Chief Secretary Henry Tang Ying-yen of Hong Kong said the Lok Ma Chau Loop between Hong Kong and Shenzhen can be turned into a base for the development of innovative technology.
He said, "The development cost of the loop will be high so we must do something which has value added."
Tang Ying-yen, who is responsible for cooperation between Guangdong and Hong Kong, said foreign investors are hesitant about investing in similar schemes in the Mainland even though the technological expertise is available since the protection of intellectual property rights there is weak.
Henry Tang Ying-yen then added, "But since Hong Kong will be responsible for the management of the loop, Hong Kong’s intellectual property rights legislation will be applied."
As a confidence booster that leaves a little to be desired.
According to the Innovation and Technology Commission, there are currently 11 innovative technology areas. These are automotive parts and accessories; biotechnology; Chinese medicine; communication; consumer electronics; environmental technology; integrated circuit design; logistics and supply chain management enabling technologies; nanotechnology and advanced materials; optoelectronics and textiles and clothing.
Interestingly, Henry Tang Ying-yen said he saw no point in developing financial services in the loop as most deals now can be concluded through the internet.
There are other suggestion about how to deal with the areas. Executive Council convener Leung Chun-ying suggested turning the Frontier Closed Area, instead of the loop, into an economic zone since the latter was bogged down by "historical issues".
Leung said the zone, to which Mainlanders should be given free access, could be developed into an exhibition and convention center together with medical and educational facilities plus shopping.
Shenzhen mayor Xu Zongheng said earlier this month he has his own ideas about the Loop but it was too early to reveal them.
Three working groups have been set up by the two governments to look into development of the Loop. And it appears not everyone is in total agreement on how to proceed.
Henry Tang Ying-yen said, "Guangzhou-Shenzhen-Hong Kong Express Rail Link will be the next exciting project. It will only take us an hour to get to Guangzhou and then three hours to places outside Guangdong province such as Fujian, Hubei, Jiangxi, Sichuan, Zhejiang."
The best thing is to attract Mainlanders to invest and buy property in Hong Kong. It is a status symbol for mainlanders to have property in Hong Kong/
The Standard reported that Tang had said the government has not made up its mind on who to appoint as chairman of the West Kowloon Cultural District Authority. Tang said, "I can only say we need a different quality of person at each stage."