|
Shenzhen-Hong Kong Cooperation
Eggs, fish, meat, vegetables, dairy products and other daily necessities in Hong Kong are mainly provided by Shenzhen. Every year, the Shenzhen Reservoir channels a total of 1.1 billion cubic meters of water from the East River to Hong Kong. The Daya Bay Nuclear Power Plant, located in eastern Shenzhen, transmits electricity to Hong Kong.
The cooperation between the two sides had be extended from processing with imported materials from Hong Kong to other sector including trade, shipment, transport, logistics and tourism.
The two sides jointed developed industrial, research and education base and introduced four Hong Kong universities to opened business at Shenzhen Virtual University Park.
The complementarities in resources and functions play an important role in the city's construction plan. The city made a good realignment of the construction of the border, transport and infrastructures between the two cities and environmental protection, while promoting cooperation in resources and regional distribution and urban construction.
Of the overseas investment in Shenzhen, 70 percent is from Hong Kong. Hong Kong-funded enterprises in Shenzhen totaled 80 percent of the overseas firms in the city.
After the initiation of the Closer Economic Partnership Arrangements, Shenzhen set its position as a regional finance center. Shenzhen’s security and foreign currency markets provide a platform for Hong Kong international capital to enter into mainland’s market and inland enterprises to attract international capital.
In the past eight years since the return of sovereignty of Hong Kong to China, especially after the implementation of CEPA, the trade between the two sides has doubled with an average annual growth of 20 percent. The import and export volume of general trade has reached US$5.53 billion, increase by 12.3 percent. Processing business accounts 70 percent of the businesses of the two sides, and import and export of Shenzhen private enterprises to Hong Kong account 58.5 percent of the total Hi-tech products shared half of the total Shenzhen-Hong Kong trade volume, weighing at 42.5 percent.
The two sides extended fields of cooperation in 2004r. Under the cooperation framework, government of two sides established coordination system over key projects. Ports and cross-border cooperation had been strengthened and cooperation in trade, science, education, finance and tourism had been greatly enhanced.
|
