World Economy

HK Told to Diversify Economy

HK Told to Diversify EconomyHK Told to Diversify Economy

Hong Kong must uphold its rule of law and diversify its economy to make Beijing’s “Greater Bay Area” project a success, according to local lawmakers on a five-city tour of mainland China, Xinhua reported. They were referring to the central government’s plan to forge an integrated business powerhouse across Hong Kong, Macau and nine cities in Guangdong province. The bay area stretches over 56,600 square kilometers, covers 11 economies that were worth $1.36 trillion in 2016, and has an estimated population of 66.7 million. The group, comprising 23 pro-establishment and nine pan-democratic lawmakers, is the largest delegation of city legislators to visit the mainland since 2014. Accompanied by four Hong Kong ministers, they began a three-day tour on Friday to learn more about Beijing’s plan. On Saturday, they visited the state-owned lab called China Spallation Neutron Source center in the city of Dongguan. The facility, which cost $300 million to build, focuses on microscopic technology research that helps scientists examine structures ranging from DNA to aeronautic materials. It has been described as the first of its kind in the country and is only the fourth such center in the world after Japan, the US and Britain.


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