Qianhai plan draws up blueprint for Hong Kong's long-term development: finance chief

Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in South China's Guangdong Province (Photo: VCG)

HONG KONG, Sept. 12 (Xinhua) -- The newly-released Qianhai plan draws up a blueprint for Hong Kong's long-term development, Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said Sunday.

The central authorities recently issued a new plan for comprehensively deepening the reform and opening up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. The total area of the zone will be expanded to 120.56 square km from 14.92 square km.

With the expanded cooperation zone, Hong Kong will have broader development room and the land shortage that has long been hindering the growth of Hong Kong's industries will also be eased, Chan said in an online article.

Chan believes Hong Kong's pillar sectors will benefit from the plan as there will be wider opening up to Hong Kong's service industries and better connectivity for the cooperation in finance, technology and innovation among other areas.

With the new plan, Hong Kong will be able to gradually realize the upgrading of its industrial structure, Chan said.

The Hong Kong young people studying or working in Qianhai will also enjoy more favorable policies and have more opportunities, Chan said.

Concerning the Wealth Management Connect (WMC) pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, which was launched on Friday, the HKSAR government finance chief said the program has been widely anticipated by Hong Kong's financial sector and will generate enormous new opportunities.

Chan called it a breakthrough in mainland-Hong Kong connectivity and a milestone in cross-boundary capital flows in the Greater Bay Area.

Chan urged businesses and individuals in Hong Kong to better understand the recently released new favorable policies and seize opportunities so that Hong Kong's economy can move up the value chain and better integrate into the national development landscape.