Shenzhen to Deepen Service Industry Co-op with Neighboring HK

Shenzhen City will boost cooperation in the service industry sector with neighboring Hong Kong, according to Wang Rong, Party chief of booming Shenzhen, during a Tuesday interview with Xinhua.

Wang said Shenzhen and neighboring Hong Kong would stick to a complementary nature, rather than a competitive one, in development of industries.

He believed that Hong Kong is more international and has a modern service industry, whereas Shenzhen can support Hong Kong's service industry by using its advanced manufacturing and technology industries.

Wang said both Shenzhen and Hong Kong could share each other's convenient infrastructure of logistics and transportation to further enhance their cooperation.

The Chinese government approved a plan to boost service sector cooperation between Shenzhen and Hong Kong last Thursday, when Shenzhen marked its 30th anniversary as a special economic zone.

Under the plan, Shenzhen would build a 15-square-km service industrial zone in Qianhai of Nanshan District. Shenzhen would also invest 40 billion yuan (about 5.9 billion U.S.dollars) to build the zone that would house financial institutions and logistics, technology, telecommunications, media and commercial companies.

It is estimated that the zone's gross domestic product would grow to 150 billion yuan by 2020, according to the plan.