China’s Reopening Catapults Greater Bay Area into Global Fourth Industrial Revolution Vanguard – Experts

hong-kong-sar-dayHong Kong, August 2023 – AI and Web3 companies from Hong Kong and the Greater Bay Area in south-east China have been at the forefront of lifting the world of the fourth industrial revolution to new levels, and China’s reopening accelerates these tailwinds, experts weigh ahead of the first Edge Global AI and Web3 Investment Summit, September 25 – 27, Hong Kong.

According to a study by HSBC Asia-Pacific, from 2012 and 2021, the value of China’s digital economy quadrupled from 11 trillion yuan to more than 45.5 trillion yuan, while its share of GDP increased from 22 to 40 percent. An ample share of the growth story was generated by the Greater Bay Area, located in southeast China. The region comprises 86 million people, including most of Guangdong Province, Shenzhen Special Economic Zone, Hong Kong Special Administrative Region, and Macao, with a combined GDP of 1,943.54 billion U. S. dollars.

Hong Kong, combined with Shenzhen and Guangzhou, represents the world’s second-best science and technology cluster, according to the Global Innovation Index 2021.

The re-opening of China has put “Asia’s Gateway to the World” back on the map, experts say in particular in relation to blockchain technology, Web3, AI, drones, robotics, and fintech, the range of solutions emerging from the Fourth Industrial Revolution. Earlier in August, China re-installed group visa possibilities for more than 70 countries, including the U. S., Japan, and the UK.

For Tony Tong, the Co-Founder & Co-Chairman of Hong Kong Blockchain Association, and Co-Chairman of Belt & Road TechFin Association, the comeback of the Great Bay Area is also the result of Hong Kong’s strong drive in capital markets. “Hong Kong has been the largest capital market in the traditional financial world for this financing in the past decade or two, with the annual amount of IPO financing and the annual amount of various VC private placement financing,” says Tong.

“Hong Kong is one of the best places in the world, and the metropolis is also one of the freest economies in the world, so Hong Kong will inevitably become the development center of Web3,” adds Tong who will speak at the upcoming Edge Global AI and Web3 Investment Summit.”

Nikita Sachdev, CEO, of Luna PR, Dubai, says: “As I gear up for the Edge Web3 & AI Investment Summit in Hong Kong, one thing is clear – the Web3 industry is igniting change. Hong Kong’s role in this transformation is unmistakable, with its growing Web3 ecosystem.” In June 2023, Hong Kong’s Securities and Futures Commission began accepting applications for licenses to set up cryptocurrency trading platforms.

Vertex Labs Founder and the Edge conference’s chairman Ander Tsui notes: “China has consistently held a position at the forefront of Web3 development, boasting an abundance of exceptional Web3 funds and entrepreneurs. Meanwhile, Hong Kong enjoys both political stability and an immensely supportive legal framework. With the substantial backing of the Hong Kong government, we envision the EDGE Summit to serve as a platform for the exchange and dissemination of cutting-edge insights on a global scale. This gathering aims to explore the potential for Hong Kong to emerge as the premier incubation hub for avant-garde technologies such as Web3 and AI, not only within Asia but across the world. For pioneers in the realms of AI and Web3, Hong Kong holds the promise of being an excellent launching pad.”

This leads Moshe Shlisser, Chairman of Oobit Technologies, to say: “I look forward to being a part of The Edge Summit, especially with the caliber of attendees we already see for the event. Hong Kong is shaping up well to become a global crypto hub, so having the first Edge Summit in Hong Kong plays well in promoting the growing ecosystem for tech in the region. AI has quickly become a part of every company, entrepreneur, and individual, and we see the potential in finding a bridge between Web3 and AI. This first summit will set the stage for highlighting some of the most significant advancements we’ve seen recently and those yet to come out.”