Insights

In recent years, Shenzhen and Hong Kong have continued to expand their cooperation at an increasingly higher level, under continuously improving cooperation mechanisms and with cooperation models being constantly innovated. In the first three quarters of 2023, the combined GDP of Shenzhen and Hong Kong registered nearly RMB 4.5 trillion, accounting for approximately 44% of the economic aggregate of the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).

I. Rapid advancement of the two cooperation platforms of Qianhai and Hetao

By the end of last year, the Overall Development Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone was officially launched. It attaches great importance to the pilots under the framework of “one country, two systems” to accelerate the integration of rules and mechanisms of Hong Kong and Macao mainly in the modern service industry where Hong Kong has an edge, in a bid to further enrich the collaborative and coordinated development models, explore and improve administrative systems and mechanisms, and create a pilot platform for comprehensively deepening reform and innovation in the Greater Bay Area.

In addition, the Plan for the Shenzhen Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone (HTCZ) officially issued last August aims to build the HTCZ into a pilot zone for open cooperation in science and technology innovation between Shenzhen and Hong Kong, a pilot zone for international advanced science and technology innovation rules, and a hub for pilot-scale tests and transformation in the Greater Bay Area.

II. Increasingly expanded cooperation in depth and breadth

Last March, the Hong Kong SAR government launched the regularised “Greater Bay Area Youth Employment Scheme” to encourage more enterprises to provide jobs and support young people from Hong Kong to work in the mainland cities of the Greater Bay Area. In May, Shenzhen issued the Implementation Rules for Further Supporting Employment and Entrepreneurship Promotion of Hong Kong and Macao Youth, which clearly stipulates the implementation of the “Greater Bay Area Workplace Mentor Program” to eliminate the psychological burden for the new generation of youth from Hong Kong in seeking employment in Shenzhen by assisting fellows. In August, Shenzhen specially issued Several Measures to Further Optimize the Clearance Environment and Improve Clearance Facilitation at the Shenzhen Land Ports to facilitate the consumption of people from Hong Kong in Shenzhen.

III. Sustained growth momentum of the Guangdong-Hong Kong-Macao Greater Bay Area

In recent years, Shenzhen has led the construction of a modern industrial system with science and technology innovation and successively issued The Opinions of Shenzhen Municipal People’s Government on Developing and Expanding Strategic Emerging Industry Clusters and Cultivating and Developing Future Industries, Opinions on Accelerating the Construction of Shenzhen into a Significant Global Leading Advanced Manufacturing Center, and other serial policy documents to accelerate the drive of new industrialization.