Five years after its expansion, Qianhai has reported significant economic growth, with regional GDP nearly doubling and trade more than doubling, according to data released by the Qianhai Authority on August 20. The figures highlight the success of the zone's institutional opening-up and its role as a bridge between Shenzhen and Hong Kong.

The Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, known as the Qianhai Plan, was promulgated on September 6, 2021, with the zone's expansion taking effect around that time. The plan enlarged Qianhai from roughly 15 square kilometers to about 121 square kilometers, extending the cooperation zone across a far larger swath of Shenzhen's Nanshan and Bao'an districts and broadening its focus from modern services to a wider range of industries. Since then, Qianhai's regional GDP has risen from 175.57 billion yuan to 331.81 billion yuan, while total imports and exports have grown from 378.05 billion yuan to 757.43 billion yuan. This growth underscores the zone's increasing importance in China's opening-up strategy, which has leaned on special cooperation zones like Qianhai, alongside Hengqin and Nansha, to deepen integration between Guangdong and Hong Kong and Macao under the Greater Bay Area framework.

Behind these numbers is a robust framework of institutional innovation. Qianhai has introduced and refined policies that have led to 111 institutional innovation outcomes being replicated and promoted nationwide. Notably, the General Administration of Customs has rolled out two rounds of dedicated support policies to address the zone's development challenges. Qianhai was also the first in China to pilot a customs model featuring "direct access at the first line and smart connected supervision," which allows goods to be directly released at the port, with declaration and inspection after arrival at the comprehensive bonded zone. This has streamlined customs declarations, reducing the number of required items from dozens to just over ten.

Progress in Shenzhen-Hong Kong cooperation is particularly visible. The number of Hong Kong-funded enterprises in Qianhai has grown from more than 8,000 in 2021 to over 11,000 today. Technology commercialization platforms established by five Hong Kong universities have begun operations in the zone, incubating 193 projects. Gary Wong Chi-him, a Hong Kong resident working at the Qianhai Authority, noted that more people from Hong Kong are coming to Qianhai. "There's a saying in Shenzhen: once you come, you're a Shenzhener. I felt that sense of belonging from my very first day," he said. "Qianhai has created an environment where Hong Kong and Shenzhen are deeply intertwined. Even while living and working in Qianhai, you can still feel the atmosphere of Hong Kong, so I had no difficulty settling in."

Jacqueline Ho, CEO of Hong Kong-funded sci-tech company Synovate Technologies, highlighted the benefits of setting up in Qianhai. The company, which joined the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub in 2019, has leveraged Qianhai's talent recruitment services and connections. "Qianhai has helped us connect with upstream and downstream partners such as Siemens, allowing us to establish a foothold in the hard-tech sector in a short time," she said. The company has obtained around 50 independent intellectual property rights and was named to the Forbes China Emerging Tech T30&30 Selection this year. Qianhai is now home to 532 key AI enterprises, including SmartMore Information Technology, Pony.ai, and Fengyi Technology.

For Lin Zhifeng, General Manager of China (Qianhai) Internet Exchange, the zone's growing international reach was underscored by the establishment of the China Center for Promoting APEC Data Cross-Border Flow Cooperation at the end of July. The exchange, the only national-level Internet exchange center in South China, has served more than 270 enterprises since its inception. Its Shenzhen-Hong Kong Cross-Boundary Data Validation Platform has helped mainland SMEs secure more than HK$260 million in financing in Hong Kong. The secure cross-border data channel has benefited more than 300,000 Hong Kong residents, simplifying the transfer of medical records after treatment in Shenzhen. Such cross-border data mechanisms are closely watched as a testing ground for how mainland China and Hong Kong can reconcile their differing data-security and privacy regimes.

Five years into its expansion, Qianhai has established a clear path toward institutional opening-up, turning institutional differences into opportunities and translating rule alignment from paper into practice. The slogan "Qianhai, Pulse with the World" is a vivid testament to the past five years of reform and opening-up in this dynamic part of Shenzhen.