As the global economy grapples with ongoing turbulence fueled by the reckless tariffs war initiated by the United States, Hong Kong faces an increasingly critical decision: Embrace deeper integration and collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area, or risk being caught unprepared in the storm. 

The recent escalation of tariffs between Washington and Beijing, including the unprecedented 145 percent tariff imposed by US President Donald Trump on Chinese goods, serves as a vivid reminder of how vulnerable the Hong Kong Special Administrative Region remains to external economic shocks. Against this backdrop of uncertainty, recent news coverage on the Greater Bay Area, especially Shenzhen’s innovation hubs, offers a timely glimpse of how the HKSAR can seize opportunities in the Greater Bay Area to build a stronger, more resilient economic future.

I have noticed that recent news on the Greater Bay Area has placed a much-needed spotlight on the rapid progress and remarkable achievements of Shenzhen — a core city within the region — and its growing ties with its neighbor, the HKSAR.

The news coverage on state-of-the-art technologies and the ecosystem is eye-opening, illustrating that closer collaboration among the region’s innovation centers holds enormous transformative potential.

The Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone showcased the intense integration that Hong Kong institutions have been involved in with cross-boundary research and innovation projects. The zone, a flagship collaboration between Hong Kong and Shenzhen, has attracted many Hong Kong universities and research institutions, involving them in over 200 projects ranging from artificial intelligence to advanced green technologies. Notably, five research centers affiliated with Hong Kong’s top universities have established a presence here, underscoring the city’s crucial role in the region’s innovation landscape.

Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone further highlighted Hong Kong’s growing economic integration and collaborative momentum within the Greater Bay Area. The zone has already successfully attracted more than 9,200 Hong Kong-registered enterprises, capitalizing on preferential policies and streamlined administrative processes. Qianhai exemplifies how Hong Kong companies, particularly those in finance, professional services, and logistics, can thrive when they leverage Chinese mainland opportunities through dedicated cooperative platforms.

Shenzhen’s vibrant entrepreneurship ecosystem — which lies within easy reach of Hong Kong’s businesses and investors — exemplifies intense innovation and rapid technological advancement, and represents a clear pathway for the city to diversify its economic base and mitigate the impact of external shocks such as trade wars and tariffs.

Moreover, Shenzhen’s strategic positioning as an international aviation and logistics hub, combined with Hong Kong’s strengths as a global financial center and commercial gateway, offers tremendous opportunities for synergy.

Hong Kong enterprises can leverage their unique strengths — international finance, professional services, and global connectivity — to complement Shenzhen’s technological prowess and manufacturing expertise.

By drawing widespread attention to the tangible developments and success stories occurring within the Greater Bay Area, the recent media coverage stimulated public awareness, enthusiasm, and confidence beyond the businesses circles.

It helped dispel lingering misconceptions and uncertainties, demonstrating the real, practical benefits of closer economic integration. The central government’s unwavering commitment to supporting and facilitating collaboration among Hong Kong, Shenzhen, and other Greater Bay Area cities boosted market confidence, providing reassurance and encouragement to local businesses looking to tap into the region’s vast and growing market.

Indeed, the recent volatility in trade relations between China and the US serves as a stark reminder that Hong Kong cannot rely solely on traditional markets and trade routes. Instead, our city’s future prosperity lies in proactively engaging with the opportunities presented by regional economic integration, innovation, and technological advancement.

The Greater Bay Area, with its rapidly developing infrastructure, dynamic innovation clusters, and open business environment, offers Hong Kong a clear and effective strategy for economic diversification and resilience. The city has much to gain from participating in joint ventures, collaborative research, and regional partnerships. These efforts will not only help safeguard Hong Kong against global economic risks but also ensure our continued relevance and competitiveness on the global stage.

While the prospect of reduced tariffs between China and the US might temporarily ease tensions, Hong Kong’s businesses and policymakers must not become complacent. Instead, we must seize this critical moment, using the momentum generated by the Greater Bay Area’s ongoing development, to deepen regional integration and cooperation. By actively embracing the Greater Bay Area initiative, Hong Kong can secure a sustainable, diversified, and prosperous economic future — even in an era of global uncertainty.

The author is the convener at China Retold, a member of the Legislative Council, and a member of the Central Committee of the New People’s Party.

The views do not necessarily reflect those of China Daily.