The China-led Belt and Road Initiative may spark a new wave of globalization that would encourage more participation and equality, and Shenzhen could act as the Chinese mainland's Silicon Valley serving the Guangdong-Hong Kong-Macao Greater Bay Area, Witman Hung, principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority, told China Daily.

He said Shenzhen could actively engage in applied research to transform research and development projects into products. Other cities in the greater bay area, including Dongguan and Huizhou, could become manufacturers.

Hung said the greater bay area - with two systems and three customs territories, as well as four major cities - creates opportunities and challenges so companies can collaborate based on their respective businesses. It could be an international brand within the B&R regions to lead the mainland's extension of capital and capacity.

He pointed out that Qianhai is a springboard connecting onshore Shenzhen with offshore Hong Kong, adding that Hong Kong has the expertise in professional and international standardized services, while Shenzhen is a catchment area with highly developed technology companies.

Qianhai also has a range of financial technology companies and offers ample preferential policies for Hong Kong, Macao and overseas companies to set up branches, including policies on tax and talents.

By the end of last year, 124,600 companies had registered in Qianhai, 49,300 of which had started operations. Qianhai had more than 53,088 newly registered companies last year - a year-on-year increase of 23.9 percent - according to public data.

Up to the end of August this year, Qianhai had attracted 44 new startups, taking the total number of startups in the zone to 122. Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub has so far incubated 235 startups, 117 of which are from Hong Kong and six from overseas.

Hung said the sophisticated regulatory system and high return from the financial and medical sectors have attracted talents, leaving Hong Kong's development in innovation and technology lagging behind, but Hong Kong and Shenzhen could complement each other.

In future, he said, Qianhai will keep focusing on promoting the development of financial technology and technology finance. They will hold more events to enhance communication among different parties, having established an alliance of fintech associations in Singapore and Hong Kong recently.

tingduan@chinadailyhk.com

(HK Edition 12/12/2017 page1)