‘SZ-HK financial cooperation needs enhancement’

Writer: Zhang Yu  |  Editor: Zhang Chanwen  |  From: Shenzhen Daily  |  Updated: 2023-03-14

Professor He Ping, vice dean of the School of Economics and Management at Tsinghua University, has proposed that Shenzhen should resolutely take the lead in China’s high-quality development while further strengthening and deepening financial cooperation with Hong Kong.

He made the remarks at an interview with Shenzhen Special Zone Daily during the annual sessions of China’s top legislature and political advisory body, which are seen as crucial meetings for the country’s development agenda.

He pointed out that accelerating self-reliance and self-improvement in science and technology is the only way to advance high-quality development. As a city of innovation, Shenzhen should continue to take its responsibilities, drive high-quality development with innovation and take the lead in setting an example for the country.

“Over the years, Shenzhen has adhered to an innovation-driven development strategy and has built up many advantages in the area, such as enterprises’ innovative vitality, government policies and services, and a sound innovation environment,” he said.

He also suggested that Shenzhen, while continuing to maintain its advantages in innovation and entrepreneurship, should make the digital economy a new engine of the city’s high-quality development and improve its weak links in basic research and scientific and technological services.

“In addition, it is also necessary to create a market-oriented, legalized and internationalized world-class business environment, improve relevant government supporting measures, create an open innovation ecosystem that is globally competitive,” he added.

Powered by technological innovations in fields such as the internet, big data, cloud computing, artificial intelligence and blockchain, the digital economy is undergoing unprecedented changes and is becoming a key force in reshaping the global economic pattern.

He proposed that Shenzhen should take advantage of its technological innovations to form more new digital industries and enable digital information technology to empower traditional industries. Meanwhile, the city can also leverage its proximity to Hong Kong to promote the digital industry.

“As we all know, finance is the lifeblood of the real economy,” He said, hoping that Shenzhen will further enhance the financial cooperation with Hong Kong, focus on the coordinated development of the Guangdong-Hong Kong-Macao Greater Bay Area, and accelerate elevating Shenzhen’s finance industry.

“Shenzhen and Hong Kong are neighbors. The two cities should give full play to their regional advantages, complement each other, accelerate financial cooperation to a higher level and achieve win-win results,” he said.

According to He, Hong Kong is a global offshore renminbi business hub, and by utilizing Hong Kong’s position as an international center, it can give full play to the advantages of two markets and two mechanisms.

To this end, he suggested that Shenzhen should help Hong Kong speed up the construction of an offshore renminbi center and accelerate the currency’s internationalization process.