China recently issued a plan for further developing a cooperation zone for the southern metropolis of Shenzhen and the Hong Kong Special Administrative Region (HKSAR). The reform and opening up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will be comprehensively deepened, according to the plan devised by the central authorities.
Issued by the Communist Party of China Central Committee and the State Council, the plan was made public on September 6.China recently issued a plan for further developing a cooperation zone for the southern metropolis of Shenzhen and the Hong Kong Special Administrative Region (HKSAR). The reform and opening up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will be comprehensively deepened, according to the plan devised by the central authorities.#
The general plan to establish the cooperation zone was approved by the State Council in 2010.
A total of 11,500 Hong Kong-invested companies have been registered in the zone, with registered capital reaching 1.28 trillion yuan (about $198 billion), according to official data released in late August.
The total area of the cooperation zone will be expanded to 120.56 square km from 14.92 square km, an official news agency reported.
The new blueprint was formulated to help Qianhai better play an exemplary and leading role in the development of the Guangdong-Hong Kong-Macao Greater Bay Area, said the plan.
By 2035, Qianhai will boast world-class business environment, and will become an engine for high-quality development with strong capability in global resource allocation, breeding innovation and leading coordinated development.
Qianhai will advance the development of the modern service industry, accelerate the reform and innovation of the system and mechanisms for sci-tech development, strive to foster a world-class business environment and innovate its governance model.
It will also promote free trade in services with Hong Kong and Macao, expand the opening-up of the financial sector, further open up legal affairs and promote high-level participation in international cooperation, according to the plan.
ALCHEMPro News Desk (DS)
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