An aerial view of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone?in Shenzhen, South China's Guangdong Province. Photo: VCG

Qianhai Cooperation Zone in Shenzhen, South China’s Guangdong Province, recently launched an action plan to ramp up industrial collaboration with neighboring Hong Kong Special Administration Region (SAR) while accelerating Shenzhen-Hong Kong market integration.

Announced by Qianhai on Monday, the new initiative is a key step in propelling the development of the Cooperation Zone as a leading hub for deepened Shenzhen-Hong Kong ties from 2025 onwards.

To foster a greater and unified regional market, the plan seeks to deepen collaboration in sectors including financial services, large events, commercial logistics, technology services among others, while improving the one-stop service system for Hong Kong enterprises.

Specific measures include working out targeted policies to boost innovation and growth for Hong Kong-funded enterprises, establishing Qianhai-based innovation headquarters for Hong Kong and foreign firms.

Efforts will also be made to collaborate with Hong Kong to establish an “SME empowerment center”, an “international technology transfer center”, and the world’s first open “AI + driverless vessel” demonstration base, among other initiatives.

The development of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone is a strategic move initiated by the Chinese government to bolster Hong Kong’s economic and social progress, enhance collaborations within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and forge a new pattern of opening-up.

The action plan, which highlights 23 key tasks, aims to streamline the efficient cross-border flow of resources by 2025 and foster alignment of rules and mechanisms, including regulatory standardization in finance, data, cross-border trade, and construction.

Qianhai will also ramp up support for Hong Kong youth entrepreneurship, employment, and exchange internships, offering safeguards while fostering a living environment and cultural atmosphere aligned with Hong Kong’s standards.

The year 2025 marks the 45th anniversary of the Shenzhen Special Economic Zone, the 15th anniversary of the Qianhai Cooperation Zone, and a new phase of Shenzhen-Hong Kong collaboration.

“Through innovation-driven initiatives and industrial synergy, this partnership is poised to enhance the GBA’s global competitiveness, driving its economic growth,” Liang Haiming, chairman of the Hong Kong-based China Silk Road iValley Research Institute, told the Global Times on Monday.

Liang added that it will reinforce its status as an international financial hub while expanding its footprint in finance, technological innovation and modern services.

On Saturday, the revisions to Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) took effect, further opening the mainland’s service market to Hong Kong.

The revised CEPA introduces enhanced measures to help Hong Kong excel in finance, construction, telecommunications, film, television, and tourism, offering Hong Kong-based companies and talent easier access to the Chinese mainland market.

Now, Qianhai is home to nearly 10,000 Hong Kong enterprises. The Qianhai Shenzhen-Hong Kong Youth Dream Factory has incubated 892 Hong Kong start-ups and disbursed 350 million RMB ($48 million) in support policies for Hong Kong youth.

Huang Ziqian, Qianhai’s chief liaison expert for Hong Kong affairs, said that the action plan signals Qianhai’s commitment to deepening ties with Hong Kong across all sectors. It aims to open up more collaboration opportunities, driving high-quality GBA development, and establishing Qianhai as the leading gateway for the country’s opening-up.

Hong Kong is poised to capitalize on Qianhai’s accelerated development, better integrating into China’s national development strategy, which will position the SAR to participate in the country’s economic cycle, ensuring its long-term prosperity and stability, Liang said.