Lacking resources and insufficient connectivity in the Greater Bay Area region has slowed progress to become a high-tech hub, according to Beijing officials, who suggested more cross-border financing via bank lending and private equity.
The comments were part of the findings presented at a recent committee, headed by Zhu Xiaodan, overseeing non-mainland Chinese affairs, according to state media.
Issues highlighted by Zhu included the lack of science and technology infrastructure, including research and development in Hong Kong and Macau. Cohesion between citifies was also poor evidenced by overlaps in competition, resource mismatches and limited cooperation and investment in tech innovation projects.
Other shortcomings underlined included lacking channels for cross-border research and development funding, incompatible regulations and a lack of mutual recognition of professional qualifications.
Finance Boost
As part of its recommendations, he committee suggested improving cross-border financing by boosting bank lending and private equity in three specific areas: the Lok Ma Chau Loop-Qianhai at the Hong Kong-Shenzhen border; Hengqin between Macau and Zhuhai and Nansha-Huangpu in Guangzhou.
Cross-border venture capital fundraising and related investments should also be considered, the committee added.
Finance aside, the committee suggested for the next five-year plan for GBA to also include key scientific and tech infrastructure; a cohesive intellectual property rights protection regime; and Hong Kong and Macau participation in new national industry research centers in the Guangdong province.
