Jan 09, 2023 08:44 PM

Shenzhen District Selects First Site for Joint Development With Hong Kong

Shenzhen’s Luohu business district. Photo: VCG
Shenzhen’s Luohu business district. Photo: VCG

A district in southern metropolis Shenzhen has designated its first plot of land to be a special territory for joint economic development with Hong Kong. The area will have industrial parks and adopt tax policies similar to those in the special administrative region, a local official said.

Shenzhen and Hong Kong will jointly explore special policies to regulate the 96,000-square-meter (23-acre) area in Luohu district as if it were part of Hong Kong, and will use it to support the country’s “dual circulation” economic strategy, Xia Dong, a deputy head of the district, announced at a recent meeting. The strategy focuses more on expanding domestic demand amid an increasingly complex global environment, with domestic and international markets supporting each other.

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