Core Insights - The 23rd Guangdong-Hong Kong-Macao major chamber of commerce roundtable meeting was held in Hong Kong, focusing on economic cooperation and development opportunities in the Greater Bay Area [3][4]. Group 1: Meeting Themes and Discussions - The meeting's theme was "Joining Hands to Go Global and Expand Business Opportunities," with discussions centered on utilizing Hong Kong's international platform to build a high-quality Greater Bay Area and promoting element connectivity to initiate new development momentum [3][4]. - Suggestions included leveraging the Northern Metropolis development to enhance innovation collaboration and establishing a division of labor between research and manufacturing in the Greater Bay Area [3][4]. Group 2: Recommendations and Strategic Initiatives - Recommendations from the meeting included optimizing the business environment in the Greater Bay Area by utilizing Hong Kong's legal services for international cooperation and arbitration [4]. - The need for enhanced collaboration among the three regions' chambers of commerce was emphasized to guide enterprises in exploring international markets effectively and safely [4][5]. Group 3: Industry Collaboration and Development - The meeting highlighted the importance of integrating cultural and tourism resources across the Greater Bay Area to create world-class tourist destinations [5]. - The establishment of a "Bay Area Joint Fleet" was proposed to enhance global resource allocation capabilities and support enterprises in participating in initiatives like the Belt and Road and RCEP [4].

Core Viewpoint - A subtle shift is occurring in Hong Kong, transitioning from a focus on security to prioritizing economic development, with an emphasis on enhancing its international financial center status [2][3]. Economic Overview - Hong Kong's economy is projected to grow at 2.5% in 2024, down from 3.2% in 2023, with forecasts for 2025 generally between 2% and 3% [4]. - Trade and financial services are the two main pillars of Hong Kong's economy, each contributing approximately 20% to GDP [4]. Challenges in Economic Development - The international unique trade status of Hong Kong is uncertain due to changing global dynamics and the emergence of free trade zones in mainland China, which have diminished Hong Kong's previous advantages [5]. - Hong Kong has lost its position as the world's largest container port and is now ranked 11th in 2024, with Shenzhen and Guangzhou taking the 4th and 6th spots respectively [5]. Employment and Social Issues - The financial sector, while strong in capital attraction, does not provide sufficient employment opportunities, leading to a rise in low-end jobs in sectors like retail and dining, exacerbating social mobility issues and income inequality [5]. Opportunities in Technology Innovation - The potential for growth lies in the technology innovation sector, as Hong Kong has a strong academic foundation but lacks the necessary environment for technology commercialization [8][10]. - Hong Kong's R&D investment as a percentage of GDP is only 1.11% in 2023, significantly lower than the EU (2.2%), the US (3.59%), and South Korea (4.85%) [12]. Strategic Initiatives - The "Northern Metropolis" project aims to develop a new urban area focused on innovation and technology, leveraging Shenzhen's industrial strengths to enhance Hong Kong's economic landscape [14][15]. - The establishment of the Hong Kong-Shenzhen Innovation and Technology Cooperation Zone is expected to contribute approximately 52 billion HKD annually to Hong Kong's economy and create around 52,000 jobs [15]. Integration with Mainland China - Recent policies, such as allowing vehicles from Guangdong to enter Hong Kong, signal a growing interconnection between Hong Kong and mainland China, emphasizing the importance of collaboration for future growth [16]. - The shift in economic dynamics indicates that Hong Kong must redefine its role and seek new opportunities in technology and innovation to remain competitive [22].

Core Points - The 2025 Policy Address by Hong Kong Chief Executive John Lee emphasizes economic development and aligning with national strategies [1] - Specific measures include accelerating the development of the Northern Metropolis, industrial innovation, and reinforcing Hong Kong's status as an international financial center [1] Development of Northern Metropolis - The Northern Metropolis is identified as a new economic engine for Hong Kong, with plans to establish a "Northern Development Committee" led by John Lee [2] - The government will create dedicated legislation to facilitate the development of the Northern Metropolis, including funding channels for park companies and streamlined cross-border logistics [2] - The first phase of the Hong Kong Science and Technology Innovation Cooperation Zone is complete, with major industries like life sciences and AI tenants moving in [2] Industrial Development and Innovation - Emphasis on artificial intelligence (AI) development, including a HKD 3 billion funding plan to attract international research talent [4] - Plans to establish the "Hong Kong AI Research Institute" by 2026 with a budget of HKD 1 billion to promote AI research and application [4] - The life sciences sector is set to grow, with initiatives to attract pharmaceutical companies for clinical trials and the establishment of an "International Clinical Trial Academy" [5] Reinforcing Hong Kong's Financial Center Status - The government aims to support tech companies in raising funds through the stock market and improve listing mechanisms [6] - Initiatives to enhance the bond market include creating a centralized platform for managing various assets and promoting offshore Chinese government bonds [6][7] - Plans to establish an international gold trading market and enhance commodity trading, including carbon trading [7][8] Stock Market Performance - Following the Policy Address, the Hang Seng Index rose by 1.41%, reaching a new high [9] - The Hong Kong stock market has seen significant recovery in 2025, with the Hang Seng Index up over 33% year-to-date and new stock issuance increasing dramatically [10][11] - The average daily trading volume in the Hong Kong stock market has surged by 118% year-on-year [11]

Group 1 - The Northern Metropolis is identified as a new engine for Hong Kong's economic development, with significant potential for growth and the best timing for introducing industries and major projects [1][2] - The Hong Kong government plans to establish the "Northern Development Committee" to formulate operational models for various development zones within the Northern Metropolis [1] - A dedicated legislation will be created to accelerate the development of the Northern Metropolis, including special funding channels for park companies and streamlined management for cross-border flows of people, goods, and data [1][2] Group 2 - The Lok Ma Chau Loop Hong Kong Science and Technology Innovation Cooperation Zone has seen the completion of three buildings in its first phase, with tenants from key industries such as life sciences, microelectronics, new energy, and artificial intelligence [1][2] - The first phase of the remaining land in the Lok Ma Chau Loop will be launched within this year, with plans for the second phase's development scale and industry distribution to be completed [1][2] - The Northern Metropolis covers approximately 300 square kilometers, accounting for about one-third of Hong Kong's area, with an expected future residential population also representing one-third of Hong Kong [2] Group 3 - The Northern Metropolis is expected to provide over 3,000 hectares of new development land and create 500,000 job opportunities [3] - Infrastructure projects connecting Hong Kong and Shenzhen are being accelerated, with the completion of the Kwu Tung Station and Hung Shui Kiu Station expected in 2027 and 2030, respectively [3] - The Hong Kong-Shenzhen Western Railway is projected to be completed between 2034 and 2038, significantly reducing travel time between the Northern Metropolis and Shenzhen Qianhai to just 15 minutes [3][4] Group 4 - Shenzhen's government plans to collaborate with Hong Kong on the planning and construction of the Hong Kong-Shenzhen Western Railway and the Northern Link [4] - The Western Railway project will form a dual railway corridor with the Northern Link, enhancing connectivity and supporting the development of the Lok Ma Chau Loop [4] - The completion of these projects will contribute to a more integrated "one-hour living circle" in the Greater Bay Area, strengthening the linkage between the east and west banks of the Pearl River Estuary [4]