This undated photo shows Hong Kong Science Park in Sha Tin. (PARKER ZHENG / CHINA DAILY)
Hong Kong political and business heavyweights on Wednesday lauded the release of the development plan for the Shenzhen part of a sci-tech innovation cooperation zone, which is being jointly developed by Shenzhen and the Hong Kong Special Administrative Region.
The heavyweights said the plan highlights Shenzhen’s role in cultivating an innovation and technology ecosystem and in enhancing the alignment of legal, tax and intellectual-property systems across the border.
The remarks came after the State Council’s promulgation on Tuesday of the “Development Plan for Shenzhen Park of Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone”.
The plan outlines 30 measures, covering areas such as the development positioning, overall layout and infrastructure layout of the Shenzhen park, as well as the city’s collaboration with Hong Kong to promote international investment and technology development.
Sun Dong, Hong Kong secretary for innovation, technology and industry, said the central government has set a clear timeline of establishing a collaboration mechanism between Hong Kong and the Chinese mainland by 2025, and transforming the cooperation zone in the Lok Ma Chau Loop into the world’s premier international innovation hub by 2035.
Sun said the HKSAR government had released the development plan for the Hong Kong park in the zone.
He described the current progress as “swift and decisive”, emphasizing the need to complete construction, attract investments, and foster collaboration before 2035 to attain a globally advanced status.
He said that the Lok Ma Chau Loop is a crucial engine for future development of the Northern Metropolis — a government plan for the development of an innovation hub in the northern New Territories, bordering Shenzhen.
Insiders see benefits
Albert Wong Kwan-butt, deputy chair of CPA Australia’s Greater Bay Area Committee, said that the initiatives in the plan are beneficial to Hong Kong’s small and medium-sized enterprises because the initiatives help the enterprises operate in the Guangdong-Hong Kong-Macao Greater Bay Area within a business and regulatory environment that they are familiar with.
“This means less commercial and operating risks, shorter time to market, and lower costs of entry and marketing for them. In addition, with anchor tenants operating in the cooperation zone, these companies can directly collaborate with them to address their needs, thereby developing a sustainable I&T ecosystem,” Wong said.
“Given Hong Kong aspires to become an international innovation and technology center, the loop can act as a ‘transitional buffer zone’ to attract overseas talent and companies to familiarize themselves with the working environment in the Greater Bay Area,” he added.
Han Sirui, a research assistant professor specializing in finance and regulations at the Policy Research Centre for Innovation and Technology, the Hong Kong Polytechnic University, said the plan will create a harmonious business environment in both Shenzhen and Hong Kong. This alignment is expected to entice innovative teams rooted in the mainland cities of the Greater Bay Area to expand to the global financial hub and further to the international markets to secure fundraising, she added.
Rock Chen Chung-nin, a Hong Kong deputy to the National People’s Congress and the chairman of Pacific Falcon Investment Group, said the plan facilitates “close cooperation” between Hong Kong enterprises and international tech giants as well as research institutions. “Together, they can expand the international market and products,” he said.
Ivan Chu Siu-lun, a member of the Chinese Association of Hong Kong and Macao Studies, said the plan enables Hong Kong’s role to shift from a connector linking the mainland and foreign nations to becoming a participant in the technology development.
“Rather than pursuing broad technological advancements, Hong Kong now should examine its positioning and direction, focusing on improving each aspect and component to achieve excellence in financial and industrial technologies,” Chu said.
Sky Tang Man-chun, who founded augmented-reality company ConceptFound Group, said, “We are actively exploring the option of setting up our company’s research and development department in Shenzhen to take advantage of the opportunities presented by the Lok Ma Chau Loop.”
Tang said he expected these opportunities to involve bringing in innovative and tech-savvy talent to the team, as well as achieving groundbreaking technological advancements for the company.
Based in Hong Kong, Tang’s startup now operates two other offices, in Zhuhai and Dongguan, with a total workforce of about 50 employees.
