Economic integration

New Qianhai Plan ‘Further Boosts Regional Economic Integration’ | New

Shenzhen, china, September 28, 2021 / PRNewswire / – The New Development Plan of the Qianhai Shenzhen-Hong Kong Modern Services Industry Cooperation Zone in Shenzhen is a powerful engine of regional economic integration of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which will in turn strengthen from China competitiveness in the global market, Cao Jinli, director of Taiwan, Hong Kong and the Macao Research Institute of the Chinese Academy of International Trade and Economic Cooperation, commented in an interview. September 9.

The plan says that by 2035, the Qianhai Cooperation Zone will benefit from a world-class business environment and strengthen its coordinated ties with Hong Kong and Macau, improve industrial synergy, interconnectivity of markets and support for innovation to Hong Kong and Macau.

Cao said the free and convenient circulation of all kinds of factors of production is the key to regional economic integration.

“The signing of the Close Economic Partnership Agreement (CEPA) between mainland China and Hong Kong has provided significant support for the economic development of the two regions, in particular for Hong Kong, because all goods originating in Hong Kong and imported to the continent benefit from zero tariff treatment.

“The new plan is expected to further open Qianhai to Hong Kong and provide better support to that of Hong Kong development. Major breakthroughs may occur in the flow of factors such as people, capital, technology and information between Hong Kong, Qianhai and the mainland, which is crucial for the total improvement of factors, “she said.

According to Cao, that of Hong Kong the main impetus for signing CEPA and other free trade agreements was to resolve its problem of insufficient economic growth dynamics, which was largely caused by low total factor productivity.

Total factor productivity, an important factor in the analysis of sources of economic growth, refers to the additional production efficiency achieved under the established conditions of different levels of factors of production.

“To a large extent, the relevant technology and systems determine total factor productivity. The Qianhai plan mentioned accelerating the reform and innovation of science and technology development systems and mechanisms, and the central authorities have clearly advanced its goal of making ACS an international science and innovation center. that of Shenzhen Qianhai has a deep base of technological innovation capacity, and its deep reform and further opening will introduce advanced talents and technologyit’s aand provide more development space for Hong Kong, in order to achieve a win-win situation, ”Cao said.

Shenzhen Daily news report:

http://szdaily.sznews.com/PC/layout/202109/10/node_03.html#content_1091765

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SOURCE Qianhai Shenzhen-Hong Kong Modern Services Industry Cooperation Zone


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