Regarding Hong Kong's competition with Shenzhen, Phillips said that for investors it isn't a binary choice between one city and another. It's about the cities in the Bay Area finding cooperation opportunities in order to leverage the best that each of them has to offer.

"If we step back and think about the overall ambition for the GBA, it's to see the development of a world-class cluster that embraces innovation in financial services. And it requires the collective efforts of all of the cities to work together, to leverage the best of each and every one of them," Phillips said.

Hong Kong has some unique advantages, including being an international center in terms of innovation or financial services. Besides playing the role as a good steppingstone to global markets, the city is playing a vital role connecting the Greater Bay Area with ASEAN countries, he said.

Program for civil servants

Phillips said he would encourage his colleagues to participate in the recently announced program for Hong Kong civil servants to take temporary positions in mainland governments within the Greater Bay Area－the latest initiative by the SAR government to enhance its civil servants' understanding of the GBA as well as the mainland, and facilitate the city's integration into national development.

Phillips said he has benefited from opportunities to represent Hong Kong in such exchanges over the past decade. Such exchanges and experiences would help civil servants forge closer cooperation, he said.