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“30 measures” to strengthen Hengqin’s Metropolis and the Guangzhou-Shenzhen-Hong
financial market interconnections with Kong science and technology innovation corridor.
Macau33
The Shenzhen park is set to establish an
In February, the PBOC and four other efficient Shenzhen-Hong Kong technology
government authorities issued “Opinions innovation synergetic mechanism by 2025, and
on Financial Support for the Construction of generate positive results from open cooperation
Guangdong-Macau in-depth cooperation zone in between the two areas in technological innovation,
Hengqin” to support investment in Hengqin. These according to the plan. By 2035, a Shenzhen- Hong
focus on five broad areas: building a financial Kong synergetic innovation configuration will be
environment that provides more convenience fully formed, and the area will grow into a world-
to Macau residents; promoting the connectivity class science research hub. To join hands with
of Hengqin and Macau as financial markets; Hong Kong to advance international technological
facilitating cross‑border trade and investment; innovation, support will be given to top-level
helping Macau develop modern financial disciplines of universities in Hong Kong and Macau
infrastructure; and strengthening co‑operation in to help them upgrade.
financial supervision.
The Shenzhen park is also asked to set up
In September, the government released an international competitive base for industrial
further 86 implementation details on the above pilot-scale tests and transformation, and
Opinion which guide the financial institutions prompt breakthroughs for the new generation
in the cooperation zone to strengthen business information technology industry. It aims to
cooperation with Portuguese speaking countries, speed up policy collaborations, paving the way
increase support from the banking and insurance for major projects such as the Quantum Science
industries for the export industry , and serve Center of GBA, constructing the critical industry
Macau well to strengthen financial connectivity clusters of GBA ‘“Microchip Valley”’ and “‘Quantum
with Portuguese speaking countries. Valley”,’ promoting the cluster development of
national research and development platforms,
Hetao Shenzhen-Hong Kong Science and international technological organizations, science
Technology Innovation Cooperation Zone and technology institutes in Hong Kong’s institutes
of higher education, international research
In August, 2023, the State Council released a plan institutes, and new research institutes, etc. It is
for the “Shenzhen park of the Hetao Shenzhen- through these efforts that new resources for high-
Hong Kong Science and Technology Innovation end technological innovation will be accumulated.
Cooperation Zone (HTCZ)”34, amid efforts to
further implement the outline development plan Shenzhen Socialist Pioneering Demon-
for the GBA. stration Zone
The plan is aimed at pushing forward the high- Shenzhen has seen a rapid development since
quality construction of the Shenzhen park to top- the reform and opening up in 1979 and is now
level standards, and synergistic development seeking to reinvent itself as the home of Chinese
with the Hong Kong section in a mutually innovation. Shenzhen’s GDP grew 3.3% YoY in 2022,
complementary manner. The cooperation zone, with strong support from the industry segment.
covering about 3.89 km2, is situated on the Total value-added of manufacturing industry grew
northern part of Hong Kong and central southern 4.8% YoY, with automotive segment soared 104.5%
part of Shenzhen, straddling the boundary area, YoY. New drivers continued to drive the economy,
a natural convergence of Hong Kong’s Northern such as new energy vehicles, charging stations,
civilian drones, and 5G smartphones all achieved
33 Guangdong-Macau In-Depth Cooperation solid growth with increase of 183.4% YoY, 113.8%
Zone in Hengqin, http://www.hengqin.gov.cn/macao_ YoY, 34.7% YoY, and 22.3%YoY35, respectively.
zh_hans/zwgk/zcfg/zyzc/content/post_3578300.html
34 The State Council, http://fgw.sz.gov.cn/gkmlpt/ 35 The government of Shenzhen, http://www.
content/10/10809/post_10809551.html#2659 sz.gov.cn/cn/xxgk/zfxxgj/zwdt/content/post_10396126.
html
128
financial market interconnections with Kong science and technology innovation corridor.
Macau33
The Shenzhen park is set to establish an
In February, the PBOC and four other efficient Shenzhen-Hong Kong technology
government authorities issued “Opinions innovation synergetic mechanism by 2025, and
on Financial Support for the Construction of generate positive results from open cooperation
Guangdong-Macau in-depth cooperation zone in between the two areas in technological innovation,
Hengqin” to support investment in Hengqin. These according to the plan. By 2035, a Shenzhen- Hong
focus on five broad areas: building a financial Kong synergetic innovation configuration will be
environment that provides more convenience fully formed, and the area will grow into a world-
to Macau residents; promoting the connectivity class science research hub. To join hands with
of Hengqin and Macau as financial markets; Hong Kong to advance international technological
facilitating cross‑border trade and investment; innovation, support will be given to top-level
helping Macau develop modern financial disciplines of universities in Hong Kong and Macau
infrastructure; and strengthening co‑operation in to help them upgrade.
financial supervision.
The Shenzhen park is also asked to set up
In September, the government released an international competitive base for industrial
further 86 implementation details on the above pilot-scale tests and transformation, and
Opinion which guide the financial institutions prompt breakthroughs for the new generation
in the cooperation zone to strengthen business information technology industry. It aims to
cooperation with Portuguese speaking countries, speed up policy collaborations, paving the way
increase support from the banking and insurance for major projects such as the Quantum Science
industries for the export industry , and serve Center of GBA, constructing the critical industry
Macau well to strengthen financial connectivity clusters of GBA ‘“Microchip Valley”’ and “‘Quantum
with Portuguese speaking countries. Valley”,’ promoting the cluster development of
national research and development platforms,
Hetao Shenzhen-Hong Kong Science and international technological organizations, science
Technology Innovation Cooperation Zone and technology institutes in Hong Kong’s institutes
of higher education, international research
In August, 2023, the State Council released a plan institutes, and new research institutes, etc. It is
for the “Shenzhen park of the Hetao Shenzhen- through these efforts that new resources for high-
Hong Kong Science and Technology Innovation end technological innovation will be accumulated.
Cooperation Zone (HTCZ)”34, amid efforts to
further implement the outline development plan Shenzhen Socialist Pioneering Demon-
for the GBA. stration Zone
The plan is aimed at pushing forward the high- Shenzhen has seen a rapid development since
quality construction of the Shenzhen park to top- the reform and opening up in 1979 and is now
level standards, and synergistic development seeking to reinvent itself as the home of Chinese
with the Hong Kong section in a mutually innovation. Shenzhen’s GDP grew 3.3% YoY in 2022,
complementary manner. The cooperation zone, with strong support from the industry segment.
covering about 3.89 km2, is situated on the Total value-added of manufacturing industry grew
northern part of Hong Kong and central southern 4.8% YoY, with automotive segment soared 104.5%
part of Shenzhen, straddling the boundary area, YoY. New drivers continued to drive the economy,
a natural convergence of Hong Kong’s Northern such as new energy vehicles, charging stations,
civilian drones, and 5G smartphones all achieved
33 Guangdong-Macau In-Depth Cooperation solid growth with increase of 183.4% YoY, 113.8%
Zone in Hengqin, http://www.hengqin.gov.cn/macao_ YoY, 34.7% YoY, and 22.3%YoY35, respectively.
zh_hans/zwgk/zcfg/zyzc/content/post_3578300.html
34 The State Council, http://fgw.sz.gov.cn/gkmlpt/ 35 The government of Shenzhen, http://www.
content/10/10809/post_10809551.html#2659 sz.gov.cn/cn/xxgk/zfxxgj/zwdt/content/post_10396126.
html
128
