Today, a major event took place.

The "Notice on Optimizing Measures for Travel Between the Mainland and Hong Kong and Macao" was issued, marking the resumption of border crossings between Hong Kong, Macao, and the mainland:

Mandatory nucleic acid testing for all travelers entering from Hong Kong has been lifted;

Services for transit and transfer through Hong Kong and Macao international airports to the mainland have resumed;

Processing of travel and business visas for mainland residents traveling to Hong Kong has resumed;

Passenger services at land and water ports between the Mainland and Hong Kong and Macao will be gradually, orderly, and fully resumed;

Orderly resumption of tourism by mainland residents to Hong Kong and Macao.

This is good news for both travel enthusiasts and businesses impacted by the pandemic.

01

At a press conference on the afternoon of January 5, Hong Kong Chief Executive John Lee announced the first-phase arrangements for the resumption of cross-border travel between Hong Kong and the mainland:

Starting January 8, up to 60,000 Hong Kong residents per day will be allowed to enter the mainland via various sea, land, and air ports of entry, with approximately 50,000 of them able to enter via land ports.

There will be no passenger limits at Hong Kong and Macau ferry terminals, airports, or the Hong Kong-Zhuhai-Macao Bridge.

In the first phase, seven border crossings will be opened, including three currently operational crossings: Shenzhen Bay, Man Kam To, and Lok Ma Chau.

To facilitate and ensure the return of Hong Kong residents currently in the Mainland and the return of Mainland residents in Hong Kong to the Mainland, these individuals will not count toward the daily quota.

This adjustment signifies a substantial step forward in cross-border travel between the mainland and Hong Kong.

Positive signals are coming one after another; China’s economy is truly set to rebound. Entrepreneurs’ confidence in investment has also been reignited.

In 2023, be prepared to go all out for economic growth.

02

In recent years, the traditional export-oriented economic models of Hong Kong and Macao have faced unexpected changes.

In the latest Global Financial Centres Index (GFCI) report, the world’s top three financial centres have shifted to New York, London, and Singapore, with Hong Kong ranking fourth.

For this very reason, how to proactively build new “moats” for Hong Kong and Macao will have far-reaching implications.

The key to Hong Kong’s breakthrough lies in science and technology innovation.

In a nutshell, Hong Kong’s past success stemmed from its effective role as an “intermediary.” Whether in transshipment trade or financial services, the essence has been leveraging professional skills and labor resources to connect East and West and bridge domestic and international markets.

In this sense, Hong Kong is also a region that relies on resources.

However, professional skills are a resource that is rather intangible. To break through this impasse, Hong Kong must provide new value to the mainland and the world—namely, technological innovation capabilities that embody concentrated professional expertise.

Moreover, a key characteristic of technological innovation is intelligence. For Hong Kong, where land is at a premium and labor costs are high, this is the ideal path forward.

The key to Macau’s breakthrough lies in diversification.

This is easy to understand: the gambling industry accounts for half of the tertiary sector, a reality Macau must confront head-on.

On September 23, a special meeting of the Central Leading Group for Hong Kong and Macao Affairs was held. In the official press release—less than 600 words long—the phrase “diversified development of the economic system” appeared six times:

The central government will provide full support in areas such as infrastructure construction, major livelihood projects, and the diversified development of the economic system.

It has been one year since the Hengqin Guangdong-Macao In-depth Cooperation Zone was officially established, and its founding purpose was to create conditions for the moderate diversification of Macau’s economy.

……

Hengqin may open up new avenues for Macau’s “moderate diversification,” while Shenzhen and Hong Kong will join forces in the Northern Metropolis.

On December 21, Guangdong, Hong Kong, and Macao jointly hosted their first Global Investment Promotion Conference, working together to build a world-class investment hub.

At this conference, a total of 853 cooperative projects were finalized, with a staggering total investment of 2.5 trillion yuan.

The level of attention is unprecedented, the scale of support is unprecedented, and the opportunities for the Greater Bay Area’s development are unprecedented.

Today, cities within the Guangdong-Hong Kong-Macao Greater Bay Area no longer operate in isolation but are viewed as an integrated whole.

Cities complement each other’s strengths and weaknesses, optimizing their overall layout.

With a high degree of openness, the Greater Bay Area is demonstrating its sincerity to global investors in attracting investment and pursuing win-win cooperation.

03

Over the past three years of the pandemic, many people on the mainland and in Hong Kong have been hoping for the swift resumption of normal border crossings.
This is a crucial step toward fully emerging from the pandemic.

It is understood that due to the inability to cross the border normally during the pandemic, some primary and secondary schools in Hong Kong had to continue online instruction, as some students live in Shenzhen and are cross-border students.
Businesspeople and tourism industry professionals who travel between Shenzhen and Hong Kong are also eagerly awaiting the reopening of border crossings.
2023 marks the 20th anniversary of the launch of the Mainland Residents’ Hong Kong and Macao Individual Visit Scheme.
Twenty years ago, following the end of the SARS outbreak, this scheme provided new growth opportunities for the economies of Hong Kong and Macao.
Now, as pandemic policies are gradually optimized, another economic restart button has quietly been activated.
A new round of “crossing the river by feeling the stones” has also begun.
But we are confident.

These two Special Administrative Regions have time and again pioneered new possibilities for China. This time, of course, will be no exception.