High-quality development has been a highlight at the annual sessions of Shenzhen’s top legislative and advisory bodies. Regarding the topic, Zheng Yongnian, a professor with The Chinese University of Hong Kong, Shenzhen (CUHK-SZ), said that Shenzhen has a mission to develop original technologies.
In Zheng’s opinion, innovation is crucial for high-quality and sustainable development.
“In the past decades, we have more applied technologies with a few original technologies. Although Shenzhen is leading the country in this regard, it is still insufficient compared to the world’s developed countries,” he was quoted telling Shenzhen Special Zone Daily.
Zheng suggested that Shenzhen adopt international standards by taking advantage of Hong Kong’s status as an international financial center. “Hong Kong has rules for a free trade port, financial services, intellectual property protection, consumer rights’ protection, legal services and medical education, among others, and the rules were designed based on international standards,” Zheng said. “Other cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) could map out a new system based on Hong Kong’s practices to promote the flow of production factors in the GBA.”
Zheng added that Hong Kong has five universities in the global top 100 of the QS World University Rankings, while Shenzhen has many high-tech firms capable of turning scientific research results into practical applications, demonstrating the importance of the GBA’s integrated development. He also noted that building an open and globally competitive financial system is important.
Zheng said that there are two types of industrial upgrading — comparing it to a hat and shoe manufacturing company. One upgrade shows that the company shifts from manufacturing hats and shoes to electronic products. The other kind of upgrade, which is often overlooked, is that the hat and shoe company grows into an international fashion brand. Zheng observed that both of these upgrades are needed to achieve high-quality development.