Release of “Overall Development Plan for Qianhai Shenzhen Hong Kong Modern Service Industry Cooperation Zone"

On 21st Dec 2023, the National Development and Reform Commission (NDRC) released the "Overall Development Plan for Qianhai-Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" (hereinafter referred to as the "Qianhai Overall Plan"), proposing a grand blueprint for the future development of Qianhai-Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as "Qianhai"). 
The strategic co-operation platform that “relies on Hong Kong, serves the mainland, and faces the world” has once again caught the world’s attention with its exceptional degree of high-level opening up. "Qianhai Overall Plan", proposes to promote Qianhai's leading role in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and further expand Hong Kong's development space. The planned scope covers the entire Qianhai-Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, with a total area of 120.56 square kilometers and a planning period until 2035. "Qianhai Overall Plan" proposes three development goals by 2025, 2030, and 2035.
By 2025, Qianhai aims to achieve comprehensive connections and convergence with the rules and mechanisms of Hong Kong and Macao, create a globally competitive business environment, establish several 100-billion-yuan value industrial clusters, build an innovation system with multiple driving forces, and create a modern coastal new urban area.

By 2030, the convenience of Hong Kong and Macao residents studying, working and living in Qianhai will be significantly improved, and the business environment of Qianhai will reach top international standard. 

By 2035, Qianhai will serve as a new international trade centre, a high-end shipping service centre, and a liveable coastal residence centre.

High quality development: accelerating the construction of a new modern service industry system

In November 2023, the Shenzhen-Hong Kong cross-border data verification platform was launched officially. The project is based on the development of the domestic open-source blockchain underlying platform FISCO BCOS led by WeBank, providing convenient cross-border connectivity service experiences for residents and enterprises in the two regions. This is not only an important measure for the integrated development of financial services in Shenzhen and Hong Kong, but also an important example of Qianhai's integration in the modern service industry. Qianhai continuously solidifies the foundation for the integrated development of modern service industry. The financial industry continues to deepen its openness and innovation. As an important carrier of openness and innovation in the financial industry of Qianhai, the Qianhai Shenzhen Hong Kong International Financial City currently hosts 333 various financial institutions, including international financial institutions. Qianhai has become the "first choice" for Hong Kong-funded and foreign-funded financial institutions to expand into the mainland market.

Shenzhen Hong Kong Cooperation: deep integration development

"Qianhai Overall Plan" proposes to attract high-quality education resources from Hong Kong, Macao, and internationally and to innovate Chinese and Western mixed cooperative education models. It also promotes the establishment of “Hong Kong children's schools” and high-end foreign children's schools in Qianhai. In fact, Qianhai has been deepening the reform experiment of international talent management and creating a one-stop service centre for international talents based in Qianhai.

Opening up to the outside world: high-level participation in international cooperation

"Qianhai Overall Plan" proposes to further enhance the domestic business environment, making it more in line with international practices, and attract international investors and enterprises. In November 2023, PwC released the "2023 Business Environment Blue Book for Qianhai Cooperation Zone", stating that Qianhai's overall business level is excellent, approaching that of Hong Kong and Singapore. In Qianhai, enterprises can enjoy an open market access environment and rely on credit to obtain financing support, embarking on a fast track of development in a level playing field. 
The speed of development of Qianhai is exceptional - from a piece of barren land to a high-quality development engine in a span of just 20 years- Qianhai will certainly take its magnificent development pace to the next level. 

This article was an excerpt from 深圳特区报 and partially translated into English. If there is any inconsistency or ambiguity between the English version and Chinese version, the latter one shall prevail. The full text of the article, in Chinese, can be found below:

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