Qianhai’s Bold Plan: Bridging Shenzhen and Hong Kong for a Unified Market
In a pivotal move to strengthen ties between Shenzhen and Hong Kong, Qianhai Cooperation Zone unveiled its comprehensive action plan aimed at fostering deep integration between the two economies. As Shenzhen celebrates its 45th anniversary and Qianhai marks its 15th, this initiative serves as a milestone for deepened collaboration and sets the stage for the next chapter in Hong Kong-Shenzhen synergy.
The action plan, comprising 23 key tasks, focuses on three major areas: enhancing the integration of public services, facilitating smoother cross-border flows of economic resources, and deepening industrial collaboration. Its ambitious goal is to transform Qianhai into a leading zone for Shenzhen-Hong Kong integration by 2025.
Facilitating Hong Kong Residents' Livelihood and Employment
The plan prioritizes improving the daily lives of Hong Kong residents, enhancing employment, and providing essential services such as education, healthcare, and housing. Initiatives include further expansion of the "1510" model to support Hong Kong youth entrepreneurship and collaboration, alongside the creation of spaces for Hong Kong businesses. Cultural integration will also be bolstered through new exhibition and performance platforms, such as the planned dual-mode port combining sea and helicopter services at Shekou Dock.
Liang Junjie, founder of the Hong Kong Chinese Young Entrepreneurs Association, praises the plan for its direct support to Hong Kong’s young entrepreneurs, with Qianhai already serving as a hub for international research collaboration. This could significantly boost Shenzhen-Hong Kong academic and industrial cooperation.
Streamlining Cross-Border Resources and Standardized Regulations
Key to the action plan is the improvement of cross-border resource flows. The plan outlines measures to streamline financial, data, trade, and legal systems between Shenzhen and Hong Kong. New initiatives include establishing a negative list for cross-border data flow, and collaborating on joint risk assessment centers for import-export goods quality.
Legal cooperation is also emphasized, with the establishment of the first system in China allowing foreign laws to be applied in disputes, ensuring faster and more efficient arbitration. This system has already proven successful in resolving numerous cross-border commercial disputes. According to Liang Meifen, a representative of the National People's Congress and law professor at City University of Hong Kong, the integration of Hong Kong legal practices into the Qianhai system has raised the bar for dispute resolution, boosting confidence in the region's legal environment.
Strengthening Industrial Collaboration and Market Integration
Qianhai's efforts to enhance industrial integration will focus on key sectors such as finance, technology services, and logistics. The plan includes policies to support innovation, including a dedicated innovation hub for Hong Kong-funded enterprises and international firms. The establishment of international technology transfer centers and the world’s first open "AI + driverless vessel" demonstration base are just a few examples of Qianhai's forward-thinking initiatives.
Huang Ziqian, Qianhai's chief liaison expert for Hong Kong, believes these steps will position Qianhai as a vital gateway for Hong Kong businesses to expand into China's mainland market. This strategy aligns with the broader goals of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) initiative, which is set to elevate the region's global competitiveness.
A Vision for 2025 and Beyond
As Hong Kong increasingly integrates into China's national development strategy, Qianhai's actions will ensure the region's continuous prosperity. This includes leveraging Qianhai's rapid growth to provide Hong Kong-based companies easier access to the mainland, as seen in the recent revisions to the Closer Economic Partnership Arrangement (CEPA). This bilateral agreement will further open up mainland markets to Hong Kong businesses in sectors like finance, construction, and telecommunications.
In sum, Qianhai's new action plan is not just about economic growth; it is about creating a seamless, collaborative, and innovative environment where both Shenzhen and Hong Kong can thrive together. The region is poised to lead the charge in the GBA's evolution, becoming a beacon of modern service industries, cross-border cooperation, and high-tech innovation. As these policies unfold, Hong Kong businesses stand to benefit immensely, positioning them to thrive in the evolving global economic landscape.
First, please LoginComment After ~