity and collaboration thrive, the Greater Bay Area is building more than economic success.
It is setting a global example of how regional cooperation can create shared opportunities and collective success.
Together, we are shaping a future that showcases the strength of China's vision for coordinated development on the global stage.