China Plans for the Shenzhen Park of the Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone

On August 29, 2023, the Chinese government released the Circular of the State Council on Issuing the Plan for the Shenzhen Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone (the “Plan”).

The Plan has 30 clauses in eight aspects, which clarifies the background, general requirements and overall layout. It proposes to join hands with Hong Kong to advance international technological innovation, set up an international competitive base for industrial pilot-scale tests and transformation, build an international technology innovation mechanism, and make the Shenzhen park a technological cooperation platform that gathers global intelligence. It also pledges efforts to explore and gradually establish a civil and commercial affair system that aligns with the Hong Kong and international systems in the customs supervision area in the Shenzhen park, prompt breakthroughs for the new generation information technology industry, support innovative application of advanced biomedical technologies, develop artificial intelligence and digital economy, support construction of dedicated channels for international data in the Shenzhen park, and explore to create international information communication facilities such as international communications gateway exchanges.