Hong Kong can play a critical role in the development of the Guangdong-Hong Kong-Macao Greater Bay Area by transforming internationalized standards of institutions, according to Edward Chen Kwan-yiu, chairman of the School of Professional and Continuing Education at the University of Hong Kong.

But, more interactive activities across the border and their implementation are the key to realizing such involvement, he told the China Daily Leadership Roundtable luncheon on Monday.

Chen explained that Hong Kong is certainly one of the important hubs in the Greater Bay Area and, besides talents, what the SAR can contribute to the Greater Bay Area are its institutions with their international, professional and standardized legal system, regulatory framework, financial prudence and experience in conducting financial services.

"People can be trained, but institutions cannot be established in a short period of time, and Hong Kong has the best international standards being practiced," he said.

"The key issue is how to realize it," Chen stressed, adding that to achieve such transformation, three areas need improvement - interactive activities in business, culture and education; inter-connectivity; and interflow of resources - not only in capital but also the assets of institutions.

He cited the Closer Economic Partnership Arrangement between Hong Kong and the Chinese mainland as one way to enhance such transformation. Other innovative ways could be the setting up of a high-level governmental committee with budgets and positive power, and a strong Greater Bay Area council by the private sector based on the leadership of some leading companies, as in the case of San Francisco.

Besides institutions, Chen said, Hong Kong really has its advantages as a center for higher education and a potential research and development (R&D) hub among the "nine plus two" cities within the Greater Bay Area, as Hong Kong has very good research-intensive education institutions.

But, he stressed that Hong Kong's R&D ecosystem still needs to be improved upon to support innovation, which could be achieved by collaborating with other "nine plus two"cities such as Shenzhen and Dongguan.

Chen described the Guangdong-Hong Kong-Macao Greater Bay Area concept as "not brand new" as the idea had been brought up years ago. However, it's refreshing that the concept has grown into a central, national strategy and, placed in the context of the Belt and Road Initiative, it brings plenty of new aspects for discussion, Chen said during the panel discussion on the perspectives for opportunities and challenges from the Greater Bay Area and the Belt and Road Initiative.

He said the Greater Bay Area is the strategic doorway to Southeast Asian countries and other regions, connecting the Belt and Road with the world, and it needs international standards, with Hong Kong as the best place to offer them.

tingduan@chinadailyhk.com

(HK Edition 10/10/2017 page6)