Qianhai's expansion and new development plan open up more markets for Hong Kong's professional services industry. Zeng Xinlan and Chai Hua report.

A rendering of the area of Qianhai economic zone in Shenzhen. [PHOTO PROVIDED TO CHINA DAILY]

With Shenzhen's expansive Qianhai economic zone emerging as a leading paradigm of technology, finance and innovation, experts say various professional services in Hong Kong will embrace a rapidly growing demand.

To further integrate the expertise and opportunities of professionals and entrepreneurs from both Hong Kong and Shenzhen, aided by the newly unveiled Qianhai plan, dismantling the hurdles in recognizing professional qualifications to ensure a free flow of workers and goods is of paramount importance, they said.

Qianhai's outlook should be examined from a higher perspective, backed by supporting policies, the huge market in the Guangdong-Hong Kong-Macao Greater Bay Area and an urban development approach that is integrated with technology, said Ivan Fu Chin-shing, director and architect at Hong Kong-based architectural and design company LWK + Partners.

"Qianhai has opened up a sea of possibilities. It could become not just a regional, but an international city cluster paradigm. It's very likely to be able to export not only facilities and technologies, but also a reputation, an image," he said.

The latest Qianhai plan, announced by the central authorities last month, proposes increasing the area of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone from 14.92 square kilometers to 120.56 sq km. Focusing on the modern service and technology sectors, the plan envisages Qianhai turning into a world-class business environment by 2035.

Boost cooperation

The zone will boost its coordinated links with Hong Kong and Macao, and strengthen market interaction, industrial synergy and innovation support for the two special administrative regions that are part of the 11-city cluster with a population of about 86 million.

"It's not just about expanding its size. It's about the possibilities because it's intertwined with the blueprint of the Greater Bay Area," Fu said. The new Qianhai plan is timely after disruptions, including the social unrest in Hong Kong in 2019 and the COVID-19 pandemic, both of which have weighed heavily on the city's economy, he added.

The eightfold increase in Qianhai's urbanized area will draw in the Convention and Exhibition New Town, Shenzhen New Marine City, the area around Shenzhen Baoan International Airport and Baoan's central business district, as well as Dachan Bay to the north and the Shekou and Nanshan areas to the south.

The expansion will significantly enlarge the scope for professional-services employees, providing an upgraded playing field with more diversified pathways and openings, said Joe Fang Zhou, research director of the One Country Two Systems Research Institute.

"In the past, Qianhai's functions have been relatively narrow, featuring just the central business district. After the expansion with different functional areas, it could provide a broader and more diversified platform for various sectors of professional services in Hong Kong with a larger user base," he said.

"An area of 120 sq km amounts to 40 percent of Hong Kong's urbanized area. The Qianhai plan came as a surprise. It means we'll have more work to do. I'm more than thrilled," said Fu, adding that it can generate at least 40 percent more jobs in the architectural sector alone.

At the forefront of Shenzhen-Hong Kong economic cooperation and drawing on the merits of both cities, Qianhai bridges the gap between the SAR's rich professional services and the Chinese mainland's robust business domain, said Witman Hung Wai-man, the Shenzhen Qianhai Authority's principal liaison officer for Hong Kong.

Workers in professional services, such as law and auditing, financial services and technology, as well as entrepreneurs, are likely to carve out a niche for themselves under the blueprint, he said.

Rebecca Wong, PwC China tax and business advisory partner, said the modern service industry is still one of the core pillar industries under the new Qianhai plan, and it aligns with Hong Kong's advantages in the modern and professional service areas.

But the plan's speed of development will be much faster and can attract Hong Kong companies at a faster pace. The reason is the zone has set up a relatively mature foundation, and the new areas involved have their own established industries, such as the convention and exhibition industry, high-tech research and development in various areas, information technology and professional services.

In comparison, the initial Qianhai development plan was built on uncultivated land, and it took time to accumulate potential customers for modern service providers, Wong said.