Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone

SHENZHEN, China, June 26, 2024 (GLOBE NEWSWIRE) --

On July 1, Hong Kong will celebrate the 27th anniversary of its return to the motherland. As the "bridgehead" for the integration and cooperation of Shenzhen and Hong Kong, the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone has become the "first stop" for Hong Kong people and enterprises seeking development opportunities in the Chinese mainland.

In mid-June, the Guangdong-Hong Kong Cross-border Government Services (Qianhai) Zone was officially launched. A growing number of Hong Kong youth have praised Qianhai as a "fertile ground for entrepreneurship" and found a "sense of home" here. All these achievements demonstrate Qianhai's commitment to advancing the cooperation of Shenzhen and Hong Kong.

Qianhai is located on the eastern shore of the Pearl River Estuary. The area was established in 2010 with a total area of about 15 square kilometers and expanded to 120.56 square kilometers by 2021. With one side adjacent to Hong Kong and the other to the 100-kilometer "Golden Inner Bay" around the Pearl River Estuary, Qianhai boasts a unique geographical advantage. This year marks the fifth anniversary of the release of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). As the construction of the GBA speeds up, Qianhai has played an increasingly important role in deepening the cooperation of Shenzhen and Hong Kong.

Over the years, Qianhai has continuously contributed to expanding the market and broadening economic development space for Hong Kong. According to the data released by Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, to date, more than 10,000 Hong Kong residents are employed and reside in Qianhai. It is also home to 9,055 registered Hong Kong enterprises with a total registered capital of 946.947 billion yuan. Numerous Hong Kong people and enterprises have witnessed Qianhai's "Shenzhen speed" in supporting Hong Kong's integration into the national development. For example, the "Qianhai Hong Kong Enterprise Loan" has been launched, and 23 categories of professionals from Hong Kong and Macao can practice in Qianhai after registration. The pioneering "Hong Kong Jurors" and "Hong Kong Mediators" systems aim to enhance the openness of legal affairs and the alignment of cross-border commercial laws. The Qianhai Hong Kong Youth Development Center has been put into service, and the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub has continuously upgraded its functions. Moreover, a cross-border bus service from Qianhai to Hong Kong is available, allowing visitors to travel from the Shenzhen Bay Port to Hong Kong after a transfer. These supportive policies and innovative systems attract Hong Kong residents to settle in Qianhai and encourage Hong Kong enterprises to invest and develop their businesses here.

Currently, Hong Kong and Qianhai are forging closer ties in more areas. For example, 49 of the 199 newly-appointed people's assessors at the Qianhai Court are from Hong Kong. Additionally, 691 of the 1,195 startup teams incubated at the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub are from Hong Kong. Around 30% of the 155 enterprise engineering centers, engineering laboratories, and other innovation platforms in Qianhai are jointly built by Hong Kong-funded enterprises.

"Qianhai brings together the talent, policies, capital, and market we need for our startup. Its proximity and cultural similarities allow us to establish our business more quickly," said Yu Guangtao, founder of Inspro Science, in an interview with the media. "After three years of development in Qianhai, we have over ten patents, and our revenue is expected to exceed 10 million yuan this year," he added.

With the release of the Overall Development Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in December 2023, Qianhai has entered a new phase of development. Looking ahead, Qianhai will further achieve connectivity in infrastructure and public services, enhance the openness of factors such as the business environment and talent recruitment, and create a high-quality hub for the development of the modern service industry together with Hong Kong.

Source: Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone

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