Liaison office of Chinese central gov't expects new plan for cooperation zone with Shenzhen to offer HK broader arena

HONG KONG -- The Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region said Monday that the new plan issued by the central authorities for further developing a cooperation zone between Shenzhen and Hong Kong will enrich the implementation of "one country, two systems" and offer Hong Kong, which has returned from chaos to stability and is marching toward greater prosperity, a broader arena of development.

The plan will deepen Shenzhen-Hong Kong services cooperation and bolster Hong Kong's economic and social development, a spokesperson of the liaison office said in a statement, stressing that the central government always supports Hong Kong in developing its economy and improving people's livelihood and has rolled out a series of favorable policies for the global financial hub.

The Plan for Comprehensively Deepening Reform and Opening-Up of the Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Qianhai, Shenzhen, expands the total area of the cooperation zone from 14.92 square km to 120.56 square km, and is devoted to innovating the mechanisms of modern services, scientific and technological development, and governance model, among others in the zone, said the spokesperson.

The new blueprint emphasizes on bringing Hong Kong's traditional advantages of high-end professional services into full play, and will deepen opening-up in areas such as services trade, finance and legal affairs in the zone, offering huge opportunities for Hong Kong's professional talents and enterprises and helping Hong Kong to further integrate into the "domestic circulation" and "dual circulation" development, the spokesperson said.

In the near future, Hong Kong compatriots in Qianhai will be able to enjoy more favorable policies in areas from transport, communication to payment, and eligible Hong Kong and Macao residents can hold positions in statutory institutions, the spokesperson said, adding that Hong Kong will also serve as the arbitration site for resolving civil and commercial cases in the area.

By August 2021, some 11,500 Hong Kong-funded businesses have been established in Qianhai, with 1.28 trillion yuan (about $200 billion) of registered capital, covering fields including finance, modern logistics, information and technology, the spokesperson said.

The biggest opportunity for Hong Kong lies in the mainland, the spokesperson noted.

The broad markets and abundant resources of the mainland are the golden keys for Hong Kong to break its development bottleneck, and Hong Kong will be able to give full play to its unique advantages and have stronger impetus during the process of integrating into the national development, the spokesperson said.

The spokesperson said the plan will in particular offer precious opportunities for the young people in Hong Kong and Macao, in employment, finance, accommodation and others.

The blueprint has been drawn up and Hong Kong should actively seize the opportunities in the national development and make good use of its advantages to prosper with the nation, the spokesperson said.