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Hong Kong and Shenzhen sign Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop (with photos/video)
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     The Chief Executive, Mr C Y Leung, and Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin, witnessed today (January 3) the signing of the "Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen" (attachment) between the Hong Kong Special Administrative Region (HKSAR) Government and the Shenzhen Municipal People's Government. The Chief Secretary for Administration, Mrs Carrie Lam, and Mr Xu co-chaired the annual Hong Kong/Shenzhen Co-operation Meeting (the meeting) after the signing ceremony. Relevant officials of both sides attended the meeting.

     Mr Leung said, "Hong Kong and Shenzhen will jointly develop the Hong Kong/Shenzhen Innovation and Technology Park at the 87-hectare Loop. With a site area four times that of the Hong Kong Science Park, the Hong Kong/Shenzhen Innovation and Technology Park will be the largest innovation and technology platform ever established in the history of Hong Kong. To attract top enterprises, research institutions and higher education institutes of Hong Kong and Shenzhen, as well as those of other places in the Mainland and overseas, the Hong Kong/Shenzhen Innovation and Technology Park will establish itself as a key base for co-operation in innovation and technology research. Related higher education, cultural and creative, as well as other complementary facilities will also be provided at the site, creating unprecedented space and opportunities for the development of innovation and technology in Hong Kong and Shenzhen.

     "The establishment of the Hong Kong/Shenzhen Innovation and Technology Park has at the same time resolved the land use issue of the Loop arising from the Shenzhen River training works back in 1997."

     Mr Leung pointed out that the Hong Kong Science and Technology Parks Corporation, as the dedicated agency to promote innovation and technology development in Hong Kong, will set up a subsidiary company to be vested with the responsibility of building the superstructure and operating the Hong Kong/Shenzhen Innovation and Technology Park. The Hong Kong/Shenzhen Innovation and Technology Park together with the Science Park and industrial estates will achieve significant synergy and cluster effect.

     Mr Leung concluded, "Making use of the Loop to develop innovation and technology has significant and unique meaning. It is the epitome of Hong Kong's double benefits of 'one country' and 'two systems', as well as demonstrates the mutual benefits of Hong Kong and Shenzhen working together to jointly develop innovation and technology."

     In addition, at the Hong Kong/Shenzhen Co-operation meeting, both sides took stock of the progress made in the past year and set out the direction for co-operation in the coming year.

     Mrs Lam said, "In the National 13th Five-Year Plan announced early last year, a chapter is dedicated to Hong Kong and Macao which advocates support for 'enhancing co-operation and exchanges between the Mainland and Hong Kong/Macao in areas including social policies, livelihood issues, culture, education and environmental protection, etc'. In the past year, with the joint efforts of Hong Kong and Shenzhen, apart from the substantive achievements made in the key co-operation areas, a breakthrough was also achieved in jointly developing the Lok Ma Chau Loop."

     The progress of co-operation in the key areas between Hong Kong and Shenzhen in the past year is outlined below.

Development of the Lok Ma Chau Loop
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     A breakthrough has been made this year in the development of the Lok Ma Chau Loop.  The HKSAR Government and the Shenzhen Municipal People's Government signed a Memorandum of Understanding, agreeing to jointly develop the Lok Ma Chau Loop into a Hong Kong/Shenzhen Innovation and Technology Park under the principles of "one country, two systems" and "co-development and mutual benefit". The development will establish a key base for co-operation in scientific research and provide the related higher education and other complementary facilities.

     The HKSAR Government has been striving to foster the development of innovation and technology in recent years. On the other hand, Shenzhen possesses strong capability in scientific research and manufacturing. The development of the Loop area is an excellent opportunity to strengthen the two places' co-operation in innovation and technology.

Innovation and Technology
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     Significant progress on co-operation was achieved in respect of innovation and technology in the past year. For example, the two places strengthened support on scientific research by jointly funding the "Guangdong-Hong Kong Technology Co-operation Funding Scheme". As at November 2016, over 60 projects have been jointly funded by the Science and Technology Innovation Commission of Shenzhen Municipality and Hong Kong's Innovation and Technology Fund (ITF), providing more than $150 million of ITF funding.

     Innovation and technology are critical to the overall economic and social development of Hong Kong. The HKSAR Government will roll out the Innovation and Technology Venture Fund in the first half of 2017 as planned to attract private venture capital funds, including those based in Shenzhen, to co-invest with the HKSAR Government, on a matching basis, in Hong Kong's innovation and technology start-ups. The two governments will jointly promote this Fund to private venture capital investment funds in Shenzhen.

Qianhai Development
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     In the past year, the Qianhai Management Authority has continued to vigorously promote the participation of Hong Kong people and enterprises in the development of Qianhai. Since the beginning of its land sale in 2013, sites capable of providing about 2.48 million square metres of gross floor area have been sold to Hong Kong-invested enterprises. As at the end of November 2016, over 4 100 Hong Kong-invested enterprises have registered in the Qianhai and Shekou Area of the Guangdong Pilot Free Trade Zone. The HKSAR Government will actively co-operate with Shenzhen to push forward the implementation of the "Ten Thousand, Thousand, Hundred and Ten" development target by 2020 as set out in the "Work Plan on Promoting Shenzhen-Hong Kong Co-operation in the Shenzhen-Hong Kong Modern Service Industry Co-operation Zone in Qianhai".

     Under Supplement X to the Closer Economic Partnership Arrangement, the first majority-foreign-owned joint venture fund management company commenced operation in Qianhai in September last year. The Hong Kong Exchanges and Clearing Limited also signed a Memorandum of Understanding with the Qianhai Management Authority in last September to explore co-operation in areas such as financial services and financial innovation.

     The HKSAR Government will discuss with the Qianhai Management Authority to provide more pilot property development projects that will adopt the Hong Kong project management model, including directly engaging Hong Kong construction and related engineering professionals and enterprises to provide services so that more Hong Kong enterprises and professionals can take part in the development and construction of Qianhai.

Financial Co-operation
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     On financial co-operation, the Shenzhen-Hong Kong Stock Connect was launched in December last year, enabling the stock market of Hong Kong and the stock market of Shenzhen to become mutually accessible through the Shenzhen-Hong Kong Stock Connect platform.

     The HKSAR Government welcomes Guangdong's implementation of certain policy measures put forward in the "Guiding Opinions of the People's Bank of China on Providing Financial Support for the Establishment of the China (Guangdong) Pilot Free Trade Zone" (Guiding Opinions) in April 2016. The HKSAR Government will liaise with the relevant Guangdong and Shenzhen authorities to further take forward the implementation of relevant measures in the Guiding Opinions, in order to promote two-way cross-border flows of Renminbi (RMB) and deepen financial businesses between Hong Kong and Guangdong. It will also continue to encourage enterprises and financial institutions in Shenzhen to raise RMB funds through issuing "dim-sum" bonds in Hong Kong.

Professional Services
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     In respect of the construction and related engineering sector, on the basis of the "List of Consultants of the Architectural and Associated Consultants Selection Board" provided by the Development Bureau, the Qianhai Management Authority has compiled a "Register of Hong Kong Professional Firms" that included the filing of professional firms in the engineering sectors of architecture, building services, quantity surveying and structural engineering. The register was promulgated together with related implementation measures in June 2016 which would allow Hong Kong professionals and firms to practice and provide professional services for development projects in Qianhai that are wholly or majority owned by Hong Kong enterprises.

     On legal services, the HKSAR Government would continue to encourage the legal professions of both sides to make use of the liberalisation measures relating to the setting up of law firms in the form of partnership to further their businesses. It would strive to extend the applicable scope of setting up law firms in the form of partnership to the entire Guangdong Province as soon as possible.

Youth Co-operation
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     On youth co-operation, the HKSAR Government has launched the $300 million Youth Development Fund. It is expected that the approved funding will be granted to non-government organisations in early 2017 to provide financial and other support to young people in Hong Kong to start their own businesses. The young entrepreneurs may explore business opportunities outside Hong Kong, such as in Shenzhen and other Mainland cities. The HKSAR Government will also continue to sponsor non-government organisations to arrange internships and exchanges in the Mainland for young people through the Funding Scheme for Youth Internship in the Mainland and the Funding Scheme for Youth Exchange in the Mainland.

Developments in the Coming Year
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     Looking ahead, both Hong Kong and Shenzhen would continue to push ahead with the work on various fronts with a view to deepening the exchanges and co-operation between the two places in different areas. Both sides will also actively take forward the implementation work on establishing the Hong Kong/Shenzhen Innovation and Technology Park at the Loop in accordance with the Memorandum of Understanding.

     Officials attending the meeting included the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung; the Secretary for Education, Mr Eddie Ng Hak-kim; the Secretary for Food and Health, Dr Ko Wing-man; the Secretary for the Environment, Mr Wong Kam-sing; the Secretary for Development, Mr Paul Chan; the Acting Secretary for Transport and Housing, Mr Yau Shing-mu; the Acting Secretary for Constitutional and Mainland Affairs, Mr Ronald Chan; the Acting Secretary for Innovation and Technology, Dr David Chung; the Permanent Secretary for Constitutional and Mainland Affairs, Ms Chang King-yiu; the Permanent Secretary for Innovation and Technology, Mr Cheuk Wing-hing; the Under Secretary for Home Affairs, Ms Florence Hui; and other relevant officials.
 
Ends/Tuesday, January 3, 2017
Issued at HKT 18:16
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Photo

The Chief Executive, Mr C Y Leung, speaks at the Signing Ceremony of the "Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen" at the Central Government Offices in Tamar this afternoon (January 3).
The Chief Executive, Mr C Y Leung, attended the Signing Ceremony of the "Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen" at the Central Government Offices in Tamar this afternoon (January 3). Photo shows Mr Leung (back row, right) and Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin (back row, left), witnessing the signing of the memorandum by the Chief Secretary for Administration, Mrs Carrie Lam (front row, right), and the Vice Mayor of Shenzhen Municipality, Mr Ai Xuefeng (front row, left).
The Chief Executive, Mr C Y Leung, attended the Signing Ceremony of the "Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen" at the Central Government Offices in Tamar this afternoon (January 3). Photo shows Mr Leung (back row, right) and Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin (back row, left), witnessing the exchanging of the memorandum by the Chief Secretary for Administration, Mrs Carrie Lam (front row, right), and the Vice Mayor of Shenzhen Municipality, Mr Ai Xuefeng (front row, left).
The Chief Executive, Mr C Y Leung, attended the Signing Ceremony of the "Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen" at the Central Government Offices in Tamar this afternoon (January 3). Photo shows (from left) the Secretary General of the Shenzhen Municipal People's Government, Mr Li Tingzhong; the Vice Mayor of Shenzhen Municipality, Mr Ai Xuefeng; member of the Standing Committee of the CPC Shenzhen Municipal Committee Mr Tian Fu; member of the Standing Committee of the CPC Shenzhen Municipal Committee Mr Guo Yonghang; Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin; Mr Leung; the Chief Secretary for Administration, Mrs Carrie Lam; the Secretary for Development, Mr Paul Chan; the Acting Secretary for Innovation and Technology, Dr David Chung; and the Chairperson of the Hong Kong Science and Technology Parks Corporation, Mrs Fanny Law, at the ceremony.
The Chief Secretary for Administration, Mrs Carrie Lam (centre), and Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin, co-chair the Hong Kong/Shenzhen Co-operation Meeting at the Conference Hall of the Central Government Offices at Tamar this afternoon (January 3).
The Chief Secretary for Administration, Mrs Carrie Lam, and Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin (centre), co-chair the Hong Kong/Shenzhen Co-operation Meeting at the Conference Hall of the Central Government Offices at Tamar this afternoon (January 3).
The Chief Secretary for Administration, Mrs Carrie Lam, and Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin, co-chaired the Hong Kong/Shenzhen Co-operation Meeting at the Conference Hall of the Central Government Offices at Tamar this afternoon (January 3). Photo shows Mrs Lam (right) and Mr Xu (left) shaking hands before the Meeting.
The Chief Secretary for Administration, Mrs Carrie Lam, speaks at the Press Conference on Hong Kong/Shenzhen Co-operation Meeting this afternoon (January 3) at the Central Government Offices at Tamar.
The Chief Secretary for Administration, Mrs Carrie Lam (second right); Standing Committee Member of the CPC Guangdong Provincial Committee, Party Secretary of the CPC Shenzhen Municipal Committee, Mayor of Shenzhen Municipality, Mr Xu Qin (second left); the Acting Secretary for Innovation and Technology, Dr David Chung (first right); and the Director General of the Science, Technology and Innovation Commission of Shenzhen Municipality, Mr Liang Yongsheng (first left), take questions from the media at the Press Conference on Hong Kong/Shenzhen Co-operation Meeting this afternoon (January 3) at the Central Government Offices at Tamar.

Audio / Video

Signing Ceremony of the Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen
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Attachment

Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen (translation)
 
Presentation by CS at Press Conference on Hong Kong/Shenzhen Co-operation Meeting (Chinese only)