Close collaboration between Hong Kong and Shenzhen to achieve mutual benefits and to contribute to development of country
28.6.2022

The Chief Executive, Mrs Carrie Lam, today (June 28) warmly welcomed the announcement of nine Hong Kong-related facilitation measures by the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Shenzhen. These measures, covering areas such as youth innovation and entrepreneurship, technology development, financial services, legal services and medical services, will provide support to Hong Kong people and enterprises developing in Qianhai. They will also bring greater convenience to young people of Hong Kong and Macao seeking to develop their careers in Shenzhen. Mrs Lam said, “Hong Kong and Shenzhen have established a solid foundation for collaboration. Since the establishment of the Hong Kong/Shenzhen Co-operation Meeting mechanism in 2004, mutual collaboration has deepened over the years with a remarkable tale of the two cities written. Last September, I led the delegation of the Hong Kong Special Administrative Region (HKSAR) Government to meet with the delegation of the Shenzhen Municipal People’s Government led by the Secretary of the CPC Shenzhen Municipal Committee at the High-level Meeting cum Hong Kong/Shenzhen Co-operation Meeting 2021. It was particularly meaningful that the meeting was held, for the first time since the launch of the co-operation mechanism, with the participation of the Chief Executive of the HKSAR and the Secretary of the CPC Shenzhen Municipal Committee in person, signifying that the co-operation between Hong Kong and Shenzhen had scaled new heights.” She added, “As one of the major co-operation platforms in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Qianhai has positioned its development as the Shenzhen-Hong Kong Modern Service Industry Cooperation Zone with specific focuses on Hong Kong. Over the past ten years, Hong Kong’s participation in Qianhai’s development has fully demonstrated our complementary and win-win relationship that leverages Hong Kong’s strengths to serve the country’s needs. Hong Kong and Shenzhen have been proactively seizing the opportunities brought about by the Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone promulgated by the Central Government last September. Under the planning concept of ‘Twin Cities, Three Circles’ in the Northern Metropolis Development Strategy that I promulgated last October, Qianhai of Shenzhen and the north-western part of Hong Kong will form the ‘Shenzhen Bay Quality Development Circle’.” Over the past five years, collaboration between Hong Kong and Shenzhen has yielded remarkable achievements. Taking the development of innovation and technology (I&T) as an example, Hong Kong and Shenzhen have been leveraging their comparative advantages in striving for excellence and achievements. The governments of both sides are jointly taking forward the development of the Shenzhen-Hong Kong Innovation and Technology Co-operation Zone in full swing to establish “One Zone, Two Parks”. To attract talents and enterprises to develop in the Co-operation Zone, a joint policy package has been launched to implement measures conducive to the flow of talents and scientific research resources. Under the Northern Metropolis Development Strategy, the HKSAR Government will develop the areas around Lok Ma Chau/San Tin into the San Tin Technopole, together with the Shenzhen I&T zone, to form a co‑operation zone of approximately 540 hectares, which will serve as a key engine to drive the development of an international I&T hub in the GBA. As regards asset and wealth management, the HKSAR Government strives to enhance the co-development and connectivity of the private equity markets in Hong Kong and Qianhai. The Financial Services and the Treasury Bureau is exploring with the Qianhai Authority the feasibility of lowering the entry thresholds for Hong Kong-based fund managers and funds, streamlining the application procedures and expanding the investment scope under the Qualified Foreign Limited Partnership (QFLP) scheme in order to facilitate the access of Hong Kong-based private equity funds to the Qianhai market. In respect of legal services, the pilot measure for wholly owned Hong Kong enterprises (WOKEs) to adopt Hong Kong law has been implemented in Qianhai of Shenzhen. WOKEs registered in Qianhai are allowed to agree on the choice of applicable law, including Hong Kong law, in their civil and commercial contracts, despite the absence of “foreign-related elements”. The Department of Justice is striving to extend the current measures and allow WOKEs in other Mainland cities of the GBA to adopt Hong Kong law and choose for arbitration to be seated in Hong Kong. On youth development, Qianhai attaches importance to supporting young people of the two places to work and start new businesses through attracting and supporting young Hong Kong entrepreneurs to have their businesses based in the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub (E Hub). The E Hub provided incubation support to 325 youth start-ups from Hong Kong by May 2022 and has been well-received by young people of Hong Kong. It is one of the highlights that showcases collaboration between Hong Kong and Shenzhen. Mrs Lam said, “At the celebration of the 40th anniversary of the establishment of the Shenzhen Special Economic Zone on October 14, 2020, President Xi Jinping entrusted Shenzhen with new historic missions to deepen the reform and opening up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone as well as to forge ahead the development of the Shenzhen-Hong Kong Innovation and Technology Co-operation Zone in the Loop. I hope Hong Kong will make the best use of the advantages of ‘One Country, Two Systems’, capitalise on our market-oriented and internationalised business environment that is underpinned by the rule of law, continue to promote high-level collaboration with Shenzhen in different areas and proactively serve as the ‘dual engines’ in the GBA under the spirit of complementarity and mutual benefits, so as to contribute to the developments of the GBA and of the country.” Ends/Tuesday, June 28, 2022 Issued at HKT 22:28 NNNN