HKMA Chief’s Second Term Vision: Accelerating Greater Bay Area Development and Expanding Cross-Border Trading Amid Pandemic Challenges

Chief of HKMA eyes Greater Bay Area and scheme connections in upcoming five-year term

The acting central bank plans to collaborate with mainland officials to cultivate the Greater Bay Area and enhance cross-border commerce, according to CEO Eddie Yue.

Eddie Yue Wai-man, set to begin his next five-year term as the city's unofficial central banker this Tuesday, stated that the progress of the Greater Bay Area's development has been more sluggish than anticipated. In February 2019, Beijing unveiled its master plan for the Greater Bay Area initiative, aiming to merge Hong Kong, Macau, and nine other mainland cities into a dominant economic force by 2035.

According to Yue, in a conversation last week, he mentioned that the Covid-19 pandemic, which has spanned over three years, has hindered the progress of the Greater Bay Area.

"In the coming half-decade, my aim is to enhance international trade and investment in the developmental sector."

When questioned about his desires, Yue expressed his interest in simplifying the process for Hong Kong firms to transfer funds for payroll and other costs related to their businesses in the Greater Bay Area.