Part 1/11:

The Future of Hong Kong in the Greater Bay Area: A Long Road to Reinvention

Hong Kong's Decline and the New Vision

Once hailed as the "Pearl of the Orient," Hong Kong's economic gleam has dulled over recent years, with its performance overshadowed by mainland Chinese coastal giants like Guangzhou and Shenzhen. Between 2019 and 2023, Hong Kong experienced a significant economic downturn, shrinking in three out of five years—a consequence of pro-democracy protests, COVID-19 restrictions, and political uncertainties. Despite a modest recovery with a 3% growth in 2022, its economy remains fragile compared to the greater Bay Area (GBA), which targets annual growth rates above 5%.