Shenzhen Photo: VCG

China's State Council, the country's cabinet, issued the Development Plan for Shenzhen Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone on Tuesday, highlighting the specific tasks and targets for connectivity between Shenzhen, South China's Guangdong Province and the Hong Kong Special Administrative Region (HKSAR) in technology and finance, the two key sectors that have the most potential for collaboration in the region.

The plan provides a clear timetable for collaboration in technological innovation between the Chinese mainland and the HKSAR, while extending possible outcomes from the collaboration.

Officials and experts said that the plan aims to give full play to the HKSAR's unique advantages as backed by the motherland, while actively facilitating the greater connection of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in key areas such as technology and finance.

The Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone consists of a park of about 300 hectares on the Shenzhen side, and another park of 87 hectares on the Hong Kong side.

The Development Plan for Shenzhen Park has measures covering areas such as the development positioning, objectives, overall layout and infrastructure layout of the Shenzhen Park, as well as collaboration with the HKSAR to promote international innovation and technology development (I&T).

The new measures aim to promote high-quality I&T development of the GBA, and enable the cooperation zone to become a world-class innovation platform and an engine to drive I&T development in neighboring cities.

According to the plan, by 2025, an efficient collaborative mechanism for technology and innovation between Shenzhen and the HKSAR will be established, yielding results in open cooperation for technology and innovation.

This process encompasses the establishment of research management systems that align comprehensively with the standards of the HKSAR as well as international standards. This is expected to lead to the aggregation of a cluster of key laboratories and excellent research centers in advantageous disciplines from the HKSAR and the international community, as well as top-notch enterprise research and development centers, according to the plan.

HKSAR Chief Executive John Lee Ka-chiu welcomed the central government's promulgation of the plan in an open statement on Tuesday, indicating that the HKSAR would continue to actively collaborate with Shenzhen to take forward the development of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, leveraging the comparative advantages of the two places.

Liang Haiming, the dean of Hainan University's Belt and Road Research Institute, told the Global Times on Wednesday that there are several important highlights of the plan, including the exploration of secure and orderly cross-border flows of international internet data, which is a totally new development.

"This will aid in driving further integration between Shenzhen and Hong Kong, and also contribute to the technological and financial development of the Guangdong-Hong Kong-Macao GBA, while simultaneously solidifying and advancing Hong Kong's position as an international financial hub," Liang further noted.

"Whether it's research, big data, finance or the economy, it signifies that the two regions have taken a significant step forward in coordinating mechanisms and making strides in institutional innovation," the expert said.

Fan Gang, president of the China Development Institute, said that the plan will promote the construction of the Hetao area to further integrate the economies of Hong Kong and the mainland, and enable the HKSAR to develop further, hoping that this plan can be implemented in a solid manner.