Pivot to ASEAN and RCEP for trade hub growth?

According to Chin's view, Hong Kong needs to innovate and enhance its producer services industries, and to continuously strengthen links and partnerships with the Pearl River Delta and other industrial regions on the mainland, to expand markets for Hong Kong producer services.

"Hong Kong service providers are achieving new growth by becoming an indispensable part of the Greater Bay Area's upgraded manufacturing chain. They can add value and contribute to the upgrading and transformation of manufacturing industries on the mainland as a whole," Chin said.

"Hong Kong can benefit from the mainland trade with ASEAN and RCEP partners. The city has to offer what the mainland does not have - international linkages and understanding of Asia much more than the mainland does," HKU Business School's Tao explained.

HKTDC's Tsang concurs, saying that Hong Kong and overseas companies lack critical online marketing promotion skill-sets for e-commerce. They lack understanding of the mainland's consumer ecosystem. Hong Kong companies also lack understanding of ASEAN's consumer preferences.

Therefore, Hong Kong should nurture and train more talent for each Southeast Asian consumer market's culture, religious beliefs, and consumer tastes. HKTDC should set up more offices in Asian countries to promote mutual understanding of opportunities, HKU Business School's Tao added.