Despite the fact that Hong Kong has always served as a bridge for the Mainland’s capital flow and foreign trade, with the ongoing economic downturn in China and the US and mounting tensions between the two countries, the long-established status of the SAR as an international financial centre is under threat. [...] 1 The Hong Kong SAR Government should squarely address the core and structural problems of the economy to identify the reasons for the city’s weakening competitiveness and to devise a strategy accordingly. [...] Given that BRICS nations account for a relatively large portion of the world’s population, GDP, oil production, etc., the six new members contribute 11% of the GDP worldwide, increasing the overall shares of the BRICS+ in the global GDP and population to 30% and more than 50% respectively. [...] As such, it paves the way for the upstream “zero to one” marketization of knowledge and basic R&D and the downstream sales targeted at the expanding markets among the BRICS+ and ASEAN member countries. [...] “Hong Kong-Shenzhen joint research efforts, development of the GBA, global market, and international financing”: With complementary competitive edges, Hong Kong and Shenzhen can join hands to build a technological innovation ecosystem that helps the SAR to fulfil its role as the upstream and downstream of the innovation clusters in the GBA.
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- China