SHENZHEN, China, July 01, 2024 (GLOBE NEWSWIRE) -- 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
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