HK must grab new opportunities

The central government authorities have wasted no time since the two sessions concluded in Beijing earlier this month, with President Xi Jinping paying a state visit in Italy, Monaco and France to promote the Belt and Road Initiative as well as enhance bilateral relations with those European countries. Meanwhile, other leaders have been busy implementing policies and measures listed in the Government Work Report by Premier Li Keqiang. Hong Kong's neighbor Guangdong province is gearing up efforts to play its part in the Guangdong-Hong Kong-Macao Greater Bay Area development according to the outline development plan for the Bay Area. Hong Kong has an important role to play in both the BRI and Bay Area development. This is why Chief Executive Carrie Lam Cheng Yuet-ngor has been very busy these days.

Lam attended the China Development Forum 2019 in Beijing and delivered a speech on Monday, in which she reiterated the special administrative region government's resolve to uphold the "one country, two systems" principle and play a proactive part in the two long-term strategic development projects. Next she will travel to Hainan province on Wednesday to attend the annual Boao Forum with government leaders from many Asia-Pacific countries and regions as well as central government officials from Beijing. The BRI and Bay Area city cluster will no doubt feature prominently at the Boao Forum. This means opportunities for the SAR government led by Lam to try and reach agreement on partnership with other governments in such lucrative projects.

The central government has made it clear the Bay Area city cluster is a crucial part of the BRI. That is why Hong Kong, together with Guangdong and Macao, is expected to have many great opportunities many other regions can only dream of. That said, Hong Kong must be willing and prepared to seize any opportunity the BRI and Bay Area present in the years to come, because many interested parties outside the city cluster may step in readily if Hong Kong cannot decide in time. The nation has entered a new phase of reform and opening-up that will create more opportunities for outside investors, but Hong Kong-based businesses should prepare for fiercer competition for a share of the mainland market. They have to live up to their collective reputation as an "Asian tiger" in economic development and the unique and irreplaceable role in the reform and opening-up drive so far.

As a regional economic powerhouse Hong Kong has great promise and potential if it further integrates its own development into the nation's overall development strategy, because the nation provides the best support which will never go away. However, it must work for all the rewards it wants and deserves.