Hong Kong’s high-end service industries, such as legal and accounting services, will be able to serve their clients better in the coming years as China upgrades its communications networks with 4G and 5G technologies, according to a top academic in Hong Kong.
Faster data networks in China will help Hong Kong service industries to strengthen their existing advantages further, said Professor Thomas Chan, head of the Public Policy Research Institute at the Hong Kong Polytechnic University.
Commercialization of new-generation networks will accelerate the network speed and enable Hong Kong’s advanced high-end services, as well as e-commerce players in the Greater Pearl River Delta (GPD) region, to better serve clients around the world in real time, Chan said at an Invest Hong Kong conference on Wednesday.
In other comments, the professor said Hong Kong could see its position as the prime offshore center for the Chinese currency come under threat within five years. He noted that the city does not have a particular advantage over other places as the renminbi’s internationalization picks up steam.
Hong Kong should strengthen cooperation with other cities in the greater pearl delta (GPD) region and position itself as a platform to showcase Chinese products, he added.
According to the latest report released by Invest Hong Kong on Wednesday, the GPD is on a fast-track economic development as industrial upgrades have been transforming the manufacturing, services and high-tech industries in the region.
Invest Hong Kong is the investment promotion organization of the Hong Kong government.
The report suggested that the GPD already represents the fourth largest economy in the world, with combined gross domestic product of more than US$1 trillion as the end of 2012.
– Contact HKEJ at [email protected]