GBA-ASEAN Initiative Convenes First Leadership Council Meeting in Hong Kong
On November 2, 2025, following the conclusion of the GBA-ASEAN Conference on Trade, Finance and Sustainable Development, the UN Sustainable Development Solutions Network (SDSN) hosted the first GBA-ASEAN Initiative (GAI) Leadership Council Meeting in the Fullerton Ocean Park Hotel, Hong Kong. The meeting gathered prominent council members from the business, academic, and public sectors of the Greater Bay Area of China (GBA) and the Association of Southeast Asian Nations (ASEAN).
The GAI Leadership Council serves in an advisory capacity to the GAI, helping the program shape the global conversation and path forward for tightened regional collaboration.
To begin the meeting, Philo Wang, SDSN Senior Manager, welcomed all Council Members and introduced the meeting agenda. Jeffrey Sachs, President of SDSN, hosted the meeting, inviting experts one by one to share their insights about the advantages of GBA and ASEAN, future opportunities, and potential challenges to the cooperation between the two promising regions. All experts showed a huge confidence in the future of GAI. The discussion provided directions and guidance for the future work plan.
Highlights from Speakers
Richard WONG, Provost and Deputy Vice-Chancellor of The University of Hong Kong (HKU), emphasised the pivotal role of universities in regional cooperation. He highlighted that we must work together to uphold the multilateral trade system to combat poverty and inequality. He called for a joint effort from government and industry to support exchange programs, cultivating “Asian voice” on critical global issues such as new technologies, sustainable development, and poverty alleviation.
XIAO Geng, Associate Dean of the School of Public Policy at the Chinese University of Hong Kong, Shenzhen, emphasized institutional barriers as the primary obstacle for smooth cooperation. He suggested a “Dual Headquarters" arrangement wherein companies establish their legal and administrative headquarters in Hong Kong while locating their operational and research and development (R&D) headquarters in Shenzhen.
Sun Sun LIM, Vice President of Partnerships and Engagement for Singapore Management University (SMU), celebrated the rapid development of ASEAN’s innovation capabilities — universities now stand “shoulder to shoulder” with global peers in Deep Tech. She argued that universities are not only educational institutions, but also the bridge connecting startups with business families. Additionally, she warned that we must be aware of the localization and ethnicity of artificial intelligence (AI) to ensure technology serves the public good.
Lili Yan ING, Secretary General of the International Economic Association (IEA) and a Lead Advisor for the Economic Research Institute for ASEAN and East Asia (ERIA), opened with striking data: ASEAN’s trade with China has grown by more than 25 times. The close geographical positions of ASEAN and GBA are a natural advantage. She proposed establishing greater cooperation in digital and AI, in which GBA holds a comparative advantage. Establishing a dedicated think tank formally linked to the ASEAN Secretariat would be helpful for long-term policy impact.
ZHANG Lin, Director of Shenzhen Science and Technology Innovation Bureau, opened with the positive news that the Shenzhen-Hong Kong-Guangzhou cluster was ranked as the world’s number one Innovation Cluster, according to the World Intellectual Property Organisation (WIPO). Director Zhang used the metaphor of entropy and phase separation to describe the relationship between Hong Kong’s financial liquidity and Shenzhen’s implementation efficiency. He offered concrete support to host ASEAN technology representative offices in Shenzhen.
Chavalit Frederick TSAO (“Fred”), Chairman of TPC Group, shared that in the uncertainty among business industries, impact investing and the Well-being Economy are the new engines. As Chinese industrial capacity expands globally, it must be green and restorative, which is not only a corporate responsibility but also a significant business opportunity. Mr. Tsao called for academia and business to jointly produce courses to scope the development of sustainable technology and the potential investment opportunities.
Daniel FUNG, Vice Chairman of the Financial Services Development Council (FSDC) in Hong Kong, reminded us that connecting with ASEAN is not a new strategy, but has historical origins. He identified regulated stablecoins as the key to financial cooperation, arguing that Hong Kong’s balanced regulatory approach offers an effective framework that is worth learning from. Mr. Fung also highlighted the unique efficiency of the FSDC and offered the Council as a strategic resource to support and align with the GAI.
In his closing remarks, Jeffrey Sachs described today as a “hinge moment in world history”. He noted that the "GBA brings together science, technology, innovative manufacturing, finance, and supply chains; a combination that basically does not exist anywhere else." He concluded by outlining a concrete action plan for the Initiative, leveraging SDSN's global network.
Looking Ahead
The first GAI Leadership Council Meeting marked just the beginning. Moving forward, the Council will play a pivotal role in the GAI, providing strategic guidance, mobilizing resources, and fostering dialogues. The SDSN extends its gratitude to the invited experts for their visionary contributions and commitment to this shared mission.
As a collective journey, the SDSN welcomes experts, scholars, and industry leaders to join, to build a prosperous future for the GBA and ASEAN.
Learn more about the GBA-ASEAN Initiative: https://www.gbaaseaninitiative.com/
