HK leads in tourism, trade and finance within Greater Bay Area

Hong Kong has remained a leader in tourism, trade, and financial services within the Greater Bay Area (GBA), while Shenzhen and Guangzhou hold top spots in innovation and manufacturing, an index finds.

Jointly conducted by Our Hong Kong Foundation (OHKF) and Dah Sing Bank, the “Our Hong Kong Foundation–Dah Sing Bank Greater Bay Area industry development Index 2025” analyses the performance of 11 cities across six key industries in the GBA: financial services, innovation & technology (I&T), trade & logistics, manufacturing, construction & real estate, and culture, sports & tourism, as well as AI and international expansion (出海).

The index used both quantitative and qualitative methods to evaluate industry performance, examining over 120 indicators, processing 1,300 data points, and surveying more than 3,400 GBA enterprises.

The year-on-year growth rate of the six key industries in the GBA increased from 4.9% last year to 7.1% this year. The I&T industry emerged as the leading growth driver at +14.8%, while manufacturing experienced robust growth at +8.1%. The decline in construction & real estate eased from -2.9% to -0.4%, with other industries showing steady progress.

In the realm of culture, sports, and tourism (CST), Hong Kong once again ranks first in the GBA with a score of 79.3 points, narrowly surpassing Guangzhou. Significant milestones in infrastructure include the Kai Tak Sports Park, inaugurated in March, which has hosted over 30 sports events and concerts by mid-September. Additionally, Hong Kong's CST industry has ranked first in economic contribution for two consecutive years, growing by 13% annually.

With new sports infrastructure in place, Hong Kong’s mega event economy is poised to gain further momentum, according to the index.

Hong Kong also ranks first in financial services with a score of 85.6, nearly 10 points ahead of second-placed Shenzhen, and recorded a year-on-year growth of 6.2%. Its IPO market had a strong recovery in the first half of the year, surpassing global peers. Additionally, Hong Kong maintained its status as a strategic hub in trade and logistics, scoring 82.5 points, while Guangzhou ranked second.

Among the remaining three industries, Hong Kong ranked third in I&T, while Shenzhen and Guangzhou remained first and second, respectively, for the second consecutive year. Their enhanced research capabilities and the expanding scale of emerging industries lifted sector growth to 14.8%, the highest among all sectors. Driven by government subsidies to encourage the adoption of industrial AI and automation, the growth of GBA manufacturing accelerated from 5 % to 8.1%, with Shenzhen and Guangzhou maintaining their lead.

AI adoption challenges in Hong Kong

The survey results show that 94.5% of respondent enterprises and 91.8% of Hong Kong-based respondent enterprises have adopted AI technologies to reduce costs, enhance efficiency, or create new income streams. Nevertheless, they still face three major challenges: talent shortage, data security concerns, and a lack of suitable AI services. Three major suggestions were proposed to the Hong Kong government on how to enhance AI applications in Hong Kong.

Suggestions include integrating AI studies into compulsory curricula at tertiary institutions to enhance students' skills, and having enterprises establish codes of conduct for AI to minimise data leakage risks. Promoting cross-border data flow can also expand AI model training and drive innovation. Lastly, the government should assess demand for shared public-service AI platforms and coordinate data integration, especially in key industries such as tourism, where digitalisation is limited, according to the index. 

The survey also covered international expansion, with more than half of the respondents expressing interest, particularly those in the I&T, trade & logistics, and manufacturing industries. They are eager to seek new growth engines amidst fierce competition.

The index suggests that Hong Kong offer sandbox testing environments and small-batch manufacturing for high-tech products, proactively showcasing the city’s role in this value chain to mainland enterprises. Additionally, Hong Kong can address their diverse service needs for global expansion and help them capitalise on international market opportunities.

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