GBA2 | GBAFOCUS Friday, July 3, 2020 HONG KONG EDITION | CHINA DAILY GBA3 Tourism — together we City leaders confi dent in HK’s can-do spirit overcome and rebuild Experts from business and academia say that despite YOUTH INNOVATION & ENTREPRENEURSHIP FINANCE By HE SHUSI in Hong Kong institutes in the city. unprecedented challenges, the SAR always rebounds. [email protected] Prior to the social unrest that

$ broke out in mid-June last year, the $

$ Hong Kong tops global IPO $ $

$ Hong Kong is no stranger to city hosted more than 650 million $ $ $ $ $ market in 2019 $

$ dealing with fi nancial dilemmas. visitors in 2018, topping the world $ $

HK university institutions $ 14% $ $ $ $ $ $

$ IPO funds raised, $ billion It has gone through thick and thin, charts in terms of tourist numbers $ $ $ $ $ $ $ $ More applications were recorded in 2020 through in the Bay Area $ $ $ $

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$ Funds Location Rank Yiu Si-wing Tech prowess paves the the Scheme for Admission of Hong Kong Students to Existing and planned cross-border facilities past several decades. specifi ed period. Mainland Higher Education Institutions than in 2019 Beijing Normal University-Hong Kong Baptist University 40.1 Hong Kong 1 The coronavirus onslaught has In 2018, tourism accounted for the Legislative Council, hailed the brought much pain to the city’s 4.5 percent of Hong Kong’s gross central government’s unwavering way to a brighter future United International College, founded in 2005 business and social life. Tourism, domestic product, with close to 80 support for the SAR’s tourism sec- The University of Hong Kong-Shenzhen Hospital, 26.9 Shanghai 2 as one of Hong Kong’s pillar indus- percent of the visitors coming from tor, notably the Individual Visit By LUO WEITENG in Hong Kong cooperation, he said. founded in 2012 tries, has had more than its fair the mainland. Scheme and the Mainland and [email protected] In academic collaboration, Wong share of the su¡ ering, already bat- Lo, who’s also a Hong Kong dep- Hong Kong Closer Economic Part- Shenzhen The Chinese University of Hong Kong, Shenzhen, 26.8 Nasdaq 3 noted that many mainland post- 4.5 million yuan tered by a year of social turmoil. uty to the National People’s Con- nership Arrangement, enabling the Hong Kong’s reunification and graduates have come to the SAR in The maximum grant for an eligible project initiated by Hong founded in 2014 But upon the 23rd anniversa- gress — the nation’s top legislature tourism business to make an enor- integration with the motherland has pursuit of their scientifi c endeavors, Wong Yuk-shan Kong or Macao youngsters starting a business in The Open University of Hong Kong signed the col- 26.7 Saudi Arabia 4 ry of the special administrative — said the steady development of mous contribution to the SAR’s been intertwined with the nation’s helping to cultivate a deep pool of ters, a vast market and large enter- laboration agreements with the Zhaoqing municipal region’s return to the motherland, “one country, two systems” has economic growth in the past 23 technological achievements, and will top-caliber, tech-savvy professionals prises,” said Chan, who also serves industry heavyweights have held ushered in a “golden age” for the years. By the end of 2019, in province, there were government and Zhaoqing University to establish 23.3 New York 5 make a magnifi cent story of a bright for the city. as founding president of the World their heads high, convinced that SAR’s tourism industry, driving the Noting that the COVID-19 out- innovation and entrepreneurship incubation cent- tech future, says Hong Kong aca- Hong Kong universities have Electric Vehicles Association and an Over 50 the Open University of Hong Kong (Zhaoqing) in the sector is reassured of a promis- growth of the retail, hospitality, break might continue for a year demic Wong Yuk-shan, and leading also been heading north, setting up honorary professor at the Depart- ers designated for Hong Kong and Macao youth 2020 ing future and will see a spectacu- transport and catering sectors and or two before a vaccine is avail- entrepreneurship teams made up by Hong Kong Homecoming listings of Chinese mainland scientist Chan Ching-chuen. campuses and research centers, par- ment of Electrical and Electronic Guangzhou The Hong Kong University of Science and Technology lar rebound under the successful creating more than 800,000 jobs — able, Yiu hoped the SAR govern- “Since the handover 23 years ago, ticularly in the Guangdong-Hong Engineering of the University of About 600 and Macao youth companies in HKEX implementation of “one country, more than 20 percent of the local ment can promote local travel by Hong Kong and the Chinese mainland Kong-Macao Greater Bay Area. The Hong Kong. to set up a new campus in Guangzhou. The target is to two systems”. labor force. developing new tourist spots and young entrepreneurs from Hong Kong and Macao have been on the fast track of develop- Chinese University of Hong Kong’s “This speaks volumes about how Over 4,000 commence operation in September 2021 Listed on the NYSE in Sept 2014 The much-awaited national While the protest violence has improving the quality