EY Synergize GBA Forum 2024; Unleashing new quality productive forces through value enhancement, integration, competition and breakthrough

The EY Synergize GBA Forum 2024 (the Forum), organized by EY Greater China Region (EY) in collaboration with Invest Hong Kong (InvestHK) of the Hong Kong Special Administrative Region (HKSAR) Government, Our Hong Kong Foundation (OHKF) and the Shenzhen Foundation for International Exchange and Cooperation (SFIEC), concluded today in Hong Kong. The Forum, held for the fourth consecutive year, continues to convene industry leaders and distinguished guests to discuss the opportunities and prospects in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and to draw a blueprint for future development through panel discussions and fireside conversations. The Forum was attended by more than 12,000 online and offline participants, showcasing the prominence and widespread influence of the event.

The development of new quality productive forces is a key national strategy, and the GBA serves as a catalyst for fostering innovation and vitality across all sectors. By enhancing quality and efficiency, the region aims to become the core driving force of comprehensive progress and advancement. Themed “Unleashing new quality productive forces: value enhancement, integration, competition and breakthrough”, this year’s Forum promotes extensive exchange among government authorities, regulatory agencies and the industry leaders. It focuses on the exploration and implementation of new quality productive forces, examining how they can be effectively integrated into the four aspects in the GBA towards the objectives of making substantial progress and creating long-term sustainable value and achievements.

Jack Chan, EY China Chairman and Greater China Regional Managing Partner, says in his welcoming speech: “Today, our nation is cultivating new quality productive forces, focusing on innovation to discover new economic growth drivers and pathways for industrial transformation. As a key element of our nation's regional strategy, the GBA is a vital economic growth hub and an international center for technology and innovation. We must harness the region's unique strengths and craft a strategy tailored to this region, thereby fostering the growth of new quality productive forces within the GBA. This year, we focus on the ‘Unleashing New Quality Productive Forces’ theme, fostering dialogue and gathering inspiration to chart a blueprint for high-quality development in the GBA. By leveraging the international advantages of Hong Kong and Macau, connecting global high-quality resources, and supporting the global expansion of Chinese enterprises, the future holds immense promise. EY looks forward to fostering exchanges among professionals from diverse fields, sharing our experiences, and collaborating across sectors to support the region in achieving deep industrial transformation and innovative allocation of production factors, paving the way for the GBA to become a world-class bay area.”

Alpha Lau, Director-General of InvestHK, says at her keynote speech: “The HKSAR Government had all along attached great importance to the development of the GBA, and would continue to strengthen the ties with other cities in the GBA to promote high-level co-operation and high-quality development, in particular for sectors like innovation and technology, fintech and advanced manufacturing. As a highly open and international city, Hong Kong can extend its international connections and experiences to the mainland and join hands with mainland enterprises to develop overseas markets and explore development opportunities. In the global setting, Hong Kong has an important role to play in ASEAN and the Belt and Road Initiatives. Companies can leverage Hong Kong’s world-class financial and professional services to structure and finance projects such as merger and acquisition deals, and access the very best accounting, tax and legal practices, construction engineering design, management and project planning, as well as manpower training and much more. All underpinned by Hong Kong’s world-class common law system, which also makes Hong Kong a very suitable location for dispute resolution. As the global economic shift to the east continues, Asia will remain an important driver of global economic growth, and Hong Kong’s role as a super connector will only become more important.”

Professor Wang Xingjun, PhD Supervisor of Division of Information Science and Technology, Tsinghua Shenzhen Graduate School, says in his keynote speech: “The rise of the GBA goes beyond economic expansion; its essence lies in nurturing new quality productive forces. At the heart of this transformation is a modern process driven by technological innovation, digitalization and green transformation. The GBA is vigorously positioning itself as a global hub for technological innovation, fostering a new generation of industries with global impact. Its core is to reshape the industrial landscape through digital economy and further enhance the GBA's competitiveness on the global stage. Information science and protection play a crucial role in the transformation journey, in which safeguarding data security and protecting intellectual property are the cornerstones for a healthy development of the new economy. As professionals of knowledge and talent, we strive to foster a deep integration between academic research and commercialization, fueling the continuous development of these new quality productive forces. The GBA’s future will be characterized by a seamless synthesis of technology, talent and innovation, ushering in an unparalleled era of prosperity and setting new benchmarks for the global economy's future.”

The Forum featured a session on “Developing New Quality Productive Forces via Microfactories”, which discussed how technological innovation can drive the transformation and upgrading of traditional manufacturing industries. The fireside chat “Value enhancement: Fostering the new growth zones in the GBA” explored how collaboration and infrastructure can unleash the economic growth potential of the GBA. In the panel discussions on “Integration: Developing the GBA economic ecosystem”, “Competition: Charting the future of the GBA” and “Breakthrough: Accelerating growth through industry-academia collaboration”, distinguished speakers shared their experiences in financial innovation, green technology and cross-industry collaboration, focusing on competitive strategies to promote the deep integration and sustainable development of the GBA economy.

Jasmine Lee, EY Hong Kong and Macau Managing Partner, says: “As one of the world's four major bay areas, the GBA has experienced unprecedented growth over the past five years. It has fully leveraged its unique regional characteristics and competitive advantages, unleashing tremendous vitality and resilience in fields such as technological innovation, interconnectivity, industry cultivation and high-quality living environment, demonstrating a thriving and promising development trend. For industrial investors, the GBA presents not only a diversified economic landscape and a substantial market size, but also serves as China's pivotal gateway to the global economy, unlocking boundless business prospects. In the face of the evolving global competitive landscape and collaboration, it is crucial to seize the opportunities arising from our nation's pursuit of new quality productive forces. By capitalizing on Hong Kong and Macau’s international standing, we can integrate domestic and international resources, harnessing global expertise. We must draw upon the best practice from leading bay areas globally to forge innovative pathways for the GBA pioneer, nurture strategic industries and establish a world-class business environment and lifestyle to attract global capital and renowned talent. As we engage in global competition, we endeavor to infuse vitality into the global economic development, contributing to its continuous advancement.”

William Huang, EY China South Managing Partner, says in his closing speech: “In the five years since the release of the ‘Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area’, the eleven cities within the ‘9+2’ collaboration have forged a unified front, achieving significant qualitative leaps across multiple areas, including economic growth and social development. This has consistently nurtured the region's tangible competitiveness comprehensively. Openness, reform and innovation are embedded in the GBA as fundamental attributes and strengths in its development, serving as inherent requirements for the cultivation and advancement of ‘new quality productive forces’. To drive the new impetus for high-quality development through ‘new quality productive forces’, it necessitates enhanced collaboration among the different cities within the GBA. This involves leveraging the advantages of industrial clusters and international resources, while connecting with global markets. The future holds anticipation for more market participants to engage in the development of the GBA, collectively shaping its future industrial and economic landscape. This concerted effort will propel the region to become a model of high-quality development and a leading role of China's modernization.”

Representatives from Cyberport, Employers' Federation of Hong Kong, Hong Kong Financial Services Development Council, Greater Bay Area International Information Technology Industry Association, Green Development Institute, Guangdong General Chamber of Commerce, Hong Kong General Chamber of Commerce, Hong Kong Productivity Council, Hong Kong Science & Technology Parks Corporation, Shenzhen Green Finance Association, Shenzhen Institute of Standards and Technology, Shenzhen Supply Chain Finance Association, the Hong Kong University of Science and Technology, and the Hong Kong University of Science and Technology (Guangzhou) also attended in support of the Forum.

Event highlights: https://eygba.vapps.me/index.php?m=Index&a=forum

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