Qianhai spruces up

Experts suggest Qianhai explore groundbreaking models in Shenzhen-Hong Kong cooperation amid possible regional competition. Chai Hua reports from Shenzhen.

Economic pundits believe it is time for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to study the possibilities of further breaking geographical and administrative limitations and establish a new cooperation model of "designing policies jointly, developing synergistically and sharing achievements together" with Hong Kong.

They made the suggestions one year after the State Council released the "Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone".

The Qianhai plan, released in September 2021, has offered greater opportunities for Hong Kong firms, professionals and startups, with more interconnecting measures and platforms launched recently.

A key decision of the Qianhai plan is to expand the zone's area by about eightfold - from 14.92 square kilometers to 120.56 square kilometers. The move not only provides Qianhai with more development space, but also gives the zone a fresh impetus to diversify its industries, experts said.

The areas covered in the expansion include the Shenzhen World Exhibition & Convention Center, Shenzhen Baoan International Airport, the business center of Baoan district, and the Shekou Industrial Zone.

"Industries of Qianhai are more comprehensive after the expansion. They cover medical services, exhibitions, manufacturing, marine and aviation," said Wilson Pang, vice-president of the Hong Kong Chamber of Commerce in Qianhai.

The good news for investors from the Hong Kong Special Administrative Region is that they will be offered one-third of the enlarged space to operate in. "Our members from the modern-services industry are excited about this development as they expect their client base to expand by leaps and bounds in the new zone," Pang said.

"Other members from emerging sectors, such as medical services and new energy, also believe they will have more space to meet increased demand for their services. Some fields, like the marine economy, are relatively new to Hong Kong. So it could also help us consider how to transform our traditional advantage industries like financial and logistics services to integrate with these emerging industries."

In 2021, the number of Hong Kong-invested enterprises in Qianhai surged 156 percent year-on-year, while the actual use of Hong Kong assets reached $5.42 billion - up 23 percent compared with the previous year.