of services. ment in terms of scientifi c research Shenzhen campus was established Hong Kong and the mainland cities security law for the SAR is expected dealt a heavy blow to tourism, Lo He also urged the government to and technological application,” Wong, in 2014. in the Bay Area could draw on each Five HK universities ranked among the world’s top 100 Shenzhen-Hong Kong: be another catalyst for restoring believes the implementation of accelerate implementing a “travel president of the Open University of Wong believes innovation and other’s strengths and jointly develop Listed on the HKEX in Nov 2019 peace and order, and ensuring a the national security law for Hong bubble” in the Guangdong-Hong Hong Kong, told China Daily. technology will be Hong Kong’s next a knowledge-based economy,” he in the Quacquarelli Symonds World University Rankings 2020 World’s second-largest stable environment for economic Kong will e¡ ectively help restore Kong-Macao Greater Bay Area, “China’s meteoric rise as a tech- growth engine that will help the city stressed. technology cluster in 2019 progress, especially for tourism, peace and order in the city. realizing the free flow of people nology powerhouse is definitely a wean o¡ its years-long over-reliance Wong said a knowledge-based Listed on the Nasdaq in June 2000 they said. Confi dent about the city’s political through mutual recognition of boon for Hong Kong. Technologi- on traditional industries like fi nan- economy will offer a diversity of 1 Tokyo-Yokohama Hong Kong’s tourism business situation in the long run, he stressed health codes in cooperation with cal advancement cannot go with- cial services and real estate. occupations for Hong Kong’s young has been on a roll since the hando- that stability will create a conducive the authorities in the Macao SAR 2 out exchanges and collaboration. In With the aim of creating an inno- people, who mostly go after plum Shenzhen-Hong Kong Listed on the HKEX in June 2020 ver in 1997, especially after 2003 environment for tourism. and Guangdong province. jobs in the well-paid fi nancial ser- Tourism, he believes, can be the past two decades, the mutually vation cluster to rival the likes of the 3 Seoul when tourists from the Chinese However, he said Hong Kong still benefi cial cooperation between the Silicon Valley in the Bay Area, Hong vices, healthcare and legal sectors. mainland were allowed to visit the has a lot to do to rebuild its repu- revived once the pandemic is over, th nd th nd st mainland and the SAR has been a Kong is set to write a new chapter in “This is totally di¡ erent from the 25 32 46 52 91 4 SAR on an individual basis, noted tation as a popular international with Hong Kong’s solid founda- Beijing Listed on the Nasdaq in May 2014 real eye-opener to the city’s tech cir- its development since reunifi cation, past. In the 1950s and 1960s, the The University of The Hong Kong The Chinese City University Hong Kong Lo Sui-on, director and honorary travel destination that has been tion in the industry and its close cle,” said Wong, who is also a Hong he reckoned. best graduates of my generation, Hong Kong University of Science University of of Hong Kong Polytechnic 5 San Jose-San Francisco chairman of China Travel Service tarnished by the unrest. The task of links with the mainland, as well as Kong deputy to the National People’s Deeper bilateral collaboration is with simple and pure love for their and Technology Hong Kong University (Hong Kong) — the fi rst mainland- promoting Hong Kong tourism in neighboring countries and regions. Congress and member of the Hong underway. The Hong Kong Univer- homeland, a sense of duty and a will- Listed on the HKEX in June 2020 run travel agency set up in the SAR the global market and restoring the Timothy Chui Ting-pong, exec- Kong Basic Law Committee. sity of Science and Technology will ingness to serve the country, always and now one of the largest travel city’s hospitality, especially among utive director of the Hong Kong Closer ties with the mainland soon open its campus in Guangzhou, sought to work in the science and mainland travelers, is paramount, Tourism Association and director has enabled Hong Kong people confident of building up a talent technology fi eld,” he recalled. “It’s a PEOPLE’S LIVELIHOOD 22% he stressed. of the Travel Industry Council of to join hands with their mainland pool in interdisciplinary research. fairly simple, but society-wide idea to Favorable policies for HK residents UK Lo would like the SAR govern- Hong Kong, said that amid a global peers in a constellation of research The Open University of Hong Kong, devote our expertise and know-how ment to take the lead in promoting economic recession, Hong Kong projects and reap the rewards of according to Wong, will also launch to the technological advancement of April 2017 November 2019 HK remains the 41% local residents’ awareness of the has to ensure that tourism recov- its own campus in Zhaoqing. a stronger, more prosperous mother- 16% importance of tourism to Hong ers so that people’s livelihood can biggest offshore Singapore “The combination of technology, land, without giving much thought Admission to Shenzhen’s public primary 16 policy