Our Hong Kong Foundation–Dah Sing Bank Greater Bay Area Industry Development Index 2024
Our Hong Kong Foundation–Dah Sing Bank Greater Bay Area Industry Development Index 2024
Multi-dimensional and scientific assessment of the 11 GBA cities to help decision-makers seize new opportunities
Hong Kong’s strengths reflected in its lead in 3 key industries
(5 November 2024) Our Hong Kong Foundation (OHKF) and Dah Sing Bank jointly released today the “Our Hong Kong Foundation–Dah Sing Bank Greater Bay Area Industry Development Index 2024” (“the Index”).
The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development is a key national strategy, with each city’s unique development enabling the growth of complementary advantages, creating a diverse range of industries and building an international talent and capital hub. As such, the GBA’s economic and industry conditions have attracted great attention and are crucial for companies seeking market opportunities. The Index comprehensively analyses the performance of the “9+2” GBA cities across 6 key industries – Financial Services, Innovation & Technology (I&T), Trade & Logistics, Manufacturing, Construction & Real Estate, and Culture, Sports & Tourism, providing policymakers, businesses and research institutions with important references through multi-dimensional and scientific assessments, including recommendations on complementary advantages for cities in the region.
Integrating both quantitative and qualitative approaches to evaluate industry performance, “the Index” examined over 130 statistical indicators and 1,400 data points and surveyed more than 3,000 GBA enterprises, offering diverse insights.
Among the insights presented in this inaugural Index, the most significant findings are as follows: Hong Kong showcases its regional edge by ranking first in 3 of the key industries; the 11 cities, each with their own unique strengths, highly complement each other; and lastly, businesses in the region are optimistic about market development in the coming year, as indicated by the rise in scores of the Confidence Index.
Hong Kong’s strengths reflected in its lead in 3 key industries
According to “the Index”, Hong Kong tops the chart in 3 key industries, namely Financial Services, Trade & Logistics, and Culture, Sports & Tourism, highlighting the city’s competitive advantage. With a maximum score of 100, “the Index” evaluates the development of 11 cities across 6 key industries.
In the Financial Services industry, Hong Kong leads with a score of 82.6, driven by its highly internationalized market, a well-developed talent pool and supportive policies that connect the international and mainland markets.
In the Trade & Logistics industry, Hong Kong ranks first with a score of 83.0. As a free port and the only common law jurisdiction in China, Hong Kong not only has an extensive international network and efficient aerial logistics capabilities but also has a strong advantage in international trade arbitration.
In the Culture, Sports & Tourism industry, Hong Kong holds the top position with a score of 79.4, demonstrating the government’s commitment to protect, preserve and promote intangible cultural heritage. In sports, the city has hosted and plans to host over 40 large-scale events in 2024. Moreover, Hong Kong also ranks first in 3 indicators: “Humanity Resources”, “Economic Contribution” and “Policy Support”.
In the remaining 3 key industries, Shenzhen ranks first in the I&T industry (with a score of 84.2) due to its significant investment in R&D and its comprehensive I&T industrial chain. As of 2024, Shenzhen is home to 34 unicorns, the highest in the GBA. Shenzhen also holds the top position in the Manufacturing industry (with a score of 83.9), performance particularly well in "Modern Manufacturing", such as communication equipment and integrated circuits subsectors. In the Construction & Real Estate industry, Guangzhou takes the lead (with a score of 80.0) due the development of the "Retail Premise Market" and the easing of policy regulations.
Complementary strengths of the GBA foster synergistic economic growth
Through a comprehensive analysis of various indicators, “the Index” reveals that the complementary strengths among the 11 cities in the GBA are crucial for driving regional economic growth. Hong Kong, Shenzhen, and Guangzhou have showcased their unique advantages across multiple industries, collaborating to foster synergistic development.
In the Trade & Logistics industry, Hong Kong, Guangzhou, and Shenzhen are respectively positioned as the international aviation hub, domestic maritime trade center and international maritime trade center of the GBA, synergistically accelerating the industry’s regional growth.
In terms of the Manufacturing and the I&T industries, Hong Kong, Shenzhen, and Guangzhou have a closely integrated relationship across the entire industrial chain. While Hong Kong boasts a strong pool of scientific research talents, Shenzhen is equipped with a comprehensive array of scientific research patents. Zhongshan, Foshan, Guangzhou, and Shenzhen have also set up “Lighthouse Factories”. Hong Kong's excellent quality assurance and technical services further bolster the downstream development of the Manufacturing industry.
