SHENZHEN, China, Sept.28, 2021 / PRNewswire / – The new development plan of the Qianhai Shenzhen-Hong Kong Modern Services Industry Cooperation Zone in Shenzhen is a powerful driver for the regional economic integration of Greater Guangdong- Hong Kong-Macao Bay Area (GBA), which in turn will strengthen China’s competitiveness in the global market, commented Cao Jinli, director of the Taiwan, Hong Kong and Macao Research Institute of the Chinese Academy of international trade and economic cooperation, 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 Macao, perfecting industrial synergy, market interconnection and support for innovation for Hong Kong and Macao.
Cao said the free and convenient circulation of all kinds of factors of production is the key to regional economic integration.
âThe signing of the Closer Economic Partnership Agreement (CEPA) between Mainland China and Hong Kong has provided significant support for the economic development of both regions, especially for Hong Kong, as all goods originating in Hong Kong and imported on the continent benefit from zero tariff treatment.
The new plan is expected to further open Qianhai in Hong Kong and provide greater support for Hong Kong’s development. Major breakthroughs may occur in the flow of factors such as personnel, capital, technology and information between Hong Kong Kong, Qianhai and the mainland, which is crucial for the total improvement of factors, âshe said.
According to Cao, Hong Kong’s main motivation for signing CEPA and other free trade agreements was to solve its problem of insufficient economic growth, 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.
âTo 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 center of science and innovation. Shenzhen Qianhai has a deep base of technological innovation capacity, and its deep reform and further opening will introduce advanced talents and technologyit’s and provide more development space in Hong Kong, in order to achieve a win-win situation, âCao 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