Economic cooperation between Hong Kong and Shenzhen received a boost today with the signing of three new agreements aimed at furthering cross-border economic cooperation, according to South China Morning Post.
The economic bridge between the two cities will be the Qianhai special economic zone – an area officials hope will quicken economic partnerships between Shenzhen and Hong Kong.
At an annual meeting on Hong Kong – Shenzhen cooperation, Shenzhen’s mayor, Xu Qin, stated that over 2,300 Hong Kong companies have begun operations in the special economic zone and the corporations have reached a combined registered capital of RMB310 billion.
Xu went on to state the recorded capital of all Hong Kong companies was 62 percent higher than that of other organizations in the special zone, with the roughly 2,300 companies responsible for 20 percent of the area’s revenue. According to South China Morning Post, 40 percent of the Hong Kong-based companies registered in Qianhai have invested at least USD10 million in their developments there.
Shenzhen’s mayor believes Qianhai will become an exceedingly important area for Hong Kong to “expand its industries, serve the mainland and expand development space.” He also added that the three new agreements worked to further the goal of advanced cooperation between cities in the Pearl River Delta – a point laid out in the nation’s thirteenth five-year plan.
“The initial purpose of setting up this special economic zone was to accelerate the cooperation between the two cities,” Xu told attendees at the Hong Kong – Shenzhen cooperation meeting. “It has been proven that people’s knowledge about the region’s systems and operations has grown enormously in the past few years.”
[Image via SCMP.]
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