As the developments in China's Greater Bay Area are underway, one Hong Kong legislator is optimistic about the opportunities presented by the initiative — despite concerns that the city could be on the losing end.
Speaking with CNBC's "Squawk Box" on Monday, Jeffrey Lam said in terms of GDP, the Greater Bay Area is ranked just behind Tokyo at No. 2 in the world. With that size and its fast development, the region offers "tremendous opportunities," he said.
"The way we see it, we have to find it, it's there," Lam said of the opportunities.
The Greater Bay Area Initiative is a plan to create a "world-class city cluster across the Guangdong-Hong Kong-Macau region," according to KPMG, which said the proposed combination of 11 cities could represent about 12 percent of China's economy.
Adding that there was a need to focus on the "staggered development" in the region, Lam said the territories can leverage the competitive advantages each has to offer.