measures including Hong Kong people to get equal rights HK Kong’s economic development, be improved by creating more jobs. policy, market and fi nance is the win- to how much we could earn.” schools. in property purchases in the Bay Area, supporting Hong Kong RMB trade center and make them feel it’s vital to The community is called to sup- ning formula for success,” said Chan “However, through favorable poli- residents to use the mobile electronic payment services on the in 2019 11% attract visitors by showing their port tourism, and industry play- Ching -chuen, Hong Kong’s fi rst aca- cies, government initiatives and in- October 2017 mainland, opening mainland bank accounts, etc. US hospitality. ers must upgrade the quality of 9% demician of the Chinese Academy of depth integration with the mainland, Special scholarship for enrolling at China Travel Service (Hong services to cater to the needs of all 6 Others Engineering. I think this will all change. Our young mainland universities. January 2020 Kong) Chairman Yiu Si-wing, who travelers in a time of uncertainty, “Hong Kong’s competitive edge people will rekindle their interest Hong Kong residents employed on the mainland can join the local Lo Sui-on represents the tourism sector in he said. 5 lies in fi nance and universities, but in innovation and technology, and December 2017 social security scheme, which includes five occupational insurance 5.38 the financial hub has long been rediscover their passion for contrib- Equal rights to housing provident fund on the plans enjoyed by local counterparts in the mainland. Chan Ching- chuen restricted by a lack of research cen- uting to the motherland,” said Wong. 4 mainland. 4.21 May 2020 3.93 May 2018 26 specific financial measures in six areas were proposed by the 3 Developer reaping the fruits Cross-boundary remittance of science and People’s , China Banking and Insurance Regulatory Handover a new beginning technology project funding. Commission, China Securities Regulatory Commission and State 2 Administration of Foreign Exchange to promote financial opening RMB trade settlement handled of closer mainland ties July 2018 and innovation and deepen the financial cooperation between the 1 by banks in Hong Kong for the city’s prosperity mainland and Hong Kong and Macao. Applications for the China National Arts Fund. Unit: trillion yuan By OSWALD CHAN in Hong Kong have seen ’s 0 By EDITH LU in Hong Kong As the clock ticked toward the June 2020 [email protected] market capitalization surge from [email protected] handover, the national fl ag of the 2017 2018 2019 HK$19.1 billion ($2.44 billion) as A pilot program enabling Chinese mainland residents in United Kingdom and Hong Kong’s September 2018 Source: The Liaison Office of the Central People’s Hang Lung Properties — one of of June 30, 1997 to HK$26.2 bil- the Bay Area to open special investment accounts The sky opened up on June 30, British colonial flag were slowly Start of applications for residence permits with Government in the HKSAR; HKSAR government; HKEX; Hong Kong’s oldest developers — lion by Dec 31 last year — up 37 1997. lowered. At the stroke of midnight, with the banks in Hong Kong and Macao BIS; WIPO; QS World University Rankings 2020 boasts being one of the key ben- percent. Ronnie Chan Chi-chung Allan Zeman more rights and benefits for Hong Kong and Macao “It was pouring, probably one of the national flag of the People’s to buy their qualified wealth efi ciaries of Hong Kong’s return Besides dealing in residential, past few months. residents living on the mainland. the heaviest downpours I’ve ever Republic of China, as well as the share of the fi nancial bonanza. management products 23 years ago, harvesting on the o• ce and retail property in Hong Looking ahead, Chan remains seen,” recalled business tycoon new Hong Kong regional fl ag, were “Hong Kong’s economy saw enor- 200,000 was announced. closer integration between Hong Kong, Hung Lung Properties has bullish about the mainland’s Allan Zeman. hoisted, symbolizing the country’s mous growth as mainland tourists Hong Kong people had applied for the mainland July 5, 2019 Kong and the Chinese mainland been involved in the mainland’s retail-property sector. resumption of exercise of sover- swarmed into the territory, lifting property market since the 1990s, “Over the next three to five It was a momentous occasion residence permit by the end of September 2019. Guangdong provincial authorities issue a three-year action plan that has fueled the growth of the and a day to remember for Zeman, eignty over Hong Kong. the fortunes of businesses here, par- property sector. focusing on building high-end years, we see rapid growth for the for the Bay Area from 2018 to 2020, together with an official doc- whose name is synonymous with “It’s something very special in my ticularly, tourism, retail and food “Following the reunification, shopping malls in second-tier cit- mainland’s retail-property seg- Hong Kong’s famed nightlife spot heart that I’ll never forget. I was and beverage,” said Zeman. ument that outlines key events for the province to accomplish Hong Kong and the mainland ies. The developer has cultivat- ment. Nowadays, mainland con- Lan Kwai Fong, located in the heart very fortunate indeed to be pres- This year marks the 23rd anni- for advancing the Bay Area development in the coming decade. have forged key pacts that facili- ed its niche-market dominance sumers as young as 30 years old of the city’s central business district. ent to watch this historic moment,” versary of the handover — a tumul- tate a heavier flow of people, in Shanghai, , , can a¡ ord luxury items,” he noted. He was on a selected list of the said Zeman. “It’s like something in tuous year for Hong Kong, which Nov 6, 2019 goods and capital, and this bodes , , , Tianjin Hang Lung Group’s property local political and business elite a history book.” has seen 12 months of social unrest well for the property business,” and . leasing revenue for the 2019 invited to the solemn ceremony at The handover was also witnessed on top of strained relations between The central government unveils 16 favorable said Hang Lung Properties Chair- In addition to closer economic fi nancial year stood at HK$9.139 the stroke of midnight to herald the by hundreds of journalists from all the world’s two largest economies. policies for Hong Kong. man Ronnie Chan Chi-chung. integration, the Hong Kong-listed billion, having soared 2.65 times transfer of Hong Kong back to the over the world. They came to inter- “Hong Kong has gone through The Pearl River Delta region, for company benefi ts from the main- since 1997. The developer’s total People’s Republic of China after 156 view Zeman — a Canadian-born a huge rift, starting from last year. instance, is one of the world’s larg- land’s economic development that gross floor area of investment years of British rule. Hong Kong businessman with deep The protests have really destroyed est global supply chain bases. The has spurred tremendous growth properties reached 60.9 million As the then-British colonial gov- roots in the city — seemingly wor- our brand name. The trade spat May 14, 2020 ceaseless fl ow of goods and ser- of the middle class. square feet — up 3.23 times, com- ernment held a farewell ceremony ried it would be the end of Hong between China and the US has vices into the region will, in turn, “For nearly nine years, rental pared with 23 years ago. A financial support guideline for the develop- out in the open at Tamar a few Kong’s prosperity. made Hong Kong the ham in the Oct 24, 2018 attract professionals and capital, revenues from our mainland During the financial year of hours before the historic ceremo- “I kept saying ‘no’. I told them I middle of the sandwich,” lamented ment of the Guangdong-Hong Kong-Macao spurring demand for properties portfolios have exceeded Hong 2019, the mainland accounted for ny, the rain started lashing the city know China and I know how fast Zeman. The Hong Kong-Zhuhai- Greater Bay Area is issued. in Hong Kong. Kong’s,” Chan revealed. 54 percent of the group’s property relentlessly. Zeman found himself it’s developing — this is only a new The tycoon believes the national Macao Bridge, the world’s Feb 18, 2019 “Looking ahead, the central As the economy falters due to leasing revenue, whereas this mar- completely soaked. beginning,” said Zeman. security law for Hong Kong will longest sea crossing link, The central govern- government might come up with weak export performance, the ket did not contribute any leasing He was then ushered into the Under the “one country, two put the city back on track and win opens to the public. ment unveils its blue- further measures to encourage central government is poised to revenue 23 years ago. The Hong posh Hong Kong Convention and systems” principle and through back the trust that was lost. Hong more mainland enterprises to set boost domestic consumption as Kong property leasing market print for the Bay Area’s Exhibition Centre in Wan Chai, an individual visit scheme, busi- Kong people will also be able to up shop in Hong Kong and the a key economic growth driver. accounted for the group’s entire development plan. which was specially built for the nesspeople and tourists from the strengthen their sense of national city’s economy will benefi t,” Expenditure on luxury homes leasing revenue in the 1996-97 occasion and would later become mainland can visit the SAR on an identity and pride. Chan noted. and products on the mainland fi nancial year, but slipped to 46 the city’s iconic landmark that individual basis — a tremendous Zeman has lived in Hong Kong for The past 23 years has seen a steep rebound in the percent last year. draws visitors by the score each boost for the local economy with almost half a century. He renounced year, the bulk from the Chinese the hospitality, retail and travel- his Canadian citizenship and adopt- mainland. related industries reaping the lion’s ed Chinese nationality in 2008.

July 1, 2017 Sept 23, 2018 President Xi Jinping The Hong Kong June 30, 2020 oversees the signing of the section of the The law on safeguarding Framework Agreement on Guangzhou- national security in the Deepening Guangdong- Shenzhen- HKSAR of the People’s Hong Kong-Macao Hong Kong Republic of China is Cooperation in the Devel- Express Rail passed and prom- opment of the Bay Area. Link goes into ulgated. operation.