Shenzhen-HK modern service industry co-op zone: Qianhai of Shenzhen

Based on the existing solid cooperation foundation, the Guangdong-Hong Kong-Macao cooperation platform will make full use of existing major cooperation platforms including Qianhai of Shenzhen, Nansha of Guangzhou, and Hengqin of Zhuhai to explore a new model for coordinated development. It will increase the pragmatic cooperation between the nine cities involved in the Pearl River Delta, Hong Kong, and Macao, by promoting exchanges of personnel, materials, capital, and information. The cooperation platform will inject a new impetus for Guangdong-Hong Kong-Macao development and play an exemplary role in the close cooperation among Chinese mainland, Hong Kong, and Macao.

Cooperation platform: Qianhai of Shenzhen

A panoramic view of Qianhai of Shenzhen, Guangdong province [Photo/VCG]

The functions of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will be optimized and improved, according to the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area.

Strengthening the role of Qianhai as an engine of cooperation and development. More policies will be added and implemented to further expand the development space of Qianhai. The zone will also interconnect with Hong Kong's building of an open and innovative industrial system to leap towards the high end of the global value chain.

Financial openness and innovation will be promoted: the offshore account (OSA) function will be developed, the free trade account (FTA) system of Shanghai Pilot Free Trade Zone will be learned, and more effective ways will be explored for capital account convertibility. A commodity trading platform will be built at Qianhai Mercantile Exchange and more new models to serve the real economy will be explored.

The cooperation in green finance and financial technology between Shenzhen and Hong Kong will be reinforced. A cross-border economic and trade cooperation network service platform will be launched for firms going global. A new international trade center will be established for offshore trade and delivery of goods. An international high-end shipping service center will be built to develop a modern shipping service sector, such as shipping finance. An offshore innovation and entrepreneurship platform will be launched for science-and-technology firms registered in the zone to operate in the international market. The bonded business for research and development (R&D) will be supported in the zone specially supervised by customs authority. An international cultural and creative base will be built for Shenzhen-Hong Kong cooperation in the field.

Enhancing cooperation in legal matters. The legislative power for special economic zones will be used rationally to speed up the construction of a legal system adapting to the development of an open economy and strengthen Shenzhen-Hong Kong judicial cooperation and exchanges.

The development of legal services will be accelerated: legal service institutions are encouraged to provide services for the construction of the Belt and Road Initiative (BRI) and going global for firms in Chinese mainland; the pilot development of the Guangdong-Hong Kong-Macao partnership and joint venture law firms will be deepened; the qualifications and business scope of Hong Kong and Macao lawyers working in the nine cities of the Pearl River Delta will be studied; and a diversified dispute resolution mechanism will be built. The administrative protection of intellectual property rights will also be strengthened.

Developing a new international city center. Ports will be set up in Qianhai and Shenzhen-Hong Kong infrastructure interconnections will be improved. More preferential measures will be rolled out for construction and engineering relevant firms in Hong Kong. Learning from Hong Kong’s experience in city construction, operation and management, Shenzhen will be built into a global first-class forest city, which is also sustainable and smart. Outbound advanced educational and medical resources will be introduced. International financial institutions are supported to build branches in Qianhai.