Qianhai plan gives greater impetus to Hong Kong's economy: Senior officials

A new plan issued on Monday by the central authorities for further development of a cooperation zone for Shenzhen and the Hong Kong Special Administrative Region (HKSAR) will provide Hong Kong with a greater impetus for its economy, senior officials of the HKSAR government have said.

Aerial photo taken on July 16, 2020 shows Wan Chai of south China's Hong Kong. (Xinhua/Lui Siu Wai)

According to the plan, the reform and opening up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, will be comprehensively deepened.

Chief Executive of the HKSAR Carrie Lam said on Tuesday that with the expansion of its area, Qianhai, as a modern service zone, will further reform and open up, and will definitely provide more opportunities for Hong Kong professional service providers in the future.

The HKSAR government will definitely take an active, progressive and proactive part in building the Qianhai zone, Lam said.

Combo photo taken on Oct. 7, 2020 shows the skyscrapers supported by the No. 10 centralized cooling station (top) and the inside view of the No. 10 centralized cooling station (bottom) in China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area in Shenzhen, south China's Guangdong Province. (Xinhua/Liu Dawei)

Paul Chan, Financial Secretary of the HKSAR government, said that Qianhai and Hong Kong form complementary functions with each other and the HKSAR government will work together with relevant financial authorities and regulators to formulate strategic plans and specific policy arrangements for Hong Kong's future development as a financial center.

Teresa Cheng, Secretary of Justice of the HKSAR government, said that Qianhai will become a new platform for the cooperation between Guangdong Province and Hong Kong.

The Qianhai plan clearly stated that it will improve the level of opening up legal affair, and build an international legal service center and an international commercial dispute resolution center in the zone.

After Qianhai's expansion, there will surely be more registered Hong Kong-invested enterprises, which will creat more opportunities for Hong Kong's legal and dispute resolution industries, Cheng said.

She urged Hong Kong's legal and dispute resolution industry to seize the opportunities provided by the Qianhai plan and match with Qianhai's development based on the principle of mutual benefit, mutual contribution and sharing, so as to jointly carry out international commercial dispute resolution business.