Opportunities in Qianhai

Chief Secretary for Administration Carrie Lam said on Thursday in Beijing that the business community of Hong Kong hopes to take part in the development of Qianhai and the new district will boast strong Hong Kong characteristics. We believe this is what the Qianhai authorities want to see as well.

Positioned as a "Shenzhen-Hong Kong modern service industry cooperation zone," Qianhai is tasked with demonstrating the change in the country's economic development model. It is also a crucial step taken by the State in supporting efforts to intensify and deepen Guangdong-Hong Kong cooperation. The central government holds great expectations for Qianhai with matching policies and backing as proof. To Hong Kong, it is a great opportunity more than anything else.

Developing Qianhai is as much Shenzhen's business as Hong Kong's. The success of the joint development zone will determine whether Hong Kong can find its way into the mainland's modern services market. Therefore, Hong Kong must be even more proactive with its role in the project, as if Qianhai were its own, presenting the best format of joint development. Hong Kong's advantage in financial services will further help enhance the zone's competitiveness.

Hong Kong should play a pivotal role in Qianhai's development because its positioning suits the SAR's strengths: international finance, legal service, business arbitration, modern logistics and information exchange, to name just a few. The competitive edge and driving force of Qianhai will rely very much on Shenzhen-Hong Kong cooperation, which requires the full participation of Hong Kong in the construction as well as planning of Qianhai as a host rather than competitor.

Some people here are worried that Hong Kong's services going north may lead to brain drain and reduce job opportunities at home, but they are unnecessarily scaring themselves. As far as opportunities are concerned, growing demand for service industry talents equates to more opportunities for higher education and job training institutions and a push for faster upgrading of Hong Kong's existing service industry. Qianhai will prove a win-win platform in terms of opportunities if Hong Kong sets specific goals for talent rearing well in advance.

This is an excerpted translation of a Hong Kong Commercial Daily editorial published on Friday.

(HK Edition 02/23/2013 page1)