Confidence Index outlook: growing optimism in overall 2025 market performance
“The Index” referenced the practice of international organizations to assess industry confidence. Survey data indicate that industries across the GBA generally show optimism in the Confidence Index, with the market holding an increasingly positive outlook for overall economic performance next year. Among the 6 key industries, the Financial Services and Culture, Sports & Tourism industries exhibit the highest future scores in the Confidence Index, significantly surpassing the scores of other industries.
Promote complementarity among cities under “One Country, Two Systems”
OHKF President Dr Jane Lee expressed gratitude for the collaboration with Dah Sing Bank and the support provided to OHKF. Dr. Lee remarked: “As an important member of the GBA as well as an international city in China, Hong Kong should actively integrate into the overall development of the country and fully leverage its unique role, upholding common law and maintaining international professional standards under the principle of ‘One Country, Two Systems’. On the 5th anniversary of the announcement of the Outline Development Plan for the GBA, Hong Kong should seek new opportunities and foster complementary advantages with other GBA cities, creating synergies and driving industrial transformation.”
Provide indicative insights for investment and business operations to promote financial integration
Dah Sing Bank Vice Chairman, Managing Director and Chief Executive Mr Harold Wong said: "As a local bank deeply rooted in Hong Kong and dedicated to the Greater Bay Area, Dah Sing Bank has been committed to this region and actively contributes to its economic development by helping corporates and small and medium enterprises alike to seize cross-border opportunities. We are delighted to sponsor Our Hong Kong Foundation in the launch of this industry development index. We believe its indicative insights will help business communities and other audiences make informed investment and business decisions, and in turn promote further development and integration of the economies and financial markets within the region. Looking ahead, Dah Sing Bank will continue to harness our unique strategy and presence through our four operating entities in Hong Kong, Macao and the Greater Bay Area, capitalizing on the financial resources of our combined platform to deliver exceptional banking services to our customers."
“The Index” provides comprehensive insights across 6 key industries in the GBA
Vice President of OHKF cum Co-Head of Public Policy Institute Mr. Kenny Shui remarked: "As the first comprehensive index covering 6 key industries and assessing 11 cities from multiple dimensions, the Index utilises more than 130 indicators, 1,400 data points, and a survey of more than 3,000 enterprises. All recommendations are derived from substantial macro-level data and survey results, which provide decision-makers with objective insights from diverse perspectives and aim to offer comprehensive and valuable insights to foster complementary collaborations among the cities in the GBA."
Multi-dimensional and scientific assessment of the 11 GBA cities to help decision-makers seize new opportunities
Hong Kong’s strengths reflected in its lead in 3 key industries
(5 November 2024) Our Hong Kong Foundation (OHKF) and Dah Sing Bank jointly released today the “Our Hong Kong Foundation–Dah Sing Bank Greater Bay Area Industry Development Index 2024” (“the Index”).
The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development is a key national strategy, with each city’s unique development enabling the growth of complementary advantages, creating a diverse range of industries and building an international talent and capital hub. As such, the GBA’s economic and industry conditions have attracted great attention and are crucial for companies seeking market opportunities. The Index comprehensively analyses the performance of the “9+2” GBA cities across 6 key industries – Financial Services, Innovation & Technology (I&T), Trade & Logistics, Manufacturing, Construction & Real Estate, and Culture, Sports & Tourism, providing policymakers, businesses and research institutions with important references through multi-dimensional and scientific assessments, including recommendations on complementary advantages for cities in the region.
Integrating both quantitative and qualitative approaches to evaluate industry performance, “the Index” examined over 130 statistical indicators and 1,400 data points and surveyed more than 3,000 GBA enterprises, offering diverse insights.
Among the insights presented in this inaugural Index, the most significant findings are as follows: Hong Kong showcases its regional edge by ranking first in 3 of the key industries; the 11 cities, each with their own unique strengths, highly complement each other; and lastly, businesses in the region are optimistic about market development in the coming year, as indicated by the rise in scores of the Confidence Index.
Hong Kong’s strengths reflected in its lead in 3 key industries
According to “the Index”, Hong Kong tops the chart in 3 key industries, namely Financial Services, Trade & Logistics, and Culture, Sports & Tourism, highlighting the city’s competitive advantage. With a maximum score of 100, “the Index” evaluates the development of 11 cities across 6 key industries.
In the Financial Services industry, Hong Kong leads with a score of 82.6, driven by its highly internationalized market, a well-developed talent pool and supportive policies that connect the international and mainland markets.
In the Trade & Logistics industry, Hong Kong ranks first with a score of 83.0. As a free port and the only common law jurisdiction in China, Hong Kong not only has an extensive international network and efficient aerial logistics capabilities but also has a strong advantage in international trade arbitration.
In the Culture, Sports & Tourism industry, Hong Kong holds the top position with a score of 79.4, demonstrating the government’s commitment to protect, preserve and promote intangible cultural heritage. In sports, the city has hosted and plans to host over 40 large-scale events in 2024. Moreover, Hong Kong also ranks first in 3 indicators: “Humanity Resources”, “Economic Contribution” and “Policy Support”.
In the remaining 3 key industries, Shenzhen ranks first in the I&T industry (with a score of 84.2) due to its significant investment in R&D and its comprehensive I&T industrial chain. As of 2024, Shenzhen is home to 34 unicorns, the highest in the GBA. Shenzhen also holds the top position in the Manufacturing industry (with a score of 83.9), performance particularly well in "Modern Manufacturing", such as communication equipment and integrated circuits subsectors. In the Construction & Real Estate industry, Guangzhou takes the lead (with a score of 80.0) due the development of the "Retail Premise Market" and the easing of policy regulations.
Complementary strengths of the GBA foster synergistic economic growth
Through a comprehensive analysis of various indicators, “the Index” reveals that the complementary strengths among the 11 cities in the GBA are crucial for driving regional economic growth. Hong Kong, Shenzhen, and Guangzhou have showcased their unique advantages across multiple industries, collaborating to foster synergistic development.
In the Trade & Logistics industry, Hong Kong, Guangzhou, and Shenzhen are respectively positioned as the international aviation hub, domestic maritime trade center and international maritime trade center of the GBA, synergistically accelerating the industry’s regional growth.
In terms of the Manufacturing and the I&T industries, Hong Kong, Shenzhen, and Guangzhou have a closely integrated relationship across the entire industrial chain. While Hong Kong boasts a strong pool of scientific research talents, Shenzhen is equipped with a comprehensive array of scientific research patents. Zhongshan, Foshan, Guangzhou, and Shenzhen have also set up “Lighthouse Factories”. Hong Kong's excellent quality assurance and technical services further bolster the downstream development of the Manufacturing industry.
Confidence Index outlook: growing optimism in overall 2025 market performance
“The Index” referenced the practice of international organizations to assess industry confidence. Survey data indicate that industries across the GBA generally show optimism in the Confidence Index, with the market holding an increasingly positive outlook for overall economic performance next year. Among the 6 key industries, the Financial Services and Culture, Sports & Tourism industries exhibit the highest future scores in the Confidence Index, significantly surpassing the scores of other industries.
Promote complementarity among cities under “One Country, Two Systems”
OHKF President Dr Jane Lee expressed gratitude for the collaboration with Dah Sing Bank and the support provided to OHKF. Dr. Lee remarked: “As an important member of the GBA as well as an international city in China, Hong Kong should actively integrate into the overall development of the country and fully leverage its unique role, upholding common law and maintaining international professional standards under the principle of ‘One Country, Two Systems’. On the 5th anniversary of the announcement of the Outline Development Plan for the GBA, Hong Kong should seek new opportunities and foster complementary advantages with other GBA cities, creating synergies and driving industrial transformation.”
Provide indicative insights for investment and business operations to promote financial integration
Dah Sing Bank Vice Chairman, Managing Director and Chief Executive Mr Harold Wong said: "As a local bank deeply rooted in Hong Kong and dedicated to the Greater Bay Area, Dah Sing Bank has been committed to this region and actively contributes to its economic development by helping corporates and small and medium enterprises alike to seize cross-border opportunities. We are delighted to sponsor Our Hong Kong Foundation in the launch of this industry development index. We believe its indicative insights will help business communities and other audiences make informed investment and business decisions, and in turn promote further development and integration of the economies and financial markets within the region. Looking ahead, Dah Sing Bank will continue to harness our unique strategy and presence through our four operating entities in Hong Kong, Macao and the Greater Bay Area, capitalizing on the financial resources of our combined platform to deliver exceptional banking services to our customers."
“The Index” provides comprehensive insights across 6 key industries in the GBA
Vice President of OHKF cum Co-Head of Public Policy Institute Mr. Kenny Shui remarked: "As the first comprehensive index covering 6 key industries and assessing 11 cities from multiple dimensions, the Index utilises more than 130 indicators, 1,400 data points, and a survey of more than 3,000 enterprises. All recommendations are derived from substantial macro-level data and survey results, which provide decision-makers with objective insights from diverse perspectives and aim to offer comprehensive and valuable insights to foster complementary collaborations among the cities in the GBA."
