The Qianhai free trade zone in Shenzhen is seeking deeper cooperation with Hong Kong under the Guangdong-Hong Kong-Macao Greater Bay Area development plan. The HKSAR government and Shenzhen's Qianhai authorities pledged to strengthen their business ties as Hong Kong lifts its final COVID-19 restrictions. (HE SHUSI / CHINA DAILY)
The Hong Kong Special Administrative Region government and Shenzhen's Qianhai authorities pledged to strengthen their business ties as Hong Kong lifts its final COVID-19 restrictions.
A delegation of business leaders and officials from both Hong Kong and Shenzhen's Qianhai shared their insights and discussed favorable trade policies at a promotion conference themed “Shenzhen and Hong Kong Join Hands to Win the Future” on Friday at Renaissance Harbour View Hotel in Wan Chai.
Under Secretary for the Commerce and Economic Development Bureau Bernard Chan Pak-li suggested six steps that Hong Kong should take through its ties with the Qianhai Economic Cooperation Zone to integrate itself into national development
The event came following the global financial hub’s decision to scrap mandatory mask requirements starting March 1 for outdoors and indoors and on public transport.
ALSO READ: Venture-capital investments in Qianhai boost roles of Shenzhen, HK
Under Secretary for the Commerce and Economic Development Bureau Bernard Chan Pak-li suggested six steps that Hong Kong should take through its ties with the Qianhai Economic Cooperation Zone to integrate itself into national development.
“The first is to strengthen our economic and trade ties with the mainland; second, expand our market to the mainland; third, enhance and develop overseas business networks; fourth, attract foreign investment to Hong Kong; fifth, support the development of the Belt and Road Initiative; lastly, assist the country in becoming an intellectual property rights protection powerhouse,” he noted.
Chan remains optimistic about Hong Kong's prospects despite global headwinds such as inflation and geopolitical tensions. He said the city will continue to leverage its advantages under the principle of “one country, two systems” and play its unique role in bridging the country and the rest of the world.
The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, covering approximately 120 square kilometers of land in Shenzhen, was created in 2010 for deepening cooperation between businesses in Shenzhen and Hong Kong focused on the service industry.
The economic cooperation zone, neighboring Hong Kong, is home to about 11,900 Hong Kong-invested companies, accounting for more than 10 percent of the registered enterprises that make tax contributions in the area.
READ MORE: Deeper Qianhai reforms urged
Liang Ke, deputy secretary of the Party working committee of Shenzhen Qianhai cooperation zone, said in 2022, Qianhai achieved regional gross domestic product of 195 billion yuan ($28.2 billion), while the total imports and exports volume of the Shenzhen Qianhai Comprehensive Bonded Zone reached 235 billion yuan.
"Qianhai’s actual use of capital from Hong Kong amounted to $5.6 billion, accounting for 55.2 percent of Shenzhen’s total. Qianhai has emerged as the primary destination for Hong Kong enterprises seeking to enter the mainland," she said.
Liang said with the full resumption of quarantine-free travel between Hong Kong and the mainland, cooperation between Shenzhen and Hong Kong will move toward “broader fields, higher levels and standards”.