The new land port, located in the area planned for innovation and technology sectors, will also offer fresh opportunities for high-tech cooperation between Hong Kong and Shenzhen, Liang Haiming, a Hong Kong-based economist said.

Liang believes that more convenient boundary-crossing travels will provide Hong Kong tech firms with a broader development room.

Analysts believe that Hong Kong, by further integrating into the Greater Bay Area development, can make full use of its advantages in education and professional services and make greater progress, which in return will bolster the Greater Bay Area as a robust growth point of the whole country.

Chinese authorities in February 2019 unveiled the development outline for the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to build the region into a role model of high-quality development. The Greater Bay Area consists of Hong Kong, Macao and nine cities of Guangdong province.

Zhang Xiaoming, deputy director of the Hong Kong and Macao Affairs Office of the State Council, Luo Huining, director of the Liaison Office of the Central People's Government in Hong Kong, and top Guangdong and Shenzhen officials also attended the opening ceremony.

After the ceremony, Lam and other officials visited the Shenzhen-Hong Kong Innovation and Technology Co-operation Zone in Shenzhen.