Opinion: HZMB opens the door for the 'bridgehead economy'

The Hong Kong-Zhuhai-Macao Bridge is undoubtedly a great project. However, the applause and admiration for the bridge has so far been mainly generated by its technical and engineering achievements instead of its economic significance. This is understandable as it has so far been under-utilized. How we can improve the utilization rate is not only a matter of infrastructure facilitation service but also an issue of having the right development philosophy.

To address the issue, my colleagues from One Country Two Systems Research Institute have just conducted a study on the HZMB, with a focus on a development philosophy - "bridgehead economy". The bridgehead economy is a model of transit-oriented development. It is not new as a concept of economic geography. The meaning of "bridgehead" goes beyond the bridge and refers to the location of large transport hubs. It is regarded as a strategic place to connect all kinds of resources - including people, logistics, capital, and information.

The case of a bridgehead economy is not rare in the world. The Oresund Bridge connecting Denmark and Sweden is one of the typical cases, which drives regional high-tech development. Amsterdam Airport Schiphol of the Netherlands is another example of the development of a sky city. On the Chinese mainland, the Hongqiao business district, developed as the future economic growth area of Shanghai, is also based on the geographical advantages of the transportation hub.

However, the significance of the bridgehead area of the Hong Kong-Zhuhai-Macao Bridge has been underestimated for a long time. This is not the first time Hong Kong has come up with such a great opportunity. Nearly 10 years ago, the Hong Kong-Shenzhen Western Corridor, also known as Shenzhen Bay Bridge, opened to traffic. On the other side of the bridge, Shenzhen has seized a great opportunity to develop a bridgehead economy in its Deep Bay area and successfully developed its Nanshan district into a modern hub of innovation, with industries of science, technology, commerce, culture and sports. It has been able to attract high-end Hong Kong and international talents. On the Hong Kong side, the development of Tin Shui Wai district has failed to take advantage of the bridge. As a result, the district remains relatively underdeveloped. The remarkable difference between Nanshan and Tin Shui Wai is a costly lesson for Hong Kong.

The opportunity comes again with the HZMB. As a large-scale transportation hub, the bridgehead economy region of Hong Kong does not only share the advantages of the mega bridge. With its proximity to the Hong Kong International Airport, SkyPier, and Express Rail Link, it serves as a strategic double gateway that connects Hong Kong with the mainland on one end and with the rest of the world on the other end. Its potential is much higher than the Shenzhen Bay Bridge. The key is how can we grasp the opportunity and maximize the utility of the bridge.

There are several recommendations in the report, with the core strategy of having strategic planning for a bridgehead economy in Lantau Island. Firstly, a high-efficiency transportation network should be built to link up the transportation infrastructure facilities. It is suggested that an overhead light rail train system, called Sky Rail, will run through the core area of the bridgehead region and enhance the transport network. The proposed nodes include the artificial island at Hong Kong Port, the Space City, the HKIA, the AsiaWorld-Expo, Tung Chung, and other significant locations.

Secondly, Hong Kong Boundary Crossing Facilities should be further developed into an Asia-Pacific Innovation Science and Technology Exchange Platform, instead of merely being a transportation hub for the HZMB. The platform can attract exhibitors from technology companies at home and abroad, serving as a demonstration venue for advanced science and technology products as well as a platform for scientific and technological exchanges. Once technology firms and talents gather in the area, demand for professional services will increase. Professional service providers in Hong Kong can take this opportunity to develop innovative and technological services and help expand the market of Hong Kong's leading industries.

Thirdly, bridge tourism should be improved. Hong Kong could create a brand-new image for the HMZB and launch different types of bridge-related tourism products, making the HZMB a more popular tourist attraction. The bridgehead core is the first stop for visitors from all over the world. Multiple traffic in the bridgehead transportation hub should be combined and be well planned to expand the scope of tourist services.

The reality is that the planning for the bridgehead region has lagged behind. However, just as the great British writer Charles Dickens once wrote: "It was the best of times, it was the worst of times". It is the time when the HZMB comes across with the Guangdong-Hong Kong-Macao Greater Bay Area. With the new developments and trends in the global economy and the national strategies, Hong Kong should explore new ideas and strive for economic diversity. The strategic value of a bridgehead economy will be more crucial than ever before. It will be never too late for Hong Kong to seize great opportunities if we do not repeat the same old mistakes.

The author is research officer of the One Country Two Systems Reasearch Institute.