Carrie Lam pitches 'dual city economy' with Shenzhen

Hong Kong must maintain its competitiveness and create a “dual city economy" with Shenzhen, the Chief Executive Carrie Lam Cheng Yuet-ngor said today.

"There are a lot of things we can learn from Shenzhen,'' she said in a regular live briefing.

"We can both act as a dual engine to drive the development of Greater Bay.''

In Greater Bay, Hong Kong is closest to Shenzhen, she noted.

"At end of May, about 160,000 Hong Kong residents have obtained residency permits to live in Guagdong. About one third of them live and work in Shenzhen. The number of Hong Kong enterprises in Shenzhen stands at 80,000, accounting for 85 percent of foreign capital investment.''

This means that there will be a lot of  opportunities for further cooperation between the two places.

She said she has asked the mainland policy bureau to take a look at the 27 suggestions in the pilot schemes and the recently-announced initiatives, for further research on integration.

She believes there is room for cooperation in areas such as innovation and technology, cultural and creative industries, tertiary education, and high-end health care.

"We can work together with Shenzhen to scale new heights,'' she said.-The Standard