Hong Kong Presence Expected in Qianhai by 2020
Shenzhen is planning to see a big presence of Hong Kong in Qianhai by the year 2020. The assumption is based on a program that was designed to boost cooperation between the two cities. Qianhai is a 15 square kilometer area located in western Shenzhen that is being developed to be a hub for modern service industry.
Shenzhen is aiming to have 9 million square meters that will be developed by Hong Kong enterprises and investors by 2020, this will help the growth of the Hong Kong invested service industry to around 100 billion yuan and create around 100 leading Hong Kong invested enterprises. Furthermore less than a third of land in Qianhai is transferred to Hong Kong enterprises and the threshold for financial institutes in Hong Kong to enter the Qianhai will be lowered.
Stock exchanges between the two cities will be getting support and to explore new areas of cooperation in Qianhai as the program consists of 50 measures that is aimed in advancing cooperation between Hong Kong and Shenzhen. the Hong Kong government is studying each measure and gave their opinions and the two cities reached a wide consensus for the said programs.
According to Zhang Bei, chief of the Qianhai administration is hoping that domestic enterprises can adjust to international rules and to pursue overseas development and by using Qianhai as a platform. He also hopes that enterprises from Hong Kong, Taiwan and Macao can cooperate and become more familiar with the domestic market rules and needs.