Qianhai, Shenzhen: Offering New Perspectives for China’s High-Quality Regional Development

August 26 marks the 14th anniversary of the establishment of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. On the same day, the Action Plan for Comprehensively Deepening Shenzhen-Hong Kong Cooperation to Build the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub (E-Hub) into an Innovation and Entrepreneurship Platform with International Influence and New Quality Productive Forces (hereinafter referred to as the “Action Plan”) was released along with a series of projects, showcasing the strong entrepreneurial appeal of Qianhai, Shenzhen.

The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone noted that according to the Action Plan, Qianhai will build the “1510” development model for the E-Hub. Specifically, the plan will uphold the primary task of cooperation between Shenzhen and Hong Kong, and establish the high-quality industrial space of the 1 Yuan Innovation Hub, where eligible Hong Kong teams, upon passing the review, can settle in for a service fee of just 1 yuan per square meter per month. 500 million yuan will be invested in establishing the E-Hub Fund, gathering the ten key innovative elements, and providing industrial space covering 100,000 square meters.

When asked about the feelings of starting up businesses and living in Qianhai, a Hong Kong youth and President of Chuangbohui Liu Jia said: “I have been in Qianhai for nearly 10 years and kind of witnessed its development. It has also witnessed my growth. I have settled in Shenzhen.”

“Qianhai is becoming increasingly vibrant,” said a lawyer of a foreign-invested law firm who works and lives in Qianhai when talking about the changes here over the years in an interview. “A growing number of people from Hong Kong and Macao or overseas are coming to Qianhai to seek opportunities and establish organizations. We can truly feel the innovation, vitality, and a high level of internationalization in this land,” he added.

Just as those entrepreneurs in Qianhai felt, Qianhai has acted an important role in helping Hong Kong integrate into the overall development of the country and also an ideal choice for entrepreneurs.

With the opening of the Shenzhen-Zhongshan Link this year, Qianhai embraces new development opportunities. In this mega-project, Qianhai has made a balance between ecological conservation and urban construction through technological innovation, process innovation, and management innovation. Meanwhile, Qianhai is also accelerating the construction of an ecological portal and a multi-interface ecological bond at the Qianhai section of the Shenzhen-Zhongshan Link, aiming to improve the quality of life and entrepreneurship for new Qianhai residents from multiple dimensions such as transportation, environmental protection, smart cities, and livability.

The development philosophy of creating an ideal place for working and living has continuously infused vitality into Qianhai. Latest statistics show that Qianhai achieved a regional GDP of 246.4 billion yuan in 2023, with a year-on-year increase of 15%. In the first half of this year, the total import and export volume in Qianhai reached 325.4 billion yuan, increasing by 55.8% and demonstrating an increasingly strong development momentum.

From a stretch of mudflats to a prosperous area, Qianhai has showcased its unique charm and offering new perspectives for China’s high-quality regional development. “Qianhai is sure to get better, and I hope more young people will find new opportunities in this hub of technology and entrepreneurship,” said Liu Jia.