The expansion of the Qianhai cooperation zone marks China's latest move to deepen reforms and opening-up, providing ample opportunities for Hong Kong, the country's top economic regulator said on Thursday.
Cong Liang, deputy head of the National Development and Reform Commission, the nation's top economic regulator, said the expansion of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will nourish more development space for deepening reform and opening-up in Qianhai. "The expansion of Qianhai will be conductive to promoting institutional innovation and industrial upgrading in Qianhai as well as piloting the reform policies.
"After the expansion, the land available for industrial development will increase substantially in Qianhai. It will better leverage Hong Kong's advantages, strengthen the cooperation between Shenzhen and Hong Kong, provide strong support for Hong Kong's economic development and push the further integration of Hong Kong into the national development," Cong told a news conference in Beijing.
Cong's remarks came following the announcement of a new plan, released by the Communist Party of China Central Committee and the State Council, to further develop the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.
According to the plan, the total area of the cooperation zone will be expanded from 14.92 square kilometers to 120.56 square km.