Editorial | Hong Kong’s close cooperation with Shenzhen vital for I&T park success

Hong Kong has taken a big step forward following the release of a blueprint seeking to co-develop an innovation and technology (I&T) hub at the border area with neighbouring Shenzhen authorities. Officials on both sides must work closely together so the venture may achieve the necessary synergy under the strategic national development framework.

Conceived under the so-called one zone, two parks principle, the project is the latest drive by Beijing to establish a leading cross-border I&T hub. A 58-page document is the road map for developing the city’s 87-hectare site within the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone. Another 302 hectares across the Shenzhen River loop will be undertaken by mainland authorities. The first phase of development in Hong Kong will be completed by 2030 and, by 2035, the cooperation zone is due to be transformed into a global I&T leader.

This is not the first time the city has sought to move up the I&T chain with purpose-built science parks. What sets the latest bid apart is not only the scale, but also the significance. This will be the only I&T cooperation zone with two different social, economic and judicial systems coexisting geographically in the same loop. There will be special arrangements to allow personnel, funds, capital and data to flow across the border conveniently.

For instance, two cross-boundary footbridges are to be built across the river to connect the two parks. Contactless clearance, which has been recently applied at designated land border crossings, will be made available to preregistered personnel who need to commute frequently between the two parks.

The Hong Kong government’s blueprint is just the first of many more steps needed to flesh out the project details. Under the plan, the park will consist of three main areas covering life and health technology, artificial intelligence and data science, and new technology and advanced manufacturing. It will provide start-ups with one-stop innovation chain services covering a global network of training and consultation at the initial stage. Officials will also encourage banks and financial institutions to offer technology finance solutions such as intellectual property-backed loans, and supply chain finance for enterprises in the park.

The development is as ambitious as it is challenging. While Shenzhen and Hong Kong have ample experience and expertise in science park projects, the synergy of the one zone, two parks venture will only materialise when the two play to their respective strengths. It is important that both sides work closely together.