Qianhai, Shenzhen: A Rapidly Rising New Core of a Megacity, A Pivotal Testbed for Guangdong-Hong Kong-Macao Cooperation

SHENZHEN, China, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Located at the heart of the Guangdong-Hong Kong-Macao Greater Bay Area, the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone is undergoing a dramatic transformation, fast emerging as a new core of a megacity. Covering a total area of 120.56 km², Qianhai has, since the release of the Overall Development Plan for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen (the "Qianhai Plan") in December 2023, completed a major leap from a policy "testing ground" to a source of replicable institutional rules and practices in just two years. To date, 271 key tasks have been advanced and implemented, injecting strong momentum into Qianhai's high-quality development.

One of the defining features of Qianhai's development is its deep integration with Hong Kong. This integration extends beyond geographical proximity to systematic alignment in rules and mechanisms. According to the latest data, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone has attracted more than 10,500 Hong Kong-funded enterprises, with total registered capital exceeding 840 billion yuan. An increasing number of Hong Kong professionals are choosing to pursue development opportunities in Qianhai. To date, more than 1,000 overseas professionals have completed record-filing to practise there, covering fields such as finance, legal services and construction.

To promote seamless connectivity between Shenzhen and Hong Kong, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone has introduced a series of policy innovations. These include the implementation of the "Hong Kong people pay tax at the Hong Kong tax rate" policy, which effectively reduces the tax burden for Hong Kong residents; the establishment of a Shenzhen-Hong Kong cross-border data verification platform, which enabled the first mainland consumer loan issued to Hong Kong residents based on data verification, with more than 1,700 transactions completed to date; and the extension of HKSAR government-funded public healthcare services to Qianhai, benefiting 1.78 million eligible elderly Hong Kong residents.

With institutional innovation as its core driving force, Qianhai has generated 47 institutional innovation outcomes that have been replicated and promoted nationwide. In the financial sector, the implementation rate of the "30 Financial Support Measures for Qianhai" has exceeded 90%. The Shenzhen-Hong Kong International Financial City has attracted 522 financial institutions.

Yu Haichun, dean of the Institute of International Trade Rules at the University of International Business and Economics, noted that Qianhai has ranked first nationwide for several consecutive years in China's innovation index for pilot free trade zones. In particular, Qianhai leads with a high score in overall institutional innovation, providing a practical and replicable model for reform across the country.

Meanwhile, Qianhai's modern service industries are thriving. The area has developed 18 specialized industrial clusters, attracting well-known enterprises such as POP MART and Finland-based KONE Corporation to establish regional headquarters.

As the Qianhai Plan continues to be implemented in depth, a new core of a megacity that connects Hong Kong, radiates across the Greater Bay Area, and engages with the world is rapidly rising along the shores of the South China Sea. Qianhai is not only a new engine for the Greater Bay Area's development, but also an important window through which the world can observe China's latest initiatives in reform and opening-up.

Source: The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone

Contact person: Mr. Wang, Tel: 86-10-63074558