The Shenzhen-Zhongshan Link Opened, Qianhai Embraces A New Engine for Expanding Opening-up
July 01 2024 - 12:12AM
The Shenzhen-Zhongshan Link Opened, Qianhai Embraces A New Engine
for Expanding Opening-up
On June 30, The Shenzhen-Zhongshan Link, a massive cross-sea
passage in south China that features two bridges, two artificial
islands and an underwater tunnel, opened to traffic at 3 p.m.,
Beijing Time.
The Shenzhen terminal of the link is located in
Qianhai. The Authority of Qianhai Shenzhen-Hong Kong Modern
Service Industry Cooperation Zone states that spanning 24
kilometers, the link drastically reduces the time it takes to
travel between the city of Zhongshan and the technology hub of
Shenzhen -- situated on opposite sides of the Pearl River Estuary
in Guangdong Province -- from two hours to approximately 30
minutes. It will reshape the road network layout of the Pearl
River Estuary, significantly impacting the economic and social
development of the Guangdong-Hong Kong-Macao Greater Bay
Area (GBA) and further strengthen Qianhai's
position as a "transportation hub of the GBA".
The link is considered one of the world's most
challenging cross-sea cluster projects to have been built. Qianhai
is the starting point of the Shenzhen side of the link and also
a key hub in Shenzhen that interacts with Hong Kong's
modern service industry. Convenient transportation will greatly
improve the accessibility of the modern service industry and
facilitate the expansion of high-end services. With the
opening of the link, the modern service industry in Hong
Kong will be able to more conveniently enter the broader
mainland market from Qianhai.
It is expected that the financial services of
Qianhai, including cross-border finance, offshore finance, and free
trade (FT) accounts, will spread more quickly to the GBA. The
cross-border investment and financing needs of cities such as
Zhongshan and Jiangmen will be rapidly matched with
Qianhai, Shenzhen on the opposite shore. In terms of logistics,
Qianhai boasts several ports and an airport. As
a free trade zone, it can provide
high-quality transportation services for GBA cities, thus
facilitating the rapid development of cross-border trade in
the region. Furthermore, the exhibition industry will also benefit
from Qianhai's development. According to the Overall Development
Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry
Cooperation Zone, various exhibitions will be jointly held in
Shenzhen and Hong Kong, with the Shenzhen World Exhibition &
Convention Center playing a key role in the initiative.
Besides, Qianhai's numerous institutional innovations in the legal
field are expected to have a spillover effect. Guangdong-Hong
Kong-Macao joint law firms based in Qianhai, and Hong Kong and
Macao lawyers certified to practice in Qianhai can conveniently
extend their services to other cities in the GBA, thereby
empowering its legal services to align with international
standards.
According to Zheng Yongnian, a professor at the
Chinese University of Hong Kong, Shenzhen and former Dean of the
Institute for International Affairs, Qianhai undertakes a
special mission in the national strategy, including seeking
institutional innovations, pioneering reform and opening-up, and
facilitating the integration and cooperation of Shenzhen and
Hong Kong.
This year marks the 5th anniversary of the release
of the Outline Development Plan for the Guangdong-Hong Kong-Macao
Greater Bay Area. Over the past five years, the GBA has been
continuously enhancing its physical and institutional
connectivity, accelerating the development of the
sci-tech innovation industry, and gathering young talents for
entrepreneurial undertakings. China aims to develop the area into a
world-class city cluster, a global technology and innovation
center, and a livable, business-friendly location. Now, empowered
by an upgraded transportation network, Qianhai
will facilitate the integration of the GBA and help build
it into a world-class platform from various aspects such
as economy, finance, logistics, and legal services.
As the link further enhances personnel
exchanges and resource flow among the GBA cities, Qianhai,
serving as both a transportation hub and a focal point for
high-quality development, is poised to seize historical
opportunities, attract more global resources, and take
targeted actions. With the opening and operation of this
large-scale transportation project, Qianhai will have a new
engine for further expanding opening-up.
Source: Authority of Qianhai Shenzhen-Hong Kong
Modern Service Industry Cooperation Zone