The highly integrated European Union (EU) should serve as a benchmark for Qianhai to pilot Shenzhen-Hong Kong cooperation in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), a member of the advisory committee of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Authority said at the committee’s 2020 meeting Sunday.
Choy Koon-sham, honorary president of the Chinese General Chamber of Commerce, Hong Kong, said Qianhai should learn from the integration experience of the EU, where the free flow of people, capital, goods and services are allowed among its 27 member states.
“EU has the highest level of regional integration and development in the world,” he said, adding that its integration process would be a valuable experience for Qianhai in its efforts to set up a mechanism for the convergence of market regulations and practices of Guangdong, Hong Kong and Macao, which is vital to the integrated development of the GBA.
“As we can see, the EU has established a mature, developed common market through years of effort and fault-tolerant experiments. I think it makes a great example on how the GBA integration could proceed for a quality economic development,” Choy said.
He said Hong Kong has been known for its strengths in the finance and professional services sectors. However, the market barrier between the Chinese mainland and Hong Kong has hindered the free flow of the talent in these advantaged industries.
For example, an experienced Hong Kong CPA is required to obtain the mainland accounting certificate before he can legally work in Guangdong, which will discourage many Hong Kong professionals, such as accountants, architects and planners, from seeking career development in a bigger market in Guangdong, which is in need of a large number of professionals for economic development, said Choy.
The introduction of the registration system for Hong Kong professionals in the construction sector this year is an inspiring step, according to Choy. It allows engineers, architects and other professionals in construction from Hong Kong to work in Qianhai after registering with the Qianhai authority, without the previously mandated mainland credentials for employment.