GBA No Threat To HK's Unique Tax Status: CS

The Chief Secretary Matthew Cheung has reaffirmed that Hong Kong's special tax status will not be undermined by a Greater Bay development blueprint recently unveiled by the central government.

Writing in his blog on Sunday, Cheung also brushed aside concerns that further integration with mainland cities would erode the 'one country two systems' principle.

Cheung said such integration will only further enrich the implementation of the principle and benefit Hong Kong's long-term stability and prosperity.

The blueprint sets out details for a technology-driven economic powerhouse centred on Guangdong province to rival areas like Silicon Valley.

The plans identify Hong Kong, Macau, Guangzhou and Shenzhen as “core engines” for development in the region, and back SAR efforts to strengthen its position as a global hub for finance, ports, trade and aviation.

Many pro-democracy lawmakers have expressed concerns about the blueprint, and IT sector lawmaker Charles Mok and Democratic Party chairman Wu Chi-wai said last month that they feared the plan would lead to a brain drain from the city.