Focus onHong Kong Investment Immigration andHong Kong Economy: Peter Lam, Chairman of BlackRock Greater China and former Financial Secretary ofHong Kong, stated on November 12 at a seminar organized by Bloomberg that Hong Kong should establish a free trade zone with Guangdong Province to enhance its competitiveness as a commercial and financial center of China.
Peter Lam indicated that establishing a free trade zone would allow Hong Kong residents and businesses to freely access the Chinese market, better leveraging its tax advantages compared to Shanghai and other mainland areas.
He stated, “Shanghai lacks talent, while Hong Kong has an abundance of it. Hong Kong's taxes are very low, and the tax system is quite simple. With its rule of law, freedom, and the convenience and comfort of living conditions, I believe Hong Kong will attract more talent.”
Last month, the Chinese government announced the establishment of a free trade zone in Shanghai and its goal for it to become a global financial center by 2020, which has placed significant pressure on Hong Kong. The world's largest asset management company, BlackRock (BLK), indicated last month that it would reduce investment in Hong Kong due to concerns about its potential marginalization.
Zhao Guoxiong, Executive Director of Cheung Kong Holdings under Li Ka-shing, also stated at the seminar, “If Hong Kong does not integrate with the Pearl River Delta, it will lose its future.”
Asia's richest man, Li Ka-shing, also mentioned in September that Hong Kong needs to enhance its competitiveness, or it will fall behind Shanghai.
Zhao Guoxiong suggested that Hong Kong should build a railway connecting to Macau and Zhuhai, stating, “If we cut off our connection with the Pearl River Delta, we are marginalizing ourselves